LONDON, April 26, 2021 (Newswire.com) – Proxymity announced today that its connection with Citi to provide proxy voting services to institutional clients in ten markets: United Kingdom, Germany, Netherlands, Belgium, Ireland, Austria, Spain, France, Portugal, and Australia, is now live.
Proxymity was spun out of Citi’s Securities Services business last year, backed by a consortium of the world’s largest issuer and investor services firms. Citi is the first consortium member to fully implement the Proxymity platform, with other members due to follow later this year.
- Proxymity now manages Citi’s clients’ proxy announcements and voting across 10 key international markets
- Citi’s institutional clients will have faster access to information and improved deadlines, with more time to research and execute their votes
- Continued drive toward electronic voting reflects the increasing global focus on transparency and Environmental, Social and Governance (ESG) agendas
Launched in time for the 2021 annual general meeting (AGM) season, Citi’s connection with Proxymity PV will deliver “golden source” AGM announcements directly from issuers to Citi’s institutional clients in real-time. Global investors will now be able to cast their ballots electronically and receive instant confirmation of their votes. To facilitate compliance with recent regulations like SRD II, Proxymity’s solutions use the latest industry-standard electronic messaging formats (ISO 20022).
Among the many benefits of digital proxy, issuers will receive votes as soon as they are cast, allowing them an earlier sight of voting intentions than via any other market solution. Previously, votes might arrive at the last moment before meeting close. The ability to determine who voted – and how – gives issuers the opportunity to actively engage and communicate with end-investors, promoting better governance.
As the global pandemic enters its second year, the ability to vote remotely and safely may afford ESG conscious investors a silver lining, with less pressure on the environment due to reduced AGM travel requirements and a significant reduction in paper waste.