HSBC Securities Services (HSS) and Computershare have launched a unique service to ensure that shareholder votes are recorded accurately and that investors who have forgotten to vote are reminded in time to make their voices heard.
Under the new service, HSS checks that its clients votes have been accurately recorded by comparing Computershares record of votes received, against all shares that HSS holds for its clients as custodian. A second check is then made against voting directions captured by HSS and its voting service provider, Broadridge, to ensure that the voting decisions received by Computershare are correct in all respects.
This checking process enables HSS to identify those shareholders who may have overlooked the opportunity to vote and remind them.
“When Paul Myners issued his fourth report to the UK Shareholder Voting Working Group in July 2007, he urged all those involved in the voting system to actively address the failings which often result in votes being lost by making the system more efficient and transparent. The new service that we have developed with Computershare is a positive response to Myners challenge and one that we recommend to other custodians and registrars,” says Allen Harris, custody product manager, HSS Institutional Fund Services.
In July 2007 Paul Myners review of the impediments to voting was issued to the Shareholder Voting Working Group. Myners found that not enough is being done to ensure that the voting process works and that votes are correctly processed.
“We consistently revise and innovate our voting services to ensure we deliver best practice. HSS willingness to address the issues in the voting chain is commendable, and we are pleased to have been able to help devise this solution,” adds Andy Cotter, head of Industry Relations, Computershare.