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TOKYO, JAPAN, March 31, 2023 – Investor Communications Japan (ICJ), a joint venture by global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR), and the Tokyo Stock Exchange Inc. (TSE), announced today that they agreed to launch a new digital vote execution service that significantly accelerates end-to-end automation of proxy voting to Japanese issuers.
The new service expansion will increase voting participation by international investors and enable the Japanese market to improve corporate governance practices:
“We continue to use our global expertise to ensure the ICJ platform provides market leading solutions to improve the proxy voting life cycle for corporate governance events,” said Shigeo Imakiire, ICJ President. “Japanese issuers participating in ICJ are providing institutional investors with faster access to meeting materials, expanded voting deadlines and accelerated voting capability.”
In the 2022 Japan proxy season, 1,654 companies listed on the Tokyo Stock Exchange participated in the ICJ platform, representing 90% of the companies in that market and 98% by market capitalization. Foreign institutional investors represented 81% of the total number of voting rights held by foreign institutional shareholders.
“This service evolution means all international investors and local sub custodians will benefit from its innovative and digitized e-voting service, driving efficiency and delivering greater transparency to both issuers and investors” said Demi Derem, managing director, International Solutions Banks, Brokers, and Dealers at Broadridge Financial Solutions. “ICJ has significantly improved corporate governance practices in Japan since its inception in 2004 and this new service offering is the latest example.”
“This new service should further strengthen the dialogue between shareholders and listed companies, as well as improve operational efficiency for all parties involved,” said Yasuyuki Konuma, Executive Vice President, Tokyo Stock Exchange. “We believe digital transformation in capital markets will improve productivity and promote growth in Japan.”
Investor Communications Japan, Inc. (ICJ) is exclusively providing electronic proxy voting platform services for Japanese issuers and global institutional investors. The participants on ICJ platform are: 1,795 Japanese issuers, 7 transfer agents, 3 master trusts banks, 6 sub custody banks, 17 global custody banks and about 4,500 institutional investors worldwide. ICJ delivered 36 % of all voting shares of ICJ participating issuers in June 2022 AGM peak season. For more information of ICJ and participating issuers, please visit www.icj-co.jp.
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.
For more information about us, please visit www.broadridge.com.
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