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BNY Mellon migrates to Proxymity’s fully digital proxy voting service

By Gloria Methri

January 02, 2024

  • Bny Mellon
  • Electronic Proxy Voting
  • FinTech

ProxymityBNY Mellon, Proxy Voting Service, Proxymity, Digital Proxy Voting, FinTech, UK, the digital investor communications platform has launched its digital proxy voting service Proxymity Vote Connect Total (VCT) for BNY Mellon clients in the UK. The launch follows Proxymity and BNY Mellon’s launch of VCT in France and Belgium earlier this year. For Proxymity, this marks the third major global custodian to connect to the platform in the UK.

BNY Mellon clients investing in the UK will benefit from a full end-to-end digital connection, that will extend their voting period and enhance the overall accuracy, speed, and transparency of the process.

Proxymity is now an official voting medium for more than two-thirds of the FTSE 100, as well as for hundreds of other UK-based issuers. Connecting to all three major UK registrars, and as part of the voting infrastructure in both the UK and around the world, Proxymity is providing the digital end-to-end voting backbone of connectivity that the global financial ecosystem has come to rely on.

For BNY Mellon, the platform will provide its clients with the ability to leverage golden source data, delivering investor communications in real-time with improved accuracy and transparency, throughout the entire chain of ownership. Along with the accuracy of source issuer notifications, clients will also benefit from Proxymity’s other platform innovations, including extended deadlines for meetings related to connected issuers and the company’s unique post-meeting vote confirmation service.

Dean Little, Co-Founder and CEO, Proxymity, said, “Today’s announcement demonstrates BNY Mellon’s and Proxymity’s shared goal of realising true democracy of information to all shareholders. This is not just about enhancing a process; it’s about reshaping investor communications across the globe. Together, we are setting a new standard, reinforcing our role as conveners for issuers, intermediaries and investors alike.”

Adam Watson, Head of Commercial Product, Custody Services at BNY Mellon added, “Collaborating with Proxymity to deliver this leading next-generation proxy voting solution will improve transparency, accuracy, and speed for our clients. And is part of our commitment to providing real-time, flexible, and effective digital solutions to clients in the UK and beyond.”

The announcement is another milestone in the long-term collaboration between Proxymity and BNY Mellon. In 2020, and 2022 as part of Proxymity’s Series B fundraising, BNY Mellon invested in Proxymity as part of a consortium to bring enhanced investor communications solutions to the asset management ecosystem.

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