On Tuesday, April 12, Chairman and CEO Gerald Hassell hosted BNY Mellon's 2016 Annual Meeting of Shareholders at the company's 101 Barclay Street location in New York.
“Last year, I stood at this same podium and said I recognize that investors expect to see an improvement in our financial performance – and we were confident we could deliver on the targets we set at Investor Day in late 2014,” Hassell told shareholders. “I am pleased to report that we delivered on those expectations.
“In difficult market conditions, more so than reflected in the underlying assumptions of our Investor Day targets, we exceeded what we set out to achieve. In fact, I’d argue we’ve delivered what would be considered very good results in almost any environment,” Hassell continued.
BNY Mellon’s total shareholder return (TSR) for 2015 was more than 3 percent, outpacing the trust peer average, the median of proxy peers and the S&P Financials Index. Over a 3-year period, our company’s TSR of 69 percent also outperformed in each of those same comparisons.
In the 2016 proxy voting, the director nominees and say-on-pay resolution were overwhelmingly approved by shareholders, and a shareholder proposal to make the board Chair an independent member of the Board was not approved. The 2016 proxy voting results are available here.
Other highlights from Hassell’s update:
“It’s a tough environment, no doubt. It will be critical for us to drive efficiencies and stay focused on executing on our strategic priorities extraordinarily well. We think we’ve shown we can do just that. I am very confident about our future,” Hassell concluded.
This information may contain forward-looking statements, which may be expressed in a variety of ways, include the use of future or present tense language. These statements and other forward-looking statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’s control). Factors that could cause BNY Mellon’s results to differ materially from those described in the forward-looking statements can be found in the risk factors set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2015, and its other filings with the Securities and Exchange Commission. All forward-looking statements in this piece, speak only as of the date of publication and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
1 Total noninterest expense is non-GAAP and excludes amortization of intangible assets, M&I, litigation and restructuring charges and the charge related to investment management funds, net of incentives. See Appendix to the Annual Meeting presentation for a reconciliation. Additional disclosure regarding non-GAAP measures is available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations.
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