Broadridge introduces new vote execution service into the Spanish market for SRD II compliance
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Broadridge introduces new vote execution service into the Spanish market for SRD II compliance 25 January 2022Spain Reporter: Jenna Lomax
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Broadridge Financial Solutions has launched its vote execution service into the Spanish market, in an effort to assist all Spanish financial intermediaries with their Shareholder Rights Directive II (SRD II) compliance.
The service, delivered in collaboration with Spanish bank Santander Investment S.A, provides an automated solution with market-wide coverage to improve market error rates, expand voting windows and facilitate vote confirmations.
The launch of the service in Spain is the latest extension to Broadridge’s Direct Market Solutions (DMS) product suite, which focuses on streamlining traditional voting processes by directly connecting investors and issuers.
The solution, which complements Broadridge’s existing leading global voting solutions, will enable custody banks, brokers and wealth managers operating in Spain to enhance their service offering to their underlying clients, while reducing their operating costs and negating the need for major integration or change of operating models.
Broadridge recently announced its expanded coverage for proxy processing and extended voting windows for 20 sub-custody markets in 2021, with more markets to follow in 2022 and 2023.
Luis Antonio Pérez, executive director of corporate trust services, Santander Investment, says: “Our collaboration with Broadridge will transform the voting process for the Spanish market through a more direct end-to-end chain of communications between issuers and investors. By removing avoidable steps from the overall lifecycle, the proxy process will become more efficient and less prone to the risks associated with multiple breakpoints.”
Demi Derem, general manager of international investor communication solutions at Broadridge, comments: “We are delighted to be partnering with Santander in this innovative market solution designed to improve efficiency and deliver the highest standards of corporate governance in Spain. This is the latest in our ongoing series of local market innovations that focus on industry leading partnerships aimed at improving the overall voting ecosystem.”
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