From the Wires
Singapore Exchange Increases Proxy Vote Response by approximately 300% with Broadridge Proxy Management Solution
Solution Enhances Governance and Transparency for Singapore Exchange
By: PR Newswire
Nov. 26, 2012 03:00 AM
LAKE SUCCESS, N.Y., Nov. 26, 2012 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR) announced today that Singapore Exchange (SGX), in its capacity as a publicly listed company, increased year-on-year investor proxy response by approximately 300% using Broadridge's proxy management solution. The solution has helped SGX to achieve its goal of bringing greater transparency, accuracy and operational efficiency to its shareholder communications.
Broadridge's solution for Singapore is designed to transform the proxy voting process and establish a strong foundation from which to advance corporate governance. It has enabled SGX to transition from a manually intensive process to an efficient, highly automated service that gives investors the opportunity to sign up for electronic delivery of future communications.
The service automatically captures holding records from the shareholder register and reconciles any holdings adjustments up to two days before the AGM. Investors receive a personalized voting form on which to return their voting decisions, simplifying the overall voting experience and enabling a more efficient reconciliation process. Beginning with SGX's next general meeting, shareholders will have the choice of submitting proxy votes via a prepaid postal response, as was the case this year, or electronically via a voting website. An online portal will enable SGX to track, monitor and audit all activity in real time, in advance of the meeting.
In addition to being the first user of Broadridge's solution for Singapore, SGX is also fully committed to working in close collaboration with Broadridge to encourage market-wide adoption of the service.
Bruce Babcock, President, Investor Communication Solutions International, Broadridge, said, "The increased returns and process improvements for SGX's 2012 AGM have been transformative, giving them a secure, streamlined and investor-centric service that truly raises the governance bar in Singapore. Some investors have also opted to receive future communications electronically, which will drive down costs, further improve service levels and enable a more environmentally-friendly approach. The value of this service is now unquestionably proven, and there is a clear, market-wide opportunity for all listed companies to take full advantage of this opportunity, while promoting Singapore as a governance centre of excellence."
Broadridge has a growing track-record for delivering country-level solutions for listed companies in Asia. Earlier this year, a Broadridge joint venture in Japan with the Tokyo Stock Exchange and the Japanese Securities Dealers Association announced that the 400th issuer had joined its electronic voting platform.
Broadridge is a technology services company focused on global capital markets. Broadridge is the market leader enabling secure and accurate processing of information for communications and securities transactions among issuers, investors and financial intermediaries. Broadridge builds the infrastructure that underpins proxy services for over 90 percent of public companies and mutual funds in North America; processes more than $4.5 trillion in fixed income and equity trades per day; and saves companies billions annually through its technology solutions. For more information about Broadridge, please visit www.broadridge.com.
SOURCE Broadridge Financial Solutions, Inc.
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