New York
14 August 2014
Reporter: Catherine Van de Stouwe

Proxy voting MoU for Broadridge and TDCC


Broadridge and Taiwanese central depository Taiwan Depositary & Clearing Corporation (TDCC) have signed a memorandum of understanding.

The agreement is to establish direct links with the TDCC’s new electronic voting system for Taiwanese shareholder meetings, StockVote.

For companies that elect to use the StockVote system, direct voting into the system by Broadridge will enhance the level of straight-through processing and will improve voting deadlines for overseas investors, eliminating multiple manual processes undertaken by local sub-custodian banks.

StockVote was designed to incorporate recent regulatory change in Taiwan and local investors have used the system successfully.

Working with sub-custodians and global custodians, Broadridge will send overseas voting directly to StockVote through secure electronic means that will benefit foreign proxy voters.

Sherman Lin, president of the TDCC, said: “We have listened to the concerns of investors about shareholder voting in Taiwan, and have worked with our regulators to update local regulations to enable improvements to the process.”

“We see working with Broadridge to bring these benefits to overseas investors as a critical next step to further improving corporate governance in Taiwan.”

Demi Derem, general manager of Broadridge’s global proxy service, said: “As interest in cross-border proxy voting and corporate governance has grown in the last few years, Broadridge has worked with local parties wherever possible to improve the local processes and the ability of our clients to vote.”

“Taiwan has required our clients to deploy manual processes for many years given the regulatory environment and market practices. The development of StockVote and the possibilities raised by our cooperation with them promise to bring significant benefits to our overseas clients in their efforts to support improved corporate governance globally.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Smartkarma opens European hub in London
25 September | London | Reporter: Theo Andrew
According to Smartkarma, the move means European analysts can now register with the platform to join the data platform, offering a network approach to insights and publishing tools
First RFQ inflation swap transactions executed on Tradeweb platform
25 September 2017 | London | Reporter: Stephanie Palmer
Tradeweb has completed the first cleared inflation swap transactions using request-for-quote protocol, on its European Interest Rate Swap platform
SmartStream partners with Deutsche Börse Reporting Hub
25 September 2017 | Frankfurt | Reporter: Theo Andrew
Deutsche Börse Group has enlisted The SmartStream Reference Data Utility (RDU), for its new Regulatory Reporting Hub
US Volcker Rule not fit for purpose, says SIFMA
22 September 2017 | New York | Reporter: Drew Nicol
The US Volcker Rule is too broad, excessively complex, and uniquely prescriptive, according to the Securities Industry and Financial Markets Association
Pension fund mandate for BNP Paribas
21 September 2017 | London | Reporter: Jenna Lomax
The West Sussex Pension Fund is the fifth appointment BNP Paribas has secured under the Local Government Pension Schemes (LGPS) National Framework Agreement
IHS Markit names new COO for thinkFolio
21 September 2017 | London | Reporter: Jenna Lomax
Cunningham will lead thinkFolio’s product management, services, support and managed service offering
AcadiaSoft expands user base for IM compliance
21 September 2017 | Massachusetts | Reporter: Drew Nicol
The second phase of the IM rules went live on 1 September under the regulatory framework of BCBS and IOSCO
More news