Citi Securities Services has selected Proxymity’s Vote Connect Total to offer digital proxy voting services to its South African clients. The service is expected to go live in April 2023.
Users will be able to share golden source announcements, take part in real-time voting and receive vote confirmations across the proxy voting ecosystem. According to Proxymity, use of the service can give investors up to five more days to make decisions on their investments.
The announcement follows the rollout of Proxymity’s solution to Citi’s clients in Europe, Australia and New Zealand.
Dean Little, co-founder and CEO of Proxymity, says: “Our sustained relationship with Citi has proven successful across the UK and Europe. We are excited to translate this success to the South African market, allowing Citi’s clients access to a real-time, transparent proxy voting service ahead of a pivotal voting season where shareholders are demanding more from their boardrooms than ever before.
“Citi is an established custodian in South Africa, and we look forward to providing further value and transparency for their clients in the region.”
Masha Maharaj, cluster head for Sub Saharan Africa and head of securities services for South Africa at Citi, adds: “The provision of Proxymity in South Africa reflects Citi’s commitment to providing the most innovative solutions to improve client experience and bringing efficiencies to the local markets.
“Through the simplification of processes and platforms, clients are now able to benefit from the same proxy solution utilised in the UK and Europe.”
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