Broadridge Financial Solutions, the nation’s largest investor communications company, estimates that it saved corporate issuers an unprecedented $508 million this proxy season, compared to $446 million during last year’s proxy season, through the use of its cutting-edge technologies. Broadridge achieved these estimated cost savings while processing 12 billion more shares than a year ago.
“Broadridge’s technologies for electronic delivery and ProxyEdge, our complete electronic proxy management system, together with its specialized processing for managed accounts, resulted in the elimination of more than 57% of physical proxy mailings. This led to substantial savings on printing and postage for corporate issuers,” stated Robert Schifellite, President, Investor Communication Solutions, Broadridge.
Electronic delivery surged this proxy season, with more than 31 million distributions going through the Internet, a 17% increase over last season. “We continue to drive increases in Internet participation through investments to help save companies and their shareholders significant sums on paper, printing and postage,” noted Mr. Schifellite. “Broadridge is assisting companies with addressing a troubling decline in retail voting, while also working to accelerate adoption of e-delivery by global shareholders.”
“The continued fascination with all things digital is evident this season as approximately 150,000 shareholders voted through their mobile devices after Broadridge’s introduction of Mobile ProxyVote.com in March. Mobile ProxyVote allows shareholders to vote their shares on an array of market-leading mobile devices. An estimated 30% of those votes came from first-time voters. The growing adoption rate of Mobile ProxyVote reflects rapidly changing preferences to access and act on information on the go,” concluded Mr. Schifellite.
The proxy voting season runs from February 15, 2011 through May 1, 2011.