HSBC selects Proxymity’s Shareholder ID solution for SRD II compliance
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HSBC selects Proxymity’s Shareholder ID solution for SRD II compliance 15 February 2022UK Reporter: Jenna Lomax
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HSBC has selected Proxymity’s Shareholder ID solution in an effort to meet the compliance requirements for the EU’s Shareholder Rights Directive II (SDR II) Directive.
The solution automates shareholder ID requests in industry compliant formats eliminating the need for manual intervention.
Implementing the solution will ensure that all HSBC disclosure services are compliant with the directive which is being implemented to reduce short termism and excessive risk taking by companies.
Following the successful rollout of Proxymity Shareholder ID in the UK and Europe, HSBC plans to introduce the solution to clients in Asia in the coming weeks.
HSBC also plans to deploy Proxymity’s Vote Connect proxy voting solution later this year to enhance the accuracy, timeliness and transparency of both meeting announcements and votes.
Proxymity’s solutions ensure that investors receive “golden source” meeting announcements in real-time and are able to vote up until the market deadline.
Joe Mernagh, senior product manager at HSBC, comments: “Our collaboration with Proxymity on shareholder disclosures ensures a best practice process for our clients. We look forward to working with Proxymity to enhance our disclosure and proxy voting services over the course of 2022.”
Jonathan Smalley, co-founder and chief operating officer, says: “The launch of this service is a strong example of how we are working together to improve the speed and quality of shareholder disclosure systems. This deployment will be followed by HSBC’s rollout of Proxymity Shareholder ID solution in Asia, pending regulatory approval.”
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