Aba Securities Association

“The aba securities association (abasa) is a separately incorporated trade association and non-profit affiliate of the american bankers association (aba). Abasa members are large financial services holding companies with significant securities operations.”

“Regular members of abasa annually elect the organization's officers and board of directors, which acts as the association's governing body.”

“In addition to the annual elections, the regular members vote on major corporate actions as required by the membership and amendments to the bylaws.”

“The cfo of the american bankers association serves as the appointed cfo of the aba securities association. Aba's management, which includes certified public accountants, conducted several internal reviews of the completed form 990 which was prepared by an outside accounting firm.”

“Abasa monitors and enforces its conflicts of interest policy by, at least annually, having each officer, member of the board of directors, and key employees attest by signature that they have read, understand, and are in compliance with the policy. On an annual basis, the board is provided a copy of the policy, offered an opportunity to discuss its requirements, and have any questions answered. Staff attends the meetings of the board in order to monitor compliance with the requirements and that the minutes of the meetings fairly represent the discussions of the board.”

“Abasa has no employees. The officers shown on part vii, section a, are employees of the related organization, american bankers association(aba). Aba's compensation committee, comprised of board of director members, is responsible for reviewing the compensation of the association's officers and makes the final compensation recommendation to the board of directors, which has final approval. The process used by the compensation committee is made in conjunction with an outside independent consulting firm that conducted a comprehensive compensation study for the association. The methodology used included the following: - utilizing salary surveys, including those from mercer, watson wyatt, prm consulting, quatt associates and asae, jobs were benchmarked to comparable positions. - the outside compensation consulting firm reviewed applicable market data and the benchmarked position information and developed a market-based pay structure. - additional factors considered were position requirements, organizational impact, and job complexity. - minutes are kept of the compensation committee's deliberations and decisions regarding compensation arrangements.”

“Abasa does not make its governing documents, conflict of interest policy, or its financial statements available to the public. The organization's form 990 is available for public inspection upon request.”