The DTCC Board is composed of 19 directors.
DTCC’s governance structure includes approximately 345 user shareholders. The Board is currently composed of 19 directors. Three are independent, non-participant directors. Twelve directors represent clearing agency participants, including broker-dealers, custodian and clearing banks, and investment institutions. Two directors are designated by DTCC’s preferred shareholders (NYSE Euronext and the Financial Industry Regulatory Authority). Two are management directors – the Executive Chairman and the President and Chief Executive Officer. All Directors, except those designated by the preferred shareholders, are elected annually to one-year terms. Using cumulative voting, DTCC's common shareholders vote on Director nominees at the annual shareholders’ meeting.
Individuals are nominated for election as directors based on their ability to represent DTCC's diverse base of participants, and DTCC's governance is specifically structured to help achieve this objective. The non-participant Board members are individuals with specialized knowledge of financial services, but who bring an independent perspective since they are not affiliated with firms that use DTCC services. Board members serve on a variety of Board committees with responsibility to oversee aspects of DTCC's operation. In addition, to ensure broad industry representation and expertise on key industry subjects, industry representatives who are non-Board members also serve on a number of advisory committees to the Board. View DTCC Corporate Governance Policies and Procedures.