This excerpt taken from the STT DEF 14A filed Apr 6, 2009.
Director Stock Ownership Guidelines
We have stock ownership guidelines that apply to all directors. The target level of stock ownership is the lesser of 10,000 shares of common stock or common shares worth at least $500,000. The value of those shares, is calculated by reference to the closing price of our common stock on the New York Stock Exchange on the date that we use for the beneficial ownership table in our annual meeting proxy statement. Directors are credited with the value and number of all shares they beneficially own for purposes of the beneficial ownership table as well as all shares awarded as director compensation whether deferred, delayed or subject to vesting or other restrictions. There is a phase-in period of seven years to achieve these levels, with the first year commencing on the date of election as director. As of March 5, 2009, the stock ownership of each of our directors then serving on the Board exceeded the expected level of ownership under these guidelines or is consistent with a pro rated accumulation of shares which would, if continued, exceed the guidelines for those directors under the seven-year threshold. Messrs. de Saint-Aignan and Kaplan were elected to the Board on March 13, 2009 and do not, as of that date, beneficially own any shares of State Streets common stock.