Citi updates ProxymitySM platform 09 July 2019London Reporter: Jenna Lomax
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Citi has expanded the product capabilities and geographical coverage of ProxymitySM, its digital proxy voting platform which connects issuers to investors.
The platform, which will first be rolled out in Spain, has already been piloted with two IBEX 35 companies who have utilised the platform for their 2019 general shareholder meetings.
The updated version of ProxymitySM includes a central repository for “golden source” materials, such as meeting agendas and resolutions.
The repository enables all parties in the custodial chain to access the same files in a centralised and secured environment for all meetings supported on the Proxymity platform.
Other ProxymitySM features include a second call date that extends the voting deadline if issuers do not reach the required quorum of 25 percent of eligible voters for their shareholder meetings.
Commenting on the launch of the new pilot, Jon Smalley, co-founder of the ProxymitySM platform at Citi, said: “The effective and timely addition of new features to enter the Spanish market is testament to the Proxymity team’s ability to adapt to local needs and requirements.”
He added: “As we continue to expand the platform, this agile development strategy will be key to help our users meet the Shareholders Rights Directive II requirements on a market by market basis.”
Juan José Zúñiga Benavides, head of equity markets at Iberdrola, commented: “We are very pleased to have been a part of the pilot phase in Spain and look forward to using the Proxymity platform again for future meetings.”
He added: “It was good to test Proxymity during this season and we know that there is a lot more potential in the platform. There is an opportunity here to solve more of our problems and improve the ease with which our institutional shareholders cast their votes to us.”
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