Our Fiduciary Responsibility
Fiduciary Responsibility: A Higher Standard
Glenmede was formed to serve in perpetuity as the corporate trustee for the Pew Family charitable trust. A striking aspect of this founding edict was the embedded commitment to a fiduciary purpose. By this distinction, we are bound to place client concerns ahead of individual or company interests.
Glenmede’s practice of the fiduciary standard is grounded in decades of experience. A fiduciary mindset permeates our culture, guiding the thousands of judgment calls made throughout the year.
A Trust Company: Safekeeping Client Assets
The Glenmede Trust Company, N.A. is a national trust company, chartered as a limited-purpose bank under the National Bank Act and supervised by theOffice of the Comptroller of the Currency. As a trust company, we are entrusted with the safekeeping of client property.
At Glenmede, client assets do not become a corporate asset. Client assets are not included in the company’s corporate capital, are not reported on the corporate balance sheet and cannot be borrowed by the company. And while Glenmede’s corporate financial condition continues to be strong, if an unforeseen event should compromise our stability, client assets will remain secure and inaccessible to Glenmede’s creditors.
Investment and Wealth Management: Our Only Business
Glenmede’s culture of fiduciary care and attention to risk management has been a consistent means of attracting and retaining clients. Glenmede focuses on one line of business—investment and wealth management. We do not take deposits or make loans, do not underwrite securities or speculate for corporate profit-making.We invest with one goal in mind: long-term growth and wealth preservation for our clients.
OCC and Regulatory Compliance
The controls supporting our investment management, trust and custody services undergo routine examination and regulatory oversight by the Office of the Comptroller of the Currency. In addition, Glenmede’s annual audit of the design and operation of internal controls was completed in October 2011 by Ernst & Young LLP and is available upon request. The 2012 examination is underway.
Voluntary Audits: An Additional Level of Scrutiny
Although not a regulatory requirement, we voluntarily submit to this additional level of scrutiny and recognize this practice is an essential component of effective risk management. Internal and external auditors report directly to the Audit Committee of the Board of Directors, completing the hierarchy of oversight. While our objective is to prevent loss, insurance coverage is held by Glenmede to protect clients and the organization from any significant event.
The Glenmede Code of Ethics: Integrity, Objectivity and Independence
Glenmede remains grounded by our founding values, the most fundamental of which is integrity. A Code of Ethics guides employees in their routine conduct of client business. Whether serving as trustee or advisor, Glenmede intends to represent the best interests of our clients in the rendering of services and to embody the true spirit of fiduciary responsibility. To ensure we provide unbiased investment advice, for example, neither our company nor our professionals are rewarded or incented to sell an investment product or make an investment recommendation.
Transparency in our services and communications is integral to our success. Should you have a question or wish to receive additional information about our organizational checks and balances, please contact us.