The 2008 DTCC Board will be made up of 21 directors, serving one-year terms. Seventeen directors are representatives of clearing agency participants, including international broker/dealers, correspondent and clearing banks, mutual fund companies and investment banks. Two directors are designated by the preferred shareholders, NYSE Euronext and FINRA, and the remaining two are the chairman and chief executive officer and the president of DTCC.
All of the Board members except those designated by the preferred shareholders are elected annually. Individuals are nominated for election as directors based on their ability to represent DTCC’s diverse base of participants, and Board committees are specifically structured to help achieve this objective. In addition, to ensure broad industry representation and expertise on key industry subjects, industry representatives that are non-Board members serve on a number of DTCC Board committees.