Broadridge Financial Solutions has introduced an open source format for interactive proxy statements to XBRL US. Following the announcement earlier in the year by the Securities and Exchange Commission (SEC) that financial reporting statements should be made available in XBRL, the vendor has accordingly adapted its architecture in order to meet the requirements.
The proxy statement taxonomies are intended to capture a broad range of basic facts contained in a proxy statement filing. According to Broadridge, in addition to the SEC ‘s disclosure requirements, a range of common industry practice concepts are also supported.
Campbell Pryde, chief standards officer, XBRL US, explains the reasoning behind the move to XBRL: “Proxy statement data in XBRL format will give investors better and more timely insights into the corporate accountability of public companies.”