Citi pilots new platform for proxy voting 14 November 2017London Reporter: Jenna Lomax
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Citi has successfully piloted a new digital proxy voting platform, Proxymity, using a core algorithm to streamline information between intermediaries.
The platform, which is supported by Computershare, will be initially rolled out in the UK for the 2018 proxy season.
Proxymity connects and authenticates issuers and investors, which, according to Citi, makes the voting process “more efficient, accurate and transparent”.
It is intended to eliminate intermediary cut-off dates, ensuring investors have enough time to research the annual general meeting and cast their votes through the platform.
It also enables issuers to receive votes in real time and offers confirmation to the investor that the vote was received and counted at the meeting—providing certainty that their shareholder right has been upheld.
Aviva Investors, Legal & General Investment Management, Aberdeen Standard Investments and Robeco were key investors using Proxymity during the pilot.
Okan Pekin, Citi’s global head of prime, futures and securities services, said: “[Proximity] reimagines the process and flow of meeting notices and has the potential to disrupt an established market and democratise access for investors whose votes will be enabled by higher efficiency and lower cost.”
Paul Conn, president of Computershare’s global capital markets, commented: “With advances in technology and the combined network of both organisations, we are very excited to conclude a successful pilot and look ahead with confidence to extending the deployment of the platform early next year.”
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