Broadridge and Santander collaborate to transform proxy voting for Spanish market investors

By Joy Dumasia

Broadridge Financial Solutions, Inc. announced the live availability of a new Spanish issuer, “golden copy” event notification and vote execution service for the Spanish market. The service, delivered in collaboration with Santander Investment S.A., the leader in Shareholder General Meeting services in Spain, provides a fully automated solution with market-wide coverage. 

The service’s launch in Spain is the latest market-ready extension to Broadridge’s fast-growing Direct Market Solutions (DMS) product suite, which focuses on streamlining traditional voting processes by directly connecting investors and issuers. The service improves market error rates, expands voting windows, and facilitates vote confirmations. It will enable custody banks, brokers and wealth managers operating in Spain to enhance their service offering to their underlying clients while reducing operating costs. The collaboration will also allow all Spanish financial intermediaries to obtain a one-stop-shop SRD II compliance solution without the need for significant integration or change of operating models. 

Luis Antonio Pérez, Executive Director of Corporate Trust Services, Santander Investment, said: “Our collaboration with Broadridge will transform the voting process for the Spanish market through a more direct end-to-end chain of communications between issuers and investors. By removing avoidable steps from the overall lifecycle, the proxy process will become more efficient and less prone to the risks associated with multiple break points.” 

Demi Derem, GM, International Investor Communication Solutions at Broadridge, said: “We are delighted to be partnering with Santander in this innovative market solution designed to improve efficiency and deliver the highest standards of corporate governance in Spain. This is the latest in our ongoing series of local market innovations that focus on industry-leading partnerships aimed at improving the overall voting ecosystem.” 

Recently, IBS Intelligence reported that Broadridge Financial Solutions, Inc. and SLIB, a leading-edge software vendor in electronic voting and securities services based in France, have announced the live operational running of their joint cross-border proxy voting solution.