Julio Portalatin
Director at STT
Board
About Julio A. Portalatin
Julio A. Portalatin is an independent director of State Street Corporation, serving since 2021; he is 66 years old, holds a B.S. from Hofstra University, and is a U.S. citizen. A former CEO and vice chair across global insurance and human capital firms, he brings risk management, operational transformation, and workforce strategy expertise to STT’s board. He currently serves on the Human Resources Committee and the Risk Committee. Public company directorships: none.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Marsh & McLennan Companies | Vice Chair | 2019–2020 | Senior leadership across a global professional services firm |
| Mercer Consulting Group (Marsh & McLennan) | President & CEO | 2012–2019 | Led large-scale human capital and benefits advisory operations |
| American International Group (AIG) | President & CEO, Emerging Markets | 2011–2012 | Growth oversight across high-growth insurance markets |
| Chartis Growth Economies | President & CEO | 2010–2011 | Led growth initiatives in developing markets |
| AIG Europe S.A. | President & CEO | 2008–2010 | Regional leadership and risk oversight |
| American International Underwriters | President, Worldwide Accident & Health | 2003–2008 | Global product leadership and risk management |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Truist Insurance Holdings | Director | Private | Portfolio company board service; potential commercial adjacency to financial services |
| ServPro | Director | Private | Board service |
| Covenant House International | Director | Non-profit | Board service |
| Hofstra University | Director | Academic | Board service |
| AARP | Former Director | Non-profit | Prior board service |
| Public Company Directorships | None | — | No current public company boards |
Board Governance
| Item | Detail |
|---|---|
| Independence | Independent director (Board determined all non-management directors are independent under NYSE and STT categorical standards) |
| STT Committees | Human Resources Committee (member); Risk Committee (member) |
| Committee workloads (2024) | HRC: 8 meetings; Risk: 9 meetings |
| Board meetings (2024) | 7 meetings; all directors attended ≥75% of aggregate Board+committee meetings |
| Lead/Chair roles | None (member only) |
| Governance & ethics | Directors subject to Standards of Conduct; independent sessions held regularly; active lead director model |
Fixed Compensation
| Component (2024) | Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $120,000 | Non-management director cash retainer structure includes $100,000 annual retainer plus applicable committee retainers (e.g., Risk/E&A member $20,000); his cash total was $120,000 |
| Stock Awards (Fair Value) | $195,011 | Annual director equity grant; 2,514 shares valued at $195,011 (granted May 15, 2024) |
| All Other Compensation | $0 | No perquisites reported above disclosure threshold for him |
| Total (2024) | $315,011 | Sum of cash and stock |
Director compensation framework (2024–2025 Board year):
- Annual retainer: $100,000 (cash or STT shares)
- Annual equity award: $195,000 (common stock)
- Committee chair retainers: Risk/E&A $40,000; HRC/T&O $35,000; N&CG $25,000
- Committee member retainers: Risk/E&A $20,000 (for members other than chair/Lead Director)
- Meeting fees: $1,500 per meeting after the tenth Board meeting
- Deferral option: Directors may elect to defer retainers/equity under Director Deferred Compensation Plan
Performance Compensation
| Equity Vehicle | 2024 Grant | Grant Date | Vesting | Performance Conditions |
|---|---|---|---|---|
| Common Stock (Director Equity Grant) | 2,514 shares ($195,011) | May 15, 2024 | Vests immediately | None; director equity grants are not performance-based |
Note: STT’s performance-conditioned equity and pay-for-performance metrics apply to executives (NEOs), not to non-management directors. Director equity awards are time-based and intended to align director and shareholder interests through ownership requirements.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None |
| Private/non-profit boards | Truist Insurance Holdings (Director); ServPro (Director); Covenant House International (Director); Hofstra University (Director) |
| Potential interlocks/conflicts | The Board’s independence review noted commercial/charitable relationships for several directors, including Mr. Portalatin; none exceeded the greater of $1 million or 2% of the other entity’s revenues in 2024, and were deemed immaterial under STT’s categorical independence standards. |
Expertise & Qualifications
- Strategic leadership of complex global businesses; human capital and changing workforce expertise; risk management and operational simplification focus .
- Service on HRC and Risk Committee aligns background with oversight of executive compensation, talent management, and enterprise risk frameworks .
- Education: B.S., Hofstra University .
Equity Ownership
| Measure | Value | As-of | Notes |
|---|---|---|---|
| Beneficial ownership (common shares) | 11,360 | March 3, 2025 | As reported in beneficial ownership table; <1% of shares outstanding |
| Director stock ownership guideline | $800,000 (8× $100k retainer) | Policy | Applies to all non-management directors |
| Compliance status | Exceeds guideline | March 3, 2025 | “Each of the other non-management directors” (i.e., all except the new 2024 appointee) exceeded full target ownership; Mr. Portalatin is included in this cohort |
| Hedging/pledging | Prohibited under STT Securities Trading Policy (no short selling, hedging, options, pledging, or speculative trading) | Policy | Applies to directors and executive officers |
Insider transactions (Form 4):
| Transaction Date | Filing Date | Type | Shares | Post-Transaction Ownership | Source |
|---|---|---|---|---|---|
| 2025-05-14 | 2025-05-16 | A (Award) | 2,406 | 13,795 | https://www.sec.gov/Archives/edgar/data/93751/000009375125000370/0000093751-25-000370-index.htm |
| 2024-05-15 | 2024-05-17 | A (Award) | 2,514 | 11,282 | https://www.sec.gov/Archives/edgar/data/93751/000009375124000627/0000093751-24-000627-index.htm |
| 2023-05-17 | 2023-05-19 | A (Award) | 2,849 | 8,659 | https://www.sec.gov/Archives/edgar/data/93751/000009375123000614/0000093751-23-000614-index.htm |
These appear to be annual director equity awards consistent with proxy disclosures (e.g., 2,514-share director grants in May 2024).
Governance Assessment
- Board roles and effectiveness: As a member of both the Human Resources Committee and the Risk Committee—two high-impact committees that met 8 and 9 times respectively in 2024—Portalatin participates in oversight of executive pay design, talent/succession, risk appetite, and enterprise risk governance. Attendance for all directors met ≥75% of Board and committee meetings in 2024, supporting engagement standards.
- Independence and conflicts: Classified as independent; Board’s annual independence review considered his external affiliations and deemed them immaterial (below the greater of $1 million or 2% revenue thresholds for related entities). No related-person transactions were reported for him; STT reported no personal loans to directors.
- Pay alignment and ownership: 2024 director compensation mix (~38% cash / ~62% equity for him) and immediate vesting equity combined with stringent ownership guidelines ($800k) and trading prohibitions align incentives with shareholders; he exceeds the ownership guideline.
- Investor confidence signals: Say-on-Pay support was ~93% in 2024, reflecting broad shareholder support for executive compensation overseen by the HRC (where he serves). No Section 16(a) reporting issues were disclosed for Portalatin.
- Watch items: Board chair and CEO roles are combined at STT; while this is a board-structure matter (not specific to Portalatin), shareholders saw a 2025 proposal advocating an independent Chair at next CEO transition (Board recommended against). Continued scrutiny of compensation-risk alignment and risk governance remains prudent given the breadth of oversight required.
Related-party and policy safeguards: STT maintains a formal Related-Person Transactions Policy administered by the Nominating & Corporate Governance Committee; in 2024, the only disclosed related-person item involved employment of an executive officer’s family member—reviewed and ratified; no other reportable transactions. Clawback, forfeiture, non-compete, and no-hedging policies are in effect.