Securities Investor Protection Corporation

“Members and stockholders sipc is a membership corporation. Membership is by operation of law.”

“Stockholders or persons other than governing bodies no decisions of the governing body are subject to approval by members. However, proposed rule changes and bylaw changes are subject to review by the u.s. Securities and exchange commission.”

“Form 990 review process the form 990 was prepared by grant thornton, an independent accounting firm, with support from the sipc accounting staff, directed by the vice president-finance, using the books and records of the corporation after the completion of an audit by independent certified public accountants. The filing was reviewed by the president & ceo of sipc. Prior to the filing, copies of the completed form 990, including required schedules, as it was filed with the irs, were provided for review to the audit and budget committee of the sipc board of directors at its june 2021 meeting. The form 990 was also provided to the sipc board of directors for its review at its june 2021 meeting with recommendations by the audit and budget committee.”

“Conflict of interest policy monitoring & enforcement sipc has written business ethics and whistleblower policies, which include provisions regarding conflicts of interests, that apply to all employees. They are incorporated into the written personnel guide. Upon employment and annually thereafter each employee, including officers must sign a document stating that they have read and understand those provisions. Any conflict of interest must be reported to an employee's supervisor, and review of such matters is undertaken by the office of the general counsel. Pending review of any conflict, an employee will be prohibited from working on the relevant matter. During the annual audit, the independent certified public accountants inquire of the staff on a test basis as to their understanding of the policies and report their findings to the audit and budget committee of the sipc board of directors. Upon appointment and at least annually thereafter each non-government director shall certify in writing that he or she has read and understood and will adhere to the code of ethics for directors: that he or she has no known conflicts of interest. The government directors must adhere to their government standards and codes of ethics. Each director also must immediately disclose any conflict as it arises and recuse themselves from any decision so affected. Any such event is documented in the meeting minutes.”

“Process for determining compensation compensation for all sipc officers is set by the sipc board of directors annually in conformity with compensation guidelines adopted by the board and based on the recommendations of the compensation committee of the sipc board of directors. They review form 990 data for other organizations, salary studies, u.s. Government pay scales, securities industry data, and inflation statistics from the u.s. Department of labor, bureau of labor statistics, as well as performance and work loads. Generally, an independent compensation study is commissioned every three years. The last study was completed in 2020.”

“How documents are made available to the public sipc was created by the securities investor protection act (15 u.s.c. 78aaa. Et seq.). This statute, sipc rules and the sipc bylaws, which includes "conduct of employees of the securities investor protection corporation" in section 5, are posted on the sipc website: www.sipc.org. The current, as well as the entire prior 50 year history of, sipc annual reports, including the audited financial statements, are also posted on the website. Copies will be mailed upon request.”

“- daniel m. Covitz, deputy dir., fed res. Bd., div of research & statistics, bd. Of gov. Of the fed res. System, 20th & constitution avenue, n.w., washington, dc 20551 - anthony d'agostino, 2321 cavesdale road, owings mills, md 21117 - jonathan greenstein, dep. Asst. Sec. For fin'l inst., u.s. Dept. Of the treasury, 15th & pennsylvania ave., n.w., washington, dc 20220 - w. Moses kim, director, office of fin'l inst. Policy, u.s. Dept. Of the treasury, 15th & pennsylvania ave., n.w., washington, dc 20220 - william s. Jasien, stonehedge global partners, 19 knightsbridge lane, hilton head island, sc 29928 - gregory s. Karawan, genworth financial, 6620 w. Broad st., building 2, 8th floor, richmond, va 23230”

“Organization's mission protection of customers of sipc members pursuant to the securities investor protection act of 1970. Copy of 2020 annual report available on sipc's website (www.sipc.org). Members as of 12/31/20 is 3,441.”

“Organization's mission sipc's mission is statutory. When a brokerage firm is closed due to bankruptcy or other financial difficulties and customer assets are missing, sipc steps in as quickly as possible and, within certain limits, works to return customers' cash, stock and other securities, and other customer property. Without sipc, investors at financially troubled brokerage firms might lose their securities or money forever or wait years while their assets are tied up in court.”

“Pension and post-retirement benefit related changes other than net periodic pension costs 1,932,568”