BlackRock, the world’s largest asset manager, has entered into a partnership with digital investor communications platform Proxymity, facilitating UK retail investors’ participation in proxy battles.
The inefficiencies of the proxy voting process have long been a concern for both asset managers and owners. Many asset owners have struggled to participate in proxy votes and contested proposals due to the complex and opaque nature of the process. For those capable of submitting votes, uncertainty often remains regarding whether their votes were received or accurately cast.
This issue has gained significance in recent years, coinciding with a rise in shareholder activism and a greater emphasis on corporate social responsibility among asset owners. As a result, fintech companies like Proxymity have emerged, developing digital platforms aimed at enhancing the proxy voting process.
Under the new agreement, Proxymity’s Vote Connect Total platform will be made available to BlackRock’s UK-based non-direct investors. Proxymity states that this collaboration will extend deadlines and improve confirmation procedures, providing digital proof that votes have been cast.
“As long-time advocates of shareholder democracy and delivering a more efficient and transparent ecosystem for all, we are proud to be working with BlackRock on their Voting Choice project," said Dean Little, co-founder and CEO of Proxymity.
In related news, Finextra has announced its fifth Sustainable Finance Live conference and hackathon, which will occur on November 29. For more details and to register, please visit the event page here.