ProxymitySM was conceived and developed by Dean Little and Jonathan Smalley, two executives in Citi’s ICG Custody group in London. With over 30 years combined industry experience in custody product development, the pair recognised an opportunity to reinvent an established practice of proxy voting within the corporate governance process, to bring increased efficiency and transparency to the market.
These employee “founders” were supported by Citi’s D10XSM program, an internal accelerator that supports the creation, development and launch of new concepts by employees across Citi’s businesses.
From an early stage, however, it was felt that if Proxymity was to have the largest impact possible that it should be backed by the industry as a whole rather than wholly owned by one compnay. As some of the world’s largest financial service companies shared the problems that Proxymity was trying to solve and bought into the vision, they joined together to back the project and Proxymity became it’s own entity in May 2020.