Citi expands digital proxy voting platform in Europe
July 9, 2019

Citi says it has expanded the product capabilities and geographical coverage of Proxymity, its digital proxy voting platform connecting issuers to investors directly.

Following the launch of Proxymity in the UK last year, and further to the collaboration between Citi and share registrar Computershare and ISS, the proxy advisor, over US$22.5 billion worth of shares have been processed through the Proxymity platform during UK shareholder meetings.

Citi says it is now rolling out the platform in Spain and has completed a pilot with two IBEX 35 companies using the platform for their 2019 general shareholder meetings.

Citi says it rolled out a number of key enhancements in order to successfully complete the pilot in Spain and meet the specific needs of local issuers as well as shareholders of Spanish companies. New features include:

The inclusion of a second "call date" that extends the voting deadline if issuers do not reach the required quorum of 25 percent eligible voters for their shareholder meetings.

A dashboard notification for investors flagging "attendance bonuses", for those issuers that incentivize participation in their shareholder meetings, either in person or via a proxy.

The development of a central repository for "golden source" materials, such as meeting agendas and resolutions. Citi says this feature is a key addition for investors and issuers in Spain, given the amount of documents circulated in multiple languages for each shareholder meeting. The repository enables all parties in the custodial chain to access the same files in a centralized and secured environment for all meetings supported on the Proxymity platform, it adds.





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Citi says it has expanded the product capabilities and geographical coverage of Proxymity, its digital proxy voting platform connecting issuers to investors directly.

Following the launch of Proxymity in the UK last year, and further to the collaboration between Citi and share registrar Computershare and ISS, the proxy advisor, over US$22.5 billion worth of shares have been processed through the Proxymity platform during UK shareholder meetings.

Citi says it is now rolling out the platform in Spain and has completed a pilot with two IBEX 35 companies using the platform for their 2019 general shareholder meetings.

Citi says it rolled out a number of key enhancements in order to successfully complete the pilot in Spain and meet the specific needs of local issuers as well as shareholders of Spanish companies. New features include:

The inclusion of a second "call date" that extends the voting deadline if issuers do not reach the required quorum of 25 percent eligible voters for their shareholder meetings.

A dashboard notification for investors flagging "attendance bonuses", for those issuers that incentivize participation in their shareholder meetings, either in person or via a proxy.

The development of a central repository for "golden source" materials, such as meeting agendas and resolutions. Citi says this feature is a key addition for investors and issuers in Spain, given the amount of documents circulated in multiple languages for each shareholder meeting. The repository enables all parties in the custodial chain to access the same files in a centralized and secured environment for all meetings supported on the Proxymity platform, it adds.



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