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Welcome to The Securities Transfer Association’s 95th Anniversary and 2006 Annual Meeting - PowerPoint PPT Presentation

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Welcome to The Securities Transfer Association’s 95th Anniversary and 2006 Annual Meeting. Securities Transfer Association. Board Members. Director Mary Corcoran Aim Fund Services, Inc. Director Julian G. Clark Mellon Investor Services Director Debra H. Hacka National City Bank

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Welcome to The Securities Transfer Association’s 95th Anniversary and 2006 Annual Meeting

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Welcome to


Securities Transfer Association’s

95th Anniversary and

2006 Annual Meeting

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Securities Transfer Association

Board Members


Mary Corcoran

Aim Fund Services, Inc.


Julian G. Clark

Mellon Investor Services


Debra H. Hacka

National City Bank


Nancy L. Hoffman

UMB Bank, N.A.


Salli A. Marinov

First American Stock Transfer

President *

Charles Rossi



Steven Nelson

Continental Stock Transfer & Trust Co.

Vice President and Treasurer *

Lennie M. Kaufman

Wells Fargo Shareowner Services

Vice President & Assistant Secretary *

Thomas L. Montrone

Registrar and Transfer Company


Jonathan E. Miller

StockTrans, Inc.

Director *

Gary Nazare

The Bank of New York


Yehuda L. Neuberger

American Stock Transfer & Trust Co.

Executive Director *

Cynthia Jones

The Securities Transfer Association, Inc.

* Executive Committee Members

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Securities Transfer Association

Key Initiatives

  • Proxy Reform

  • SEC Rulemaking

  • Dematerialization

  • DTCC Fees

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Securities Transfer Association

Proxy Reform

  • NYSE Proxy Working Group

    • Diverse Committee

    • Various Constituencies Presented

    • Six Major Recommendations

    • Key STA Areas of Interest

      • Issuer Access to Beneficial Holders

      • Review Existing Proxy Distribution/Tabulation Process and Fees

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Securities Transfer Association

Proxy Reform (continued)

  • Over-voting/Over-reporting

    • STA/Sarbanes Oxley

    • NYSE Fines

    • ADP Over-voting Service

    • SIA Best Practices

      • Pre Distribution Reconcilement

      • Post Distribution Reconcilement

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Securities Transfer Association

SEC’s Proposed Access vs. Delivery Rule

Proposed Rule Still Under SEC Review

  • 140 comment letters from issuers, shareholders, intermediaries and their agents

  • Significant disagreement was expressed on several key matters:

    • The sufficiency of current Internet access among the U.S. population to adopt the rules, particularly among certain demographic groups

    • The effect that the proposed “notice and access” model might have on the extent of shareholder participation in the corporate voting process;

    • The level of security and privacy on the Internet;

    • The extent of potential savings to companies and those conducting proxy contests that choose to rely on the proposed model; and

    • Whether the proposed model may make the proxy delivery system too complex, particularly as it relates to beneficial owners.

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Securities Transfer Association

  • Suggestions for revisions include:

    • Provide a mechanism for shareholders to elect to receive paper copies of the proxy materials that remain in place until revoked by the shareholder;

    • Require the proxy card and proxy statement be made available through the same medium – electronic or paper (i.e., do not permit mailing of a paper proxy card along with the Notice of Internet Availability of Electronic Proxy Materials unless also accompanied by the proxy statement);

    • The Commission should review and simplify the entire proxy delivery system as a whole rather that addressing the issue of electronic delivery of proxy materials in isolation (to include direct delivery of proxy materials to beneficial owners, proxy over-voting and OBO/NOBO status); and

    • The NYSE should review the appropriateness of its current fee schedule for payments to intermediaries for forwarding proxy materials and electronic suppressions.

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Securities Transfer Association

Proxy Reform (continued)

  • SEC Options

    • Adopt as is

    • Adopt with Modifications

    • Abandon Rule

    • Combine with Other Major Proxy Initiatives

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Securities Transfer Association

Proxy Reform (continued)

Coalition Update

  • Members

    • Business Roundtable

    • Society of Corporate Secretaries and Governance Professionals

    • Securities Transfer Association

    • National Investor Relations Institute

    • National Association of Corporate Directors

  • Supported NYSE Working Group Findings with Conditions

  • Supported SEC’s Access vs. Delivery Proposed Rule

  • Met with SEC Commissioners

    • Concerns Surrounding Anonymity

  • Develop Alternative Process Detail

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Securities Transfer Association

SEC Rulemaking

  • Staff Changes

  • Processing

  • Shareholder Communication/Disclosure

  • Purchase and Sales

  • Insurance Requirements

  • Segregation of Funds

  • Contracts

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New FAST Agreements

Limited Participant Agreements

Book Entry Only

Securities Transfer Association


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Securities Transfer Association

Industry Overview

  • Excess Capacity

  • No Organic Growth

  • Registered Shareholder Bases Attrition 6-9% Per Year

  • Consolidation Continues

  • Impact of New Rules

  • Impact of Industry Forces

    • DRS

    • Brokers

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STA, SEC, SIA, DTCC Activities

Three Areas Identified

Transfer Processing

Dividend Process

Corporate Action

Current Status

Securities Transfer Association


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Keith BradleyHerb Lemmer

Carmen BuonomoMaurice Lynch

Gregory CaddellAnne Neuberger

Mary Rose CascaesDouglas Reed

Armando DiBiaseJanet Roskopf

Cynthia JonesKathryn Sevcik

Don GressJohn Ulla

Craig KellerKarl Wagner

Robert Kristanko

Securities Transfer Association

Processing Committee Members

Chairperson - Deb Culhane

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Securities Transfer Association

Legal Committee MembersChairperson – Mario Passudetti

Stephen CessoAndrea Manning

Stephen J. DolmatchSteven Nelson

Gordon GlazaSusan Oliver

William HarrisWilliam Stewart

Blanche HurtRobert Sussman

Herb LemmerCatherine Wexler

Barbara Lubitz

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Securities Transfer Association

Proxy Committee MembersChairperson – Mario Passudetti

Gregory CaddellRobert Kristanko

Norma CianfaglioneAngela Lamb

Piero FalconeJoseph Maclelland

Jeffrey JordanAlma Menendez

Craig KellerGail Schweda

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Securities Transfer Association

Fraud Committee MembersChairperson – Cynthia Jones

Keith BradleyBruce Mills

Greg CaddellAnne Neuberger

Mary Rose CascaesAngela Ponte

Dawn ColemanJanet Roskopf

John CouturierDeborah D. Seidel

Vic D’AmicoKathryn J. Sevcik

Robert A. KristankoMarshall Toburen

Herbert J. LemmerAlan Vesprini

Deborah LiblitRaymond Werkmeister III

Shellie McCauleyBob Winterle

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Securities Transfer Association

Thank you for attending the conference.

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