NEW YORK, LONDON, JOHANNESBURG, December 14, 2022 – To create a better proxy voting experience and further extend the proxy voting process in South Africa, global Fintech leader, Broadridge Financial Solutions Inc. (NYSE:BR), and Strate, South Africa's principal central securities depository and central collateral platform, have completed the integration of their respective end-to-end vote processing solutions. This collaboration represents a shared strategic commitment to drive greater levels of shareholder engagement by both institutional and retail investors – at both national and international levels.
“We are excited to launch our fully digital South African voting service, supporting the growing desire of investors globally who want to exercise their corporate governance entitlements in this very strategic market,” said Demi Derem, General Manager of International Investor Communication Solutions, Broadridge. “Our successful collaboration with Strate represents another critical step in linking leading providers at the heart of financial infrastructure with our network of global investors to enable seamless investor voting and engagement.”
Broadridge’s extensive user community, including global and domestic banks and brokers, custodians, wealth managers and local agents, can now use the service, delivered in collaboration with Strate and the Central Securities Depository Participants (CSDPs), to streamline processes and achieve operational efficiency throughout the proxy voting lifecycle in South Africa, while also supporting their compliance obligations under South Africa’s Companies Act. Firms using the service can obtain timely and accurate receipt of “golden copy” digital meeting notifications sourced directly from Strate, a significantly extended voting window (up to meeting-date-minus-one) for underlying clients, and enhanced transparency through confirmation of votes submitted.
“As a pioneer in digitization in South Africa, Strate partners with leading global technology providers to collaborate on digitally innovative solutions, which is why we are proud to have worked with Broadridge on our e-Voting solution,” said Gregory Naicker, Strate Head of CSD Services. “Through digital innovation we integrate and connect critical players in the financial market ecosystem, leading to integrity and trust in our markets.”
“The partnership with Strate and Broadridge cements Standard Bank’s promise of delivering continuous value to our clients, offering flexibility in choosing a proxy voting execution partner, providing better voting deadlines, delivering enhanced proxy disclosure information as well as moving towards fully digital and automated electronic voting solutions,” said Llewelyn Ford, SBSA Head of Investor Services, South Africa. “This development moves the market closer to achieving the desired level of efficiency and lowers risk in the proxy voting environment.”
The South African service is the latest addition to Broadridge’s rapidly growing Direct Market Solutions (DMS) product suite, which focuses on traditional sub custody voting-related activities. Broadridge continues to commit to expanding its market coverage for digital proxy processing, extended voting windows, and enhanced voting transparency, with more markets to follow in 2023 and 2024. The new South Africa service offering complements Broadridge’s leading voting solutions that already provides 100% coverage across 100+ markets globally.