The joint effort will focus on improving the “transparency, accuracy, and speed” of the proxy voting.
BNY Mellon clients in the U.K. can use the digital proxy voting service, Proxymity Vote Connect Total (VCT), in time for the 2024 voting season, officials say.
The joint effort with Proxymity is intended to “improve transparency, accuracy, and speed for our clients,” says Adam Watson, head of commercial product, custody services at BNY Mellon, in a prepared statement.
“The launch follows Proxymity and BNY Mellon’s launch of VCT in France and Belgium earlier this year. For Proxymity, this marks the third major global custodian to connect to the platform in the U.K.,” according to the announcement.
The U.K. announcement is also milestone for the Proxymity and BNY Mellon collaboration, officials say.
“In 2020, and in 2022 as part of Proxymity’s Series B fundraising, BNY Mellon invested in Proxymity as part of an industry-leading consortium to bring enhanced investor communications solutions to the asset management ecosystem,” officials say.
BNY Mellon’s U.K. clients will be able to access golden source data, send investor communications in real-time “throughout the entire chain of ownership,” according to the custodian. The Proxymity platform offers “extended deadlines for meetings related to connected issuers and the company’s unique post-meeting vote confirmation service.”
Proxymity is “an official voting medium for more than two-thirds of the FTSE 100, as well as for hundreds of other U.K.-based issuers. Connecting to all three major U.K. registrars,” officials add.
“This is not just about enhancing a process; it’s about reshaping investor communications across the globe. Together, we are setting a new standard, reinforcing our role as conveners for issuers, intermediaries and investors alike,” says Dean Little, co-founder and CEO of Proxymity, in a prepared statement.
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