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This has been a big year for the Virtual Shareholder Meeting platform.
So as the pandemic began, we were already heading into the busiest time of year for annual meetings, and circumstances were changing day to day with the FCC weighing in, state changes, proxy advisers weighing in on virtual meetings.
So there was just a lot of unknowns that everyone was dealing with.
And, of course, companies are also faced with the unknown of whether they can have their annual meeting physically given social distancing and travel restrictions.
Broadridge worked with our clients to figure out the best solution together.
Some wanted to go straight to a virtual meeting.
Others wanted it as a backup option in case they needed it.
Still others had already mailed their proxy materials and didn't know what to do.
We hosted twice daily educational seminars and Q&A sessions for our clients.
We scaled our business model from our technology and our staff to support the increased capacity.
We evolved our business model to help our clients when they wanted to work with other vendors.
And ultimately we are going to support 1500 virtual shareholder meetings in an eight week period.
I think a positive that has come out of this from a corporate governance perspective is that it has brought virtual shareholder meeting into the mainstream and allowed companies to see the benefits of being in a digital world and having increased attendance by their shareholders who can attend an annual meeting from any location that's convenient for them.
So we see this as the future of annual meetings.
There's been a lot of change in the past few months, and there's certainly going to be a lot of change in the coming months ahead.
Broadridge remains ready to help our customers.
As COVID-19 quarantined the US, many companies were scrambling to host their annual meetings virtually. Clients had differing needs so we had to evolve our business model efficiently and quickly. Broadridge was ready to help – we increased the number of virtual shareholder meetings by 600% over an 8-week period compared to 2019, enabling clients to build digital resilience into their corporate governance efforts.