New York, N.Y., Oct. 2, 2013 - Broadridge Financial Solutions, Inc. (NYSE:BR) and PwC’s Center for Board Governance today released their third ProxyPulse™ report covering over 4,000 shareholder meetings from January 1 through June 29, 2013. It includes the finding that directors were elected with 95% of shares voted in their favor.
“Shareholders were more supportive of management proposals this year than last year, including for pay plans and directors,” said Chuck Callan, Senior Vice President, Regulatory Affairs, Broadridge. “Nearly 90% of companies exceeded the 70% support threshold for votes on their executive compensation plans, and over 80% of all directors received the support of 90% or more of shares voted.”
Mary Ann Cloyd, leader of PwC’s Center for Board Governance added, “With respect to say on pay, we found differences in shareholder support at companies with favorable voting below 50 %, specifically that retail shareholders supported say on pay at higher rates than institutional shareholders.”
Retail voting participation overall continues to lag. In the 2013 proxy season, institutional shareholders voted 90% of their shares; retail shareholders voted about 30%.
Key findings of the research include the following:
ProxyPulse is a collaboration between Broadridge, the leading provider of investor communication solutions for financial services firms, mutual funds and corporate issuers globally, and PwC's Center for Board Governance. The analysis in this report is based upon Broadridge’s processing of shares held in street name, which accounts for over 80% of all shares outstanding of U.S. publicly-listed companies. The report encompasses 4,037 shareholder meetings, from January 1 to June 29, 2013, and looks at shareholder voting patterns year over year. Visit ProxyPulse.com to access the full version of the third edition of the ProxyPulse report.
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 14 countries.
For more information about Broadridge, please visit www.broadridge.com.
About PwC's Center for Board Governance
PwC's Center for Board Governance is a group within PwC whose mission is to help directors effectively meet the challenges of their critical roles. This is done by sharing governance leading practices, publishing thought leadership and offering forums on current issues.
For more information, please visit http://www.pwc.com/US/CenterForBoardGovernance.
About the PwC Network
PwC firms help organizations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.
Jenna J. Focarino
The Torrenzano Group
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