LAKE SUCCESS, N.Y., May 11, 2011 – Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it has signed an agreement with Euroclear to jointly strengthen shareholders’ governance rights by making it easier for investors to vote electronically at company general meetings. The agreement follows an earlier Memorandum of Understanding between the two organisations signed in October 2010.
Under the new agreement, Broadridge and Euroclear will jointly offer a cost-effective and automated end-to-end proxy voting service, addressing the needs of all participants in the voting process including banks and brokers, issuers and investors.
The service will be made available in the relevant Euroclear markets, commencing with The Netherlands later this year. Broadridge and Euroclear are also working together to define the potential service model for other Euroclear markets.
"We have established a good, effective working relationship with Euroclear, and together we will drive change to raise governance levels and enfranchise the end-investor through a highly efficient, best practice service throughout the vote processing cycle in Euroclear's markets," said James O'Regan, General Manager, Investor Communication Solutions, International, Broadridge.
“Broadridge and Euroclear are working intensely with capital market participants to offer a more comprehensive proxy voting service,” said Pierre Mahieu, Director, Euroclear Product Management. “New corporate governance legislation, such as the Shareholders’ Rights Directive and Securities Law Directive, will oblige issuers and intermediaries to improve information flows on an end-to-end basis. Together, Euroclear and Broadridge will make the proxy voting process easier, efficient and transparent in a cost-effective manner.”
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and other corporations. Broadridge’s investor and customer communications, securities processing and managed services solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America and processes on average $5 trillion in equity and fixed income trades per day. Broadridge employs approximately 10,000 associates in 16 countries.
For more information about Broadridge, please visit www.broadridge.com.
Euroclear is the world’s largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. Market owned and market governed, the Euroclear group includes Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns Xtrakter, operator of the TRAX trade matching and reporting system. The Euroclear group settled the equivalent of EUR 526 trillion in securities transactions in 2010, representing 150 million domestic and cross-border transactions, and held nearly EUR 22 trillion in assets for clients
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