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

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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


Securities Transfer Association’s

95th Anniversary and

2006 Annual Meeting

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

Securities Transfer Association

Key Initiatives

  • Proxy Reform
  • SEC Rulemaking
  • Dematerialization
  • DTCC Fees
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
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
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.
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.
Securities Transfer Association

Proxy Reform (continued)

  • SEC Options
    • Adopt as is
    • Adopt with Modifications
    • Abandon Rule
    • Combine with Other Major Proxy Initiatives
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
Securities Transfer Association

SEC Rulemaking

  • Staff Changes
  • Processing
  • Shareholder Communication/Disclosure
  • Purchase and Sales
  • Insurance Requirements
  • Segregation of Funds
  • Contracts



New FAST Agreements

Limited Participant Agreements

Book Entry Only

Securities Transfer Association


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
STA, SEC, SIA, DTCC Activities

Three Areas Identified

Transfer Processing

Dividend Process

Corporate Action

Current Status

Securities Transfer Association


Keith Bradley Herb Lemmer

Carmen Buonomo Maurice Lynch

Gregory Caddell Anne Neuberger

Mary Rose Cascaes Douglas Reed

Armando DiBiase Janet Roskopf

Cynthia Jones Kathryn Sevcik

Don Gress John Ulla

Craig Keller Karl Wagner

Robert Kristanko

Securities Transfer Association

Processing Committee Members

Chairperson - Deb Culhane

legal committee members chairperson mario passudetti
Securities Transfer AssociationLegal Committee MembersChairperson – Mario Passudetti

Stephen Cesso Andrea Manning

Stephen J. Dolmatch Steven Nelson

Gordon Glaza Susan Oliver

William Harris William Stewart

Blanche Hurt Robert Sussman

Herb Lemmer Catherine Wexler

Barbara Lubitz

proxy committee members chairperson mario passudetti
Securities Transfer AssociationProxy Committee MembersChairperson – Mario Passudetti

Gregory Caddell Robert Kristanko

Norma Cianfaglione Angela Lamb

Piero Falcone Joseph Maclelland

Jeffrey Jordan Alma Menendez

Craig Keller Gail Schweda

fraud committee members chairperson cynthia jones
Securities Transfer AssociationFraud Committee MembersChairperson – Cynthia Jones

Keith Bradley Bruce Mills

Greg Caddell Anne Neuberger

Mary Rose Cascaes Angela Ponte

Dawn Coleman Janet Roskopf

John Couturier Deborah D. Seidel

Vic D’Amico Kathryn J. Sevcik

Robert A. Kristanko Marshall Toburen

Herbert J. Lemmer Alan Vesprini

Deborah Liblit Raymond Werkmeister III

Shellie McCauley Bob Winterle

Securities Transfer Association

Thank you for attending the conference.