Citi successfully pilots proxy digital platform
November 13, 2017

Citi has announced today the successful pilot of a new digital proxy voting platform, Proxymity, which it says directly connects and authenticates the issuer and investor and makes the voting process more efficient, accurate and transparent. The platform, supported by Computershare for registry services, will initially be rolled out in the UK market for the 2018 proxy season with plans for additional market expansion later in 2018, it says.  

Proxymity uses a core algorithm to streamline the flow of information between intermediaries. It eliminates intermediary cut-off dates ensuring investors have the maximum amount of time to research the Annual General Meeting (AGM) and cast their votes through the platform while enabling issuers to receive votes in real time. It also offers confirmation to the investor that the vote was received and counted at the meeting, providing certainty that their fundamental shareholder right has been upheld.  

During the pilot, the Proxymity platform was used by key investors at four Annual General Meetings, including one FTSE100 meeting. Aviva Investors, Legal & General Investment Management, Aberdeen Standard Investments and Robeco were the key investors involved. The platform enabled the issuers to enhance the timeliness and accuracy of meeting notifications and improved voting cut-off dates for investors by up to five days. 

"We have been involved in many working groups on the issue of post-meeting vote confirmation over the years and we are pleased to see that progress is being made. Transparency in the proxy voting chain is beneficial for investors and issuers," Doris Ko, ESG Operations Manager at Aviva Investors, said.





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Citi has announced today the successful pilot of a new digital proxy voting platform, Proxymity, which it says directly connects and authenticates the issuer and investor and makes the voting process more efficient, accurate and transparent. The platform, supported by Computershare for registry services, will initially be rolled out in the UK market for the 2018 proxy season with plans for additional market expansion later in 2018, it says.  

Proxymity uses a core algorithm to streamline the flow of information between intermediaries. It eliminates intermediary cut-off dates ensuring investors have the maximum amount of time to research the Annual General Meeting (AGM) and cast their votes through the platform while enabling issuers to receive votes in real time. It also offers confirmation to the investor that the vote was received and counted at the meeting, providing certainty that their fundamental shareholder right has been upheld.  

During the pilot, the Proxymity platform was used by key investors at four Annual General Meetings, including one FTSE100 meeting. Aviva Investors, Legal & General Investment Management, Aberdeen Standard Investments and Robeco were the key investors involved. The platform enabled the issuers to enhance the timeliness and accuracy of meeting notifications and improved voting cut-off dates for investors by up to five days. 

"We have been involved in many working groups on the issue of post-meeting vote confirmation over the years and we are pleased to see that progress is being made. Transparency in the proxy voting chain is beneficial for investors and issuers," Doris Ko, ESG Operations Manager at Aviva Investors, said.



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