Alan Smith, managing director of Citi Securities and Fund Services (SFS), is joining the board of directors of XBRL US.
Citi is currently working with XBRL on a pilot program for making corporate actions processing more efficient. Citi is using the XBRL methodology specifically, a taxonomy allowing issuers to tag important information when releasing corporate actions, which speeds up the process and reduces error down the chain for dividend payment announcements for American Depositary Receipts (ADRs). The pilot program is designed to determine the feasibility of using XBRL processing for other types of corporate actions.
A number of other institutions are piloting new corporate actions processes, including BNY Mellon, Brown Brothers Harriman, Investment Technology Group (ITG), JPMorgan Chase and National Financial Services LLC.
In his current role at Citi, Smith is responsible for Citis agency and trust and depositary receipts businesses.
“Citi is joining the XBRL US board of directors as part of its commitment to standardizing financial information and enabling straight-through-processing,” Smith says. “We believe that XBRL will help our clients reduce costs and improve accuracy in their own systems. I look forward to working with XBRL US and the board on strategies to use XBRL to improve information flow in the capital markets.”
Other members of the board are:
– Alfred R. Berkeley, Chairman, Pipeline Trading LLP- Mark Bolgiano, Director, Enterprise Architecture & Strategy, Howard Hughes Medical Research Institute- Charles Callan, Senior Vice President, Broadridge Financial Solutions- Chris Church, Chief Executive Americas, and Global Head of Securities, SWIFT- Donald F. Donahue, CEO, The Depository Trust & Clearing Corporation.- Raymond Lewis, Partner, Deloitte- Randy Fletchall, Vice Chair, AABS Professional Practice & Risk Management, Ernst & Young LLP- Taylor Hawes, GM and CFO, Intellectual Property & Licensing, Microsoft Corporation- Barry Melancon, President and CEO, AICPA, and Chairman of the Board, XBRL US- Philip Moyer, Advisor to the Board, Edgar Online- Jennifer Neglia, Director, PwC- Terri Polley, President, Financial Accounting Foundation (FAF)- Sam Ranzilla, National Managing Partner, Audit Quality & Professional Practice, KPMG- Michael Schlanger, Vice President, Business Development and Strategy of Merrill Corporation
“Alans experience in the capital markets will add greatly to the combined expertise of the board, says Barry Melancon, president and CEO, AICPA and chair, XBRL US. His advice and Citis involvement in areas such as proxy and corporate actions will be instrumental in moving XBRL forward.