The following announcement will hopefully make the proxy process more transparent.
Singapore Exchange (SGX) and Broadridge Financial Solutions have signed an agreement to introduce a new service for increased transparency, accuracy and efficiency to the shareholder communications and proxy process in Singapore.
The service is designed to support transition from paper-intensive to an electronic online interaction between listed issuers and their shareholders, both in Singapore and overseas.
The service will use Broadridge's shareholder communications suite of solutions that includes the automated capture of records from the shareholder register, the distribution of personalized communications including proxy forms, and a choice of voting channels, either online via a website or the more traditional printed mail.
The service will enable better reconciliation of voting activity by the corporate issuer and assurances to shareholders 48 hours prior to the meeting date.
The transformation to the new service will benefit issuers that include increased oversight, reduced printing and postage costs, improved authentication of voters, and a secure database to store shareholder preferences for future communications.
Broadridge Investor Communication Solutions, International President Bruce Babcock said that this agreement puts in place a strong foundation from which to further advance corporate governance in Singapore and transform the communications and voting process."
Yet, to see the details and how it works.
But, glad that SGX has done something about the voting by Proxy process.
Sometimes at AGMs and EGMs, U wonder if the Chair will care to substantiate the Proxy votes "for" or "against" the motion.