Patricia Halliday
Director at STT
Board
About Patricia M. Halliday
Patricia M. Halliday, age 58, is an independent director of State Street Corporation (STT) since 2024. She holds a B.A. from the University of Liverpool and is a dual citizen of the United Kingdom and Ireland. Her core credentials are in risk management, governance, and legal/regulatory oversight, with deep experience as Chief Risk Officer across complex financial institutions.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Santander UK PLC; Santander UK Group Holdings PLC | Chief Risk Officer | 2017–2020 | Led risk frameworks and regulatory engagement in UK retail and commercial banking |
| GE Capital International Holdings Ltd | Chief Risk Officer | 2011–2017 | Oversaw enterprise risk across GE Capital’s international operations |
| Deutsche Bank | MD, Credit Risk – Global Head of Leveraged & Structured Finance | 2006–2011 | Directed credit risk for leveraged and structured finance globally |
| Barclays Capital | Director, Credit Risk | 2000–2006 | Credit risk leadership in investment banking |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| Close Brothers Group PLC (public) | Director | 2021–present | UK merchant banking; public company directorship |
| Toronto-Dominion Bank Europe Limited (private) | Director | Not disclosed | Board service at European subsidiary |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Independent under NYSE and State Street Corporate Governance Guidelines; all non-management directors are independent |
| Committee assignments | None assigned as of 2025 proxy (first-time nominee) |
| Years of service | Director since 2024 |
| Attendance | In 2024, the Board held 7 meetings and each director attended at least 75% of Board and committee meetings served; all directors at the time attended the 2024 annual meeting |
| Executive sessions | Independent directors meet in executive session at every regularly scheduled Board meeting, presided by the Lead Director |
| Board refreshment | Elected by the Board in November 2024 following a search process; deemed independent |
Fixed Compensation
| Component | Value | Vehicle | Notes |
|---|---|---|---|
| Annual Retainer (2024–2025 Board year) | $100,000 | Cash or common stock | Standard non-management director retainer |
| Annual Equity Award (2024–2025 Board year) | $195,000 | Common stock | Granted in shares; vests immediately |
| Lead Director Additional Retainer | $130,000 | Cash or common stock | Only applicable to Lead Director |
| Committee Chair Retainers | $40,000 (E&A, Risk); $35,000 (HRC, Tech & Ops); $25,000 (NCG) | Cash or common stock | Pro-rated if role starts during Board year |
| Committee Member Retainers | $20,000 (E&A, Risk) | Cash or common stock | Excludes Committee Chair and Lead Director |
| Meeting Fees | $1,500 per meeting after the 10th Board meeting | Cash | Applies after tenth meeting |
| Deferral elections | 0% or 100% of retainers/equity/fees | Cash deferrals track notional funds; stock deferrals reinvest dividends | Paid at end of service (lump sum or installments) |
| Patricia M. Halliday – 2024 Director Compensation | Amount |
|---|---|
| Cash fees | $50,000 (pro-rated annual retainer) |
| Stock awards | 1,029 shares; grant-date value $97,529 (Nov 8, 2024 close $94.78) |
| All other compensation (perqs/matching) | Not reported (≤$10,000) |
| Total | $147,529 |
Performance Compensation
| Performance-linked elements for directors | Status |
|---|---|
| Performance metrics (e.g., TSR, revenue growth) tied to director awards | Not disclosed/applicable; non-management director equity awards are time-based and vest immediately |
| Options or performance-vested awards for directors | None disclosed; director awards are common stock |
Other Directorships & Interlocks
- Public boards: Close Brothers Group PLC (Director) .
- Other boards: TD Bank Europe Limited (Director) .
- Independence/conflict review: Board annually reviews director relationships; for 2025, certain commercial or charitable relationships involving directors (including Ms. Halliday) were deemed immaterial under categorical standards; none exceeded the greater of $1 million or 2% of the other entity’s gross revenues in 2024 .
- Related-person transactions: No related-person transactions requiring disclosure beyond noted immaterial items; State Street reported no director/executive loans .
Expertise & Qualifications
- Significant risk management expertise across investment, corporate, and banking organizations; deep regulatory engagement experience .
- Governance and legal/regulatory background suited for oversight of complex financial institutions .
- Global perspective; leadership in strategic planning and finance .
- Education: University of Liverpool (B.A.) .
Equity Ownership
| Metric | Detail |
|---|---|
| Beneficial ownership (as of Mar 3, 2025) | 720 shares; each named executive and director individually owns <1% |
| Shares outstanding (as of Mar 3, 2025) | 288,590,984 shares |
| Vested vs. unvested | Director stock awards vest immediately; no unvested director stock awards outstanding as of Dec 31, 2024 |
| Ownership guidelines | Target value = 8× annual retainer ($800,000); must hold all net shares until reaching target; expected to attain within 5 years of initial election |
| Compliance status | As of Mar 3, 2025, exceeded pro-rated expected level but below full target; subject to 100% holding requirement of net shares received until target reached |
| Hedging/pledging | Prohibited for directors under Securities Trading Policy |
Governance Assessment
- Independence affirmed; no material related-party transactions identified for 2024 involving Ms. Halliday; immaterial commercial/charitable relationships reviewed and below thresholds (≤ the greater of $1 million or 2% revenues) .
- Board attendance standards met by all directors in 2024; robust use of executive sessions for independent directors, strengthening oversight culture .
- New director with no committee assignments yet; given CRO background, expect alignment with Risk oversight in future refresh cycles, though current lack of committee seat slightly tempers immediate committee-level impact .
- Director pay structure emphasizes fixed retainer plus immediate-vesting equity, with strong ownership guidelines and hold requirements to reinforce alignment; Ms. Halliday is on track under the 5-year compliance ramp .
- Shareholder sentiment: Say-on-pay received ~93% support in 2024, indicating broad investor confidence in compensation governance broadly at State Street (contextual signal) .
RED FLAGS: None disclosed specific to Ms. Halliday. No pledging/hedging, no related-party transactions requiring disclosure, and independence confirmed; minor note that as a new director she had no committee assignments as of the proxy, which may delay direct committee oversight contributions in the near term .