LAKE SUCCESS, New York -- December 4, 2007 -- Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the posting for public comment of draft interactive proxy statements utilizing Extensible Business Reporting Language (XBRL). Broadridge is seeking feedback from investors, public companies, and others on the potential usefulness of the draft taxonomies for shareholder communications and proxy voting purposes. The application of XBRL to proxy statements has the potential to enhance the usefulness of data contained in regulatory filings.
The proxy statement taxonomies are intended to capture a wide range of basic facts required to be disclosed by public companies in filings with the U.S. Securities and Exchange Commission (SEC) on an annual basis. XBRL is a language for the electronic communication of business and financial data. Instead of treating financial information as a block of text -- as in a standard internet page or a printed document -- XBRL provides an identifying tag for each individual item of data.
Bob Schifellite, President of the Investor Communication Solutions segment of Broadridge, said, "We believe interactive proxy statements are a logical next step in communications between public companies and their shareholders. As a leading technology solutions firm, we are excited about the potential to provide investors with qualitatively improved information in cost-effective ways. We hope to stimulate public dialog on the usefulness of the draft taxonomies."
Broadridge will collect comments for two months ending on January 31, 2008. The taxonomy usage guide, architecture, requirements, coding "schema," and procedures for providing comments are posted on the Company's website at https://myservice.broadridge.com/XBRL.