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BlackRock and Proxymity agree UK proxy voting deal

BlackRock and Proxymity agree UK proxy voting deal

BlackRock, the world's largest asset manager, has agreed a deal with digital investor communications platform Proxymity, that will enable retail investors in the UK to participate in proxy battles.

The innefficiency of the proxy voting process has long been a source of frustration for asset managers and asset owners alike.

For many years, asset owners have found themselves unable to participate in proxy votes and contested proposals because of the opaque and convoluted process involved. And for those that have been able to send votes in, it is not always clear if those votes were received or properly cast. 

The issue has taken on more importance in recent years as shareholder activism and asset owners' corporate and social responsbility have become more prominent.

This has in turn led to the emergence of fintechs such as Proxymity that have sought to develop digital platforms to improve the proxy voting process.

The deal between Proxymity and BlackRock will see the former's Vote Connect Total platform made available to BlackRock's UK-based non-direct investors. 

According to Proxymity, this will enable extended deadlines and an enhanced confirmaiton procedure with digital proof that their votes have been cast. 

“As long-time advocates of shareholder democracy and delivering a more efficient and transparent ecosystem for all, we are proud to be working with BlackRock on their Voting Choice project," said Dean Little, Proxymity co-founder and CEO.

Finextra recently announced its fifth Sustainable Finance Live conference and hackathon, scheduled to take place on 29 November. For more information and to register for this event, please visit the event page here.

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