Today: April 20, 2018, 1:14 am
  
Business

Citi Successfully Pilots New Digital Platform to Transform Proxy Voting

PR-Inside.com: 2017-11-13 19:10:02

Proxymity ensures efficiency, transparency and direct exchange between issuer and investor

New platform conceived and developed through Citi’s D10X Program

Citi Successfully Pilots New Digital Platform to Transform Proxy Voting

Citi
Media Contacts
New York:
Elizabeth Kelly
elizabeth.kelly@citi.com
+1 (212) 559-2477
or
London:
Capucine Boncenne
capucine.boncenne@citi.com
+44 (20) 7508-9355
or
Other:
Dean Little
dean.little@citi.com
or
Jonathan Smalley
jonathan.smalley@citi.com

Citi (NYSE: C) announced today the successful pilot of a new digital proxy voting platform, ProxymitySM, which directly connects and authenticates the issuer and investor and makes the voting process more efficient, accurate and transparent. The platform, which is supported by Computershare for registry services, will initially be rolled out in the UK market for the 2018 proxy season with plans for additional market expansion later in 2018.

Proxymity uses a core algorithm to streamline the flow of information between intermediaries. It eliminates intermediary cut-off dates ensuring investors have the maximum amount of time to research the Annual General Meeting (AGM) and cast their votes through the platform while enabling issuers to receive votes in real time. It also offers confirmation to the investor that the vote was received and counted at the meeting, providing certainty that their fundamental shareholder right has been upheld.

During the pilot, the Proxymity platform was used by key investors at four Annual General Meetings, including one FTSE100 meeting. Aviva Investors, Legal & General Investment Management, Aberdeen Standard Investments and Robeco were the key investors involved. The platform enabled the issuers to enhance the timeliness and accuracy of meeting notifications and improved voting cut-off dates for investors by up to five days.

“We have been involved in many working groups on the issue of post-meeting vote confirmation over the years and we are pleased to see that progress is being made. Transparency in the proxy voting chain is beneficial for investors and issuers,” Doris Ko, ESG Operations Manager at Aviva Investors, said.

Proxymity was conceived and developed through Citi’s D10XSM Program, an internal strategic growth model that enables employees to take new business ideas from concept to launch. These employees are coached through a rigorous validation process led by Citi Ventures and supported by Citi’s global innovation labs. In this instance, the underlying Proxymity technology was developed at the Citi Innovation Lab in Tel Aviv.

“Proxymity was created by members of our market-leading custody network team who recognized an opportunity to rethink an outdated system, and it was accelerated by Citi’s internal innovation efforts to ready it for launch,” said Okan Pekin, Citi’s Global Head of Prime, Futures and Securities Services. “It reimagines the process and flow of meeting notices and has the potential to disrupt an established market and democratise access for investors whose votes will be enabled by higher efficiency and lower cost.”

“We are very interested in creating efficiencies in the proxy voting process, which currently involves multiple parties in a chain working on different position files and platforms,” said Paul Conn, President of Computershare’s Global Capital Markets division. “With advances in technology and the combined network of both organisations, we are very excited to conclude a successful pilot and look ahead with confidence to extending the deployment of the platform early next year.”

Citi and Computershare are open to explore partnerships with forward-thinking issuers, registrars, custodians, vote advisory providers, investors and ESG groups, and look to work alongside regulators to maximise transparency across the corporate voting chain.

###

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Press Information


Published by
Hossam Abdel-Kader
+43 1 9582319
e-mail
www.pr-inside.com/



# 944 Words
Related Articles
More From The Author
Concurrent Files Definitive Proxy Statement for Proposed [..]
  ATLANTA, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Concurrent (NASDAQ:CCUR), a global leader in storage, protection, transformation, and [..]
New SolarWinds MSP European GDPR Study of [..]
36% of IT suppliers and 37% of end users on the way to GDPR readiness; only 10% of IT suppliers [..]
DMV.ORG Launches Enhanced, Even More Secure Web [..]
Encinitas, Nov. 13, 2017 (GLOBE NEWSWIRE) -- DMV.ORG, the nation's largest independent resource for DMV-related information and [..]
Leasinvest Real Estate SCA: Publication of a [..]
A notification of 8 November 2017 by Axa Investment Managers, with registered office at 6, place de la Pyramide, FR-92800 [..]
Arcadis reports transactions under its current share [..]
Amsterdam, 13 November 2017 - Arcadis (EURONEXT: ARCAD), the leading global design and consultancy firm for natural and built [..]
 
More From Business
CIMB Niaga launches a new product with [..]
JAKARTA, Apr 19, 2018 - (ACN Newswire) - PT Bank CIMB Niaga Tbk, PT Indosat Tbk and PT JCB International [..]
Leeds Floor Sander Announces Record-Breaking Start to [..]
Total Floor Care Leeds offer floor sanding services for Leeds, Lincoln, Hull and West Yorkshire. They are time-served professionals who [..]
Book Theory Test Today with Driving Theory [..]
Book Theory Test Today - Theory Test Take that next step and book your theory test today! ( Whilst it’s [..]
JCB Pilot of Japan's First Fingerprint Authentication [..]
TOKYO, Apr 18, 2018 - (ACN Newswire) - JCB Co. Ltd, the only international payments brand based in Japan, will [..]
Cheap Dumpster Rentals at Best Dumpster Deals
ike to make sure that you, the customer, are getting the best deal, while saving you time and making this [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.