NEW YORK and LONDON, June 5,
2019 /PRNewswire/ -- In response to the European
Commission's updated Shareholder Rights Directive, Broadridge
Financial Solutions, Inc. (NYSE: BR), a global Fintech leader
and part of the S&P 500® Index, has announced details of its
extended solution to support both institutional- and retail-focused
intermediaries for global proxy voting. The new offering includes a
range of process enhancements and a new blockchain-based platform
for shareholder disclosure. In addition, firms supporting retail
and private wealth clients will now be able to distribute proxy
materials to these retail clients through electronic distribution,
including mobile devices.
Working with custodian clients, banks, brokers and other market
service providers, Broadridge is leveraging its global proxy voting
infrastructure and vantage point across the shareholder
communication value chain to help intermediaries navigate their new
responsibilities under the Directive. This support will include:
the distribution of meeting agendas within stricter timeframes,
reconciling votes on a daily basis and processing votes "without
delay." It will also handle all aspects of vote confirmation,
including timely electronic confirmation of receipt and the
post-meeting recording and counting of votes in all markets.
Distribution to Retail Shareholders
Broadridge's solution for the distribution of meeting notices to
retail shareholders and voting includes electronic distribution and
voting through a choice of channels including email, access via a
bank or broker website, branded portal, and Apple and Android apps,
as well as physical mail.
Blockchain-Based Shareholder Disclosure Platform
Broadridge is using blockchain technology to build an EU
market-wide shareholder disclosure platform to enable
intermediaries to fulfil their disclosure obligations. This will
help address a significant aspect of the Directive which will
entitle EU-based issuers to obtain the identity of their
shareholders. This requires intermediaries holding an issuer's
shares to provide shareholder disclosure within 24 hours of
receiving a disclosure request.
"Broadridge is committed to helping firms meet their compliance
objectives," said Demi Derem, General Manager, Investor
Communication Solutions International, Broadridge. "The
updated Shareholder Rights Directive is the most comprehensive
change to European corporate governance standards and processes in
many years. As a neutral and independent service provider,
Broadridge is focused on continually raising governance and
transparency standards throughout the shareholder voting
network."
The Directive is designed to achieve greater transparency in
corporate governance and improved shareholder engagement. Its
Implementing Regulation is due to be transposed into national law
in EU member states by September 3,
2020, at which point financial intermediaries and other
participants in the proxy voting lifecycle will need to be
compliant. The Directive's scope will extend beyond the EU,
impacting intermediaries domiciled outside of the region if they
hold shares in EU-based issuers listed on regulated EU markets.
Broadridge continues to maintain a proactive approach to the
Shareholder Rights Directive, engaging with industry authorities
and market participants throughout the investor communications
lifecycle, through participation at industry forums and hosted
thought leadership events. The latest edition in a succession of
industry reports by Broadridge is titled Shareholder Rights
Directive: Everything You Need to Know.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc. (NYSE: BR), a $4 billion global Fintech leader and a part of
the S&P 500®Index, is a leading provider of investor
communications and technology-driven solutions to banks,
broker-dealers, asset managers and corporate issuers globally.
Broadridge's investor communications, securities
processing and managed services solutions help clients reduce
their capital investments in operations and infrastructure,
allowing them to increase their focus on core business activities.
With over 50 years of experience, Broadridge's infrastructure
underpins proxy voting services for over 50 percent of public
companies and mutual funds globally, and processes on average more
than US $5 trillion in fixed income
and equity trades per day. Broadridge employs over 10,000 full-time
associates in 18 countries.
For more information about Broadridge, please
visit www.broadridge.com
Investors:
W. Edings Thibault
Head of Investor Relations
Broadridge Financial Solutions
+1 516-472-5129
edings.thibault@broadridge.com
Media:
Tina
Wadhwa
Broadridge Financial Solutions
+1
212-973-6164
tina.wadhwa@broadridge.com
View original
content:http://www.prnewswire.com/news-releases/broadridge-announces-innovations-for-the-updated-european-shareholder-rights-directive-300861980.html
SOURCE Broadridge Financial Solutions, Inc.