Deutsche Bank launches digital proxy voting

Deutsche Bank has launched digital proxy voting through Proxymity’s digital investor communications platform.

The German investment bank’s implementation of Proxymity, will enable electronic proxy voting solution for issuers, intermediaries and institutional investors and provides post-meeting vote confirmation for shareholder meetings.

The bank first invested in Proxymity’s platform in 2020. The platform is expected to facilitate better informed environmental, social and governance (ESG) decisions and offer clients greater speed of vote execution as AGM season gets underway, Deutschebank said.

Proximity’s platform enables compliance with regulations such as the Shareholder Rights Directive (SRD II), which is advocating message standardisation in shareholder voting, using industry standard digital formats (ISO 20022).

As the 2021 shareholder meeting season gets underway with a wider participation being permitted through electronic means, Deutsche Bank - via Proxymity’s platform –will offer clients ISO2022 formats across 10 markets: Portugal, Netherlands, Belgium, France, Germany, Austria, Italy, Spain, Hungary and the Czech Republic.

Deutsche Bank clients will also benefit from Proxymity’s vote execution directly to an issuer or issuer agent in Portugal, Netherlands, Belgium and France, with real-time “golden source” meeting announcements flowing directly from issuers to clients of Deutsche Bank.

Deutsche Bank is part of a global consortium that invested in Proxymity after recognising the need for an industry-backed solution for the market, in light of automation trends in corporate governance and the growing focus of global regulation on digital transparency.

Paul Maley, Deutsche Bank global head of securities services, said: “We invested in Proxymity last year because we believed that the time was right to transform the industry with new digital solutions for asset servicing and custody that remove the need for manual operations, making all participants more efficient and responsive. We are pleased to see rapid progress from this exciting FinTech solution and look forward to extending these benefits to all our clients.”

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