RBC Global Services has appointed ADP Investor Communications Services, as its electronic proxy voting service provider in the UK market. The service aims to ensure a more secure, transparent and efficient transfer of proxy information between registered stockholders and CREST.
“For years, many U.K. issuers have manually distributed meeting announcements, appointments and proxy voting instructions, which is time consuming and subject to inaccuracies,” says 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.”
RBC Global Services says its new service will be in place in time for the 2005 proxy voting season. “All proxy votes will be collated by ADP and submitted to CREST directly with no operational or client impact–a transparent process,” says a spokeswoman for the Canadian global custodian. “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,” adds 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.”