17 July 2018
Register today

CrestCo to introduce electronic proxy voting

16 January 2003  |  3503 views  |  0 CrestCo to introduce electronic proxy voting

CrestCo has announced plans to introduce an electronic proxy voting service next Monday in an effort to improve shareholder involvement in company meetings.

Timed for launch as the 2003 company meeting season is about to begin, the new service aims to provide a mechanism for dematerialised shareholders to exercise their proxy votes.

Company meeting announcements, the appointment of and instructions to a proxy, and the results of company meetings will be provided electronically under the service. Once proxy appointments and voting instructions have been received and processed by Crest, they will be given a time stamp and made available to the issuer’s agent.

Michael Kempe, head of issuer and investor services, at CrestCo, says: "While enhancing straight-through processing, custodians and voting service providers will find it very easy to build value-added services on top."

CrestCo says issuers will benefit from the introduction of standardised message processing and real-time feedback on the status of voting. It is also expected to improve the timeliness of information exchange between investors and their underlying clients.

Industry data suggests that about 40-50% of investors in the FTSE 100 and FTSE 250 do not vote, including many foreign investors.

"Given the growing importance of investor communications in corporate governance, the speed, efficiencies and benefits offered by CrestCo’s new proxy voting service should further improve voting rates in 2003," says Kempe.

Issuers will be charged £0.025 each download of proxy appointment and voting instruction data. Users, typically investors or their agents, will be charged £0.15 per proxy appointment and per instruction.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Crest establishes securities finance data site

Crest establishes securities finance data site

05 December 2002  |  3139 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.comVisit info.nice.com

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
10260 views comments | 19 tweets | 30 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
9174 views comments | 5 tweets | 14 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8625 views comments | 3 tweets | 1 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
8553 views comments | 6 tweets | 14 linkedin
Citi to streamline corporate receivables with HighRadiusCiti to streamline corporate receivables w...
7637 views comments | 1 tweets | 5 linkedin

Featured job

Find your next job