Brian Porter
STATE STREETAbout Brian Porter
Brian J. Porter, age 67, was elected as an independent director of State Street Corporation on September 15, 2025; he serves on the Human Resources Committee and the Risk Committee . Porter is the former President and CEO of The Bank of Nova Scotia (Scotiabank), and holds a Bachelor of Commerce from Dalhousie University, Honorary Doctor of Laws degrees (Dalhousie; Toronto Metropolitan University), and is a graduate of Harvard Business School’s Advanced Management Program . His tenure at Scotiabank spanned over four decades across risk, treasury, international banking, and capital markets leadership .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Scotiabank (Bank of Nova Scotia) | President & CEO | Nov 2013 – Jan 2023 | Led growth and global expansion; prior roles included Group Head International Banking, Group Head Risk & Treasury, Chief Risk Officer, Head of Global Banking & Markets |
| Scotiabank | Chief Risk Officer | 2005 – 2008 | Enterprise risk leadership for a global bank |
| Scotiabank | Group Head, Risk & Treasury | 2008 – 2010 | Oversight of risk and treasury functions |
| Scotiabank | Group Head, International Banking | 2010 – 2012 | Managed operations in 50+ countries |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Emera Inc. | Director | Since Mar 2024 | Served on Audit and Risk & Sustainability (May 2024–Feb 2025); appointed to Management Resources & Compensation and Safety & Risk committees in Feb 2025 |
| Fairfax Financial Holdings Ltd. | Director | Since Apr 2023 | Public company board experience |
| Huron University College (Western Univ.) | Chair, Board of Governors | Current | Governance leadership |
| Building Ontario Fund | Chair | Current | Public policy/governance role |
| Atlantic Salmon Federation (Canada) | Chair | Current | Non-profit leadership |
Board Governance
- Committee assignments: Human Resources Committee (member), Risk Committee (member) .
- Independence: Elected as an independent director; there are no arrangements or understandings regarding his election . State Street’s Board determined all non-management director nominees (10 of 11) are independent under NYSE and company guidelines; categorical standards define immaterial relationships not impairing independence .
- Attendance: Porter joined after the 2025 proxy record; company-wide, the Board held seven meetings in 2024 and each director attended at least 75% of Board and committee meetings; all 12 directors attended the 2024 annual meeting .
- Lead Independent Director structure: Active Lead Director with executive sessions at every regularly scheduled Board meeting; duties include agenda approval, CEO evaluation, and liaison role .
Fixed Compensation
| Component | Value | Vehicle | Notes |
|---|---|---|---|
| Annual retainer (2025–2026 pro-rated at election) | $110,000 | Cash or common stock | Porter receives pro rata share; stock grant priced at NYSE close on election date |
| Annual equity retainer (2025–2026 pro-rated at election) | $235,000 | Common stock | Pro rata shares based on NYSE close on election date |
| Committee member retainer (Risk Committee) | $20,000 | Cash or stock | Applies to Examining & Audit and Risk members (not Chairs/Lead Director); pro-rated |
| Committee chair fees | $40,000 (E&A/Risk Chairs); $35,000 (HRC/T&O Chairs); $25,000 (NCG Chair) | Cash or stock | For chairs only |
| Meeting fees | $1,500 per meeting after the 10th Board meeting in a Board year | Cash | Applies to non-management directors |
| Deferred Compensation Elections | 0% or 100% deferral of retainers/equity/meeting fees | Various | Directors may defer; cash deferrals earn notional fund returns; stock deferrals reinvest dividends; paid at termination in lump sum or 2–5 annual installments |
Director Stock Ownership Guidelines:
- Directors must maintain ownership equal to eight times the annual retainer; in the 2025 proxy this equated to $800,000 based on a $100,000 retainer. Directors must hold all net shares until reaching the guideline; prohibited from short selling, hedging, options trading, pledging, or speculative transactions .
Performance Compensation
Non-management director compensation at State Street is not tied to operational performance metrics; equity grants vest immediately and are delivered as common stock not PSUs/RSUs with performance hurdles .
| Metric Category | Applies to Directors? | Notes |
|---|---|---|
| TSR, EPS, Pre-tax margin, ROE-based vesting | No | Performance-based metrics apply to NEO equity programs, not director pay |
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Considerations |
|---|---|---|
| Emera Inc. | Director; committee service across Audit, Risk & Sustainability; MRCC; Safety & Risk | Utility customer relationships with financial institutions are common; no State Street related-person transaction disclosed with Emera/Porter |
| Fairfax Financial | Director | Insurance/financial services networks overlap with State Street’s institutional client base; no related-person transaction disclosed |
No related-person transactions involving Porter are disclosed; the company’s policy requires review/approval of any transaction >$120,000 with a director or immediate family member, and none were reported beyond an immaterial employment relationship unrelated to Porter .
Expertise & Qualifications
- Deep experience in international banking, risk management, corporate banking, capital markets; prior CRO and international banking leadership at Scotiabank .
- Governance and compensation oversight via public company boards (Emera; Fairfax) and committee leadership rotations .
- Education: B.Comm (Dalhousie); Honorary LL.D. (Dalhousie; Toronto Metropolitan); Harvard AMP .
Equity Ownership
- STT beneficial ownership for Porter was not included in the March 3, 2025 proxy as his election occurred in September 2025; thus, no STT share holdings are disclosed in the latest proxy tables .
Governance Assessment
- Strengths: Independent appointment; direct placement onto Risk and HRC aligns with his core expertise; no disclosed related-party ties; strong prohibition on hedging/pledging enhances alignment .
- Compensation alignment: Mix of cash/equity with optional deferral; committee member retainer for Risk incentivizes engagement; equity grants immediately vest but combined with ownership guidelines drives holding behavior .
- Board effectiveness signals: Board’s structured independence and robust Lead Director role; active committee framework for risk and human capital oversight; 2024 Board meeting cadence and attendance expectations provide governance baseline .
- RED FLAGS: None disclosed specific to Porter. Watch items include external board/time commitments (Emera, Fairfax) and ensuring continued independence where commercial relationships exist; State Street’s categorical standards limit materiality and require review .
Appointment details and committees for Porter are confirmed across the SEC 8-K (Item 5.02) and company press release; compensation specifics (retainer changes) are per 8-K and differ from the earlier 2025 proxy schedule (which set annual retainer at $100,000 and equity at $195,000 for the 2024–2025 Board year) .