BME launches digital proxy voting service for shareholders' meetings
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BME launches digital proxy voting service for shareholders' meetings 02 December 2021Spain Reporter: Jenna Lomax
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BME, through Iberclear, its central securities depository, is to launch a new digital proxy voting service for shareholders’ meetings, expected to go live in Q1 2022.
The service is offered in collaboration with Proxymity, an investor communications platform that connects issuers, intermediaries, and investors via their proprietary digital network.
The service is powered by Proxymity’s digital investor communications platform and connects participant entities and issuers to speed up and promote the efficiency of the voting process at shareholders' meetings.
This service will allow the management of shareholders' meetings that take place on domestic securities, cross border services (CBS) securities and foreign securities not held by Iberclear.
The solution is implemented through a technical platform that complies with all the security and data protection requirements established under the Shareholders Rights Directive (SRD II), in order to guarantee the confidentiality and protection of the information stored in the systems.
Through this platform, the management by issuers and participants of the complete process of the meetings is facilitated, from the announcement of the meeting to the vote confirmation, through vote processing and accounting.
The partnership with BME and Proxymity means that investors will receive “golden source” meeting announcements direct from issuers in real time and be able to vote right through to the market deadline.
Commenting on the new partnership and the solution, Jesús Benito, CEO of Iberclear, says: "This solution has been developed in response to the demands from our issuers and participants to have a neutral, efficient and environmentally responsible solution that, building on technology and the experience of our technological partner Proxymity, will allow participant entities and issuers to become connected to manage digitally the voting processes at shareholders' meetings.”
Jon Smalley, chief operating officer at Proxymity, comments: “We’re delighted to work with BME and Iberclear on this important initiative. The deployment of Proxymity’s platform not only brings SRD II compliance, but also real and immediate benefits for the Spanish investor ecosystem.”
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