SGX and Broadridge Sign Agreement to Transform Proxy Voting
Broadridge Financial Solutions, Inc. announced December 1 that it has signed an agreement with Singapore Exchange (SGX) to jointly introduce a new service that will bring greater transparency, accuracy and efficiency to the shareholder communications and proxy process in Singapore. The service is designed to support the transition from the paper-intensive, manual process in place today towards an electronic, efficient and environmentally-friendly future of online interaction between listed issuers and their shareholders, both in Singapore and overseas. The proxy voting process will be dramatically streamlined by the introduction of shareholder-specific communications, enabling better reconciliation of voting activity by the issuer and assurances to shareholders that their voting has been received and accurately reflected in the shareholder meeting.
The service, to be marketed by SGX, uses Broadridge’s market-leading shareholder communications suite of solutions tailored to the specific requirements of the Singapore market for both domestic and international investors. It includes the automated capture of records from the shareholder register, the distribution of personalized communications including proxy forms, and a choice of voting channels, either online via a website or the more traditional printed mail. Votes received will be reconciled automatically with final shareholder positions 48 hours prior to the meeting date.
Corporate issuers will benefit from greater oversight and management of the meeting process from beginning to end, reduced printing and postage costs, improved authentication of voters, and a secure database in which to store shareholder preferences for future communications. Investors will gain the convenience of voting through their preferred channel, an increased window in which to make informed voting decisions, confirmation of votes submitted, and a more accurate voting entitlement based on adjusted holding records as of the meeting date minus 48 hours.
“This agreement puts in place a strong foundation from which to further advance corporate governance in Singapore and transform the communications and voting process,” said Bruce Babcock, President, Investor Communication Solutions, International, Broadridge. “All constituents stand to gain from this new model for Singapore, which leverages best-practice models based on our extensive experience in global markets.”