The decision from the European Commission means the rules will come into force from 3 September 2020.
Tag: proxy voting
The service coincides with a new Swedish law allowing listed companies to hold General Meetings and for shareholders to cast their vote without having to be physically present.
Proxymity is now backed by a consortium of global custodians, custody banks and issuer agents including BNY Mellon, Clearstream, Deutsche Bank, HSBC, JP Morgan, and State Street.
Following the launch in the UK last year, Citi's Proxymity has processed over $22.5 billion worth of shares during UK shareholder meetings.
It is also planning a series of process enhancements in order to support both institutional intermediaries for global proxy voting.
Proxymity was one of the first initiatives to be launched out of Citi’s London-based Citi D1OX programme, developed by the custody and fund services business.
Manuel Baptista will work closely with issuers, custodians, intermediaries and institutional investors for proxy voting and corporate actions solutions.
Several firms are looking at technologies such as blockchain and machine learning to automate and digitise the corporate actions and proxy voting process.