Euroclear France and Broadridge to automate company meeting notices
Paris and New York, 20 March 2013 – Euroclear France and Broadridge Financial Solutions, Inc. will launch on 25 March 2013 an automated service to proactively notify domestic and foreign institutional investors holding shares in NYSE Euronext Paris-listed companies of upcoming annual and extraordinary general meetings. Investors in listed companies will have a central conduit through which to automatically receive meeting notifications.
This automated service will comply with the recommendations of the European Market Standards for General Meetings aimed at facilitating efficient and automated voting processes. This includes the distribution of corporate event information for shareholders wherever they are located. Euroclear France and Broadridge will collect relevant shareholder information from a number of sources: the Bulletin des Annonces Légales Obligatoires (BALO), issuers and foreign central securities depositories (CSDs). They will then provide investors with updated general and extraordinary meeting information, via email or ISO compliant messaging, covering all 760 companies listed on NYSE Euronext Paris.
Valérie Urbain, Chief Executive Officer, Euroclear France, Euroclear Belgium and Euroclear Nederland, said; “We are aligning our service with the EU Shareholder Rights Directive, which seeks to increase shareholder influence in the companies they own and raise levels of governance transparency. Euroclear France is helping to ensure that international and domestic investors are able to receive information on company meetings automatically, without the need to actively seek it out themselves. In the aftermath of the financial crisis, the timeliness of our joint service with Broadridge will help to improve corporate governance by simplifying the distribution of key information. We also plan to automate the voting process at annual and extraordinary general meetings for domestic and foreign investors later this year.”
“Broadridge sees this collaboration with Euroclear France as another major step forward in our efforts to increase the straight-through processing (STP) and overall automation of the proxy process globally, in line with the goals of not only the EU Shareholder Rights Directive, but also supporting compliance with the Market Standards for General Meetings. We look forward to extending the same benefits of this cooperation to the other ESES markets as soon as possible,” said Patricia Rosch, President, Investor Communication Solutions, International, at Broadridge.
Euroclear France is the first of the three ESES CSDs to automate company meeting notifications. The second stage of the service – vote automation – will be delivered separately in France, at a later stage, The remaining ESES CSDs – Euroclear Belgium and Euroclear Nederland – will also launch automated meeting notification and voting services in their respective markets later this year.
Note to Editors
Euroclear France is the central securities depository (CSD) of France. It is one of three CSDs that use the Euroclear Settlement for Euronext-zone Securities (ESES) platform to process client transactions. France, Belgium and the Netherlands are the first countries in Europe to operate with harmonised practices on a single processing platform.
Euroclear is the world’s largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. The Euroclear group also includes Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear Finland, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland.
In 2012, the Euroclear group settled the equivalent of EUR 542 trillion in securities transactions, representing 159 million domestic and cross-border transactions, and held more than EUR 23 trillion in assets for clients. Euroclear
Bank is rated AA+ by Fitch Ratings and AA by Standard & Poor’s.
Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge’s investor communications, securities processing and operations outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities.
With 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than USD 4.5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,200 full-time associates in 13 countries.
For more information about Broadridge, please visit www.broadridge.com.