Broadridge Signs StockVote Deal with Taiwanese Depository
Broadridge Financial Solutions has reached an agreement with the Taiwanese central depository, Taiwan Depository & Clearing Corporation (TDCC), to establish direct links with StockVote, the TDCC’s new electronic voting system for Taiwanese shareholder meetings.
For listed companies using the StockVote system, direct voting into the system by Broadridge will significantly enhance the level of straight-through processing (STP) in the process, improving voting deadlines for overseas investors and helping to eliminate multiple manual processes undertaken by local sub-custodian banks supporting Broadridge’s clients in the market today.
StockVote was developed by TDCC to take advantage of recent regulatory changes in Taiwan that allow electronic voting, and the system has been used successfully by local investors for several years.
Broadridge, a specialist in investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers, added that by working with TDCC it will bring the benefits of StockVote to foreign shareholders voting in Taiwan through its global proxy service for global custodians and their institutional investor clients.
Currently, voting in Taiwan is predominately handled manually by local banks, often including mandatory meeting attendance. With the cooperation of the sub-custodians and global custodians, Broadridge will send overseas voting directly to StockVote through secure electronic means, eliminating the manual handling of paper voting and meeting attendance by the local banks for participating Taiwanese issuers.
“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,” said Sherman Lin, president of TDCC.
“We are pleased that the necessary regulatory changes are for the most part now complete, and local investors have been able to benefit from the improved 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.”