Union Bank, already a user of Broadridge's domestic proxy processing services in the US, is now using Broadridge's Global Proxy outsourcing solution for international proxy management. Union Bank's institutional custody clients can now receive and vote proxy notifications for international securities through Broadridge's web-based ProxyEdgeÂ® service. The service includes a fully-automated, multi-language electronic solution supporting straight-through processing from account collection and agenda distribution through vote processing, covering 62 markets initially.
Through Broadridge, Union Bank's clients now benefit from streamlined processing through online receipt of ballots, record keeping, and compliance reporting. Optional email alerts are available for new and amended meetings, or for un-voted meetings approaching voting deadlines. Users benefit from a display of market specific information (e.g. account level Power of Attorney status, blocking markets and split/partial voting indicators including access to an online Market Information Guide). In addition, the ProxyEdge solution also has the ability to re-direct ballots to, and receive votes from, any vote agent Union Bank's clients may choose to outsource to.
A further optional feature is the ability to fully integrate and display vote recommendations and research. Users have a choice of vote recommendation services from a range of providers.
"We are very pleased to be working with Broadridge - our implementation project has been a great success, coming in on-time and within budget," said Union Bank Senior Vice President Marianne Bamonte, Business Manager, Institutional Trust & Custody Services. "The service enables us to operate more efficiently while offering our institutional clients a more comprehensive range of services, including independent vote recommendations," she added.
"Broadridge is delighted and proud to welcome Union Bank as a new client for our global service. As investors continue to extend their global portfolios we are strategically positioned to satisfy governance requirements," said James O'Regan, General Manager, Investor Communication Solutions, International, Broadridge.