Proxymity Announces Large-Scale Onboarding of Proxy Voting Clients With State Street

Associated Press

29-01-2025

State Street will transition proxy voting clients to Proxymity's market leading Investor Portal
Migration will further enable institutional investors to streamline their proxy voting process
LONDON, GB / ACCESS Newswire / January 29, 2025 / Proxymity, the leading digital investor communications platform, today announces an important client migration project with State Street Corporation. State Street will transition a significant portion of proxy voting clients from its existing platform to Proxymity's market-leading Investor Portal.Proxymity Proxymity logo
This migration will enable institution investors across multiple markets to use Proxymity's Investor Portal. Proxymity's digital connectivity across the investor communications ecosystem enhances efficiency, provides real-time transparency, and eliminates artificial deadlines for investors, allowing State Street clients to experience vastly improved transparency whilst reducing risk.
State Street currently utilises Proxymity's solutions in other markets, and this planned migration will extend proxy voting processed through Proxymity across additional operations.
The next phase of the migration will initially cover fourteen markets, including the United Kingdom, France, Netherlands, Spain and Australia amongst others, with Germany to follow in March 2025. State Street will continue to migrate markets to Proxymity in a phased approach over the next 18 months.
As part of this migration, Proxymity will also provide a seamless interoperable model for clients using vote advisory and pass through voting agents including Institutional Shareholder Services, Glass Lewis and Tumelo, ensuring full coverage across State Street's client base.
Institutional investors will also benefit from the industry-leading technology Proxymity offers with this migration, directly connecting investors with issuers in a secure, transparent, and real-time environment. This ensures the efficient flow of data, reducing the chance of third-party delays or errors, and providing SSB clients with much better service conditions, particularly for Annual General Meetings and other critical voting events.
State Street's decision to migrate to the Proxymity platform was driven by increasing demands for transparency and shorter chains of custody in voting processes, offering enhanced capabilities for their clients while ensuring adaptability to future market changes.
Dean Little, CEO and co-founder at Proxymity, said: 'We are thrilled to continue our work State Street on this transformative migration, the largest of its kind for Proxymity to date. This significant milestone showcases our commitment to bringing real-time transparency, efficiency, and accuracy to institutional investor communications. By eliminating manual processes and artificial deadlines, we're delivering a seamless, more reliable proxy voting experience for State Street's clients globally. We look forward to continuing this partnership and expanding the benefits of our Investor Portal.'
Chris Rowland, Head of Custody, Digital and Fund Servicesat State Street, said: 'The migration to Proxymity's Investor Portal is another important action forward to ensure our clients have access to the most advanced proxy voting technology available. Our experience with Proxymity has demonstrated the benefits of real-time transparency, efficiency, and risk reduction in proxy voting. We are excited to extend this partnership across our global markets, providing our clients with the best-in-class solutions that Proxymity consistently delivers.'
ENDS
Notes to Editors
For more information, please contact:
Sapience Communications:
Richard Morgan Evans / Stephen Ong / Alice Lim
0203 327 8422 | [email protected]
About Proxymity:
Adopted by the majority of FTSE 100 companies, Proxymity connects the world's ecosystem of issuers, intermediaries, and investors digitally in real time, bringing unprecedented transparency, efficiency, and accuracy to traditional paper-based processes. Trusted by the world's largest financial institutions, Proxymity's ground-breaking technology has also been recognised industry-wide, with awards including GC Magazine's 'FinTech of the Year 2024" and 'FinTech of the Year (Asia) 2023" FSTech's 'Most Disruptive Technology in FinTech'.
Our solutions give public companies confidence that their AGM/EGM agendas are transmitted as 'golden source' and provide institutional investors with the time to research and vote on corporate decisions, as well as actual digital confirmation that their votes have been received. The digital-native platform, built on highly scalable technology, provides full compliance with the latest regulations such as the Shareholder Rights Directive (SRD II).
Proxymity promotes enhanced environmental, social, and governance (ESG) by improving communication between issuers and investors while making it easier for intermediaries to provide efficient, timely and compliant client service.
The company is backed by a global consortium of the industry's most influential financial institutions, representing seven of the world's top ten Global Custodians managing over $200 trillion in assets under custody (BNP Paribas, BNY, Citi, Computershare, Deutsche Bank, Deutsche Börse, HSBC, J.P. Morgan, Mediant, State Street).
For more information, visit www.proxymity.io.
About State Street Corporation:
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.6 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of December 31, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2024 includes approximately $82 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.