RBC Global Services has teamed up with ADP Investor Communications Services to offer electronic proxy voting capabilities for the UK market. This new agreement will ensure a more secure, transparent and efficient transfer of proxy information between registered stockholders and CREST.
“For years, many UK issuers have manually distributed meeting announcements, appointments and proxy voting instructions, which is time consuming and subject to inaccuracies,” said Rob Wright, managing director of RBC Global Services’ International Division. “Through the appointment of ADP as our VSP, clients will see the voting process improve dramatically in terms of timeliness and accuracy, as well as the reduction of risk. This is a valuable straight-through processing initiative.”
Adhering to the highly regarded Myners report, which recommends the creation of a more flexible and automated voting service, RBC Global Services’ initiative will help streamline proxy-voting activities in advance of the 2005 season when additional issuers are expected to adopt CREST electronic voting. All proxy votes will be collated by ADP and submitted to CREST directly with no operational or client impact-a transparent process, the companies said. This creates a clear audit trail from the registered holder to the issuer’s agent, thereby ensuring good corporate governance.
“Having direct access to CREST member information enables us to provide a range of tools and services such as meeting notifications and voting instructions to proxy research and advice, all via electronic delivery,” said Bruce Babcock, President of ADP Investor Communication Services, Europe and Asia. “We are pleased to align with RBC and look forward to working with them to create a more effective and efficient service for their global clients.