E-Voting Continues to Surge Broadridge's Advanced Technology Saves Issuers More Than $522 Million
Broadridge Financial Solutions, Inc. (NYSE:BR), the nation's largest investor communications company, today reported its annual proxy season statistics and that technology contributed to record results in a number of areas.
Average quorum levels were high at 82.7% as shares voted with shareholders' instructions partially offset a decline in broker votes. Over 95% of all of the shares voted through Broadridge were voted electronically through ProxyEdge®, ProxyVote®.com and automated voice response.
Continuing a trend, the 2012 proxy season set another record in communications efficiency -- over 60% of all required mailings were either delivered through one of the company's electronic platforms or consolidated, by specialized processing, into a single delivery or e-delivery for households and managed accounts.
"A record 35.4 million voting forms were delivered electronically this season, a 13% increase over last season," stated Robert Schifellite, President, Investor Communications Solutions, Broadridge. "Electronic delivery represents a growing percentage of 'preference' processing, and innovations in e-delivery continue to provide shareholders with additional choices and conveniences for participation. Mobile voting, among other examples, grew to over 445,000 shareholders, a fourfold increase over last season," continued Mr. Schifellite. "Moreover," he added, "the Investor Mailbox continues to drive voting and e-delivery. And, our Advisor Mailbox solution was rolled out to over 3,000 financial advisors this season."
The use of Broadridge's advanced technology resulted in estimated potential savings to corporate issuers overall of more than $522 million in comparison to the estimated costs of printing and mailing packages of proxy materials. And for physical deliveries, the average time from material receipt to distribution was 2.22 days this season, a figure that is less than one-half the turnaround time required in applicable regulations. Electronic deliveries are fulfilled on average within 24 hours.
The report also makes reference to a pilot of QR codes on mailed proxy statement Notices for 1.1 million shareholders and the availability of end-to-end vote confirmation to over 1.5 million shareholders.