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Broadridge and Strate Deliver Vote Processing Solution to South Africa

Broadridge Financial Solutions Inc and South Africa-based central collateral platform Strate have partnered, to integrate end-to-end vote processing solutions onto Strate’s platform. 

The collaboration between Broadridge, Strate and the central securities depository participants (CSDPs) aims to streamline processes and achieve greater operational efficiency across the proxy voting lifecycle in South Africa. It also aims to support clients with compliance requirements of South Africa’s Companies Act.

The partnership also enables Broadridge users, including banks and brokers, wealth managers and more, to use the service. Users of the service receive a “significantly extended” voting window (up to meeting-date-minus-one) for underlying clients, and enhanced transparency through the confirmation of votes submitted.

The South Africa-centric service is the latest addition to Broadridge’s range of direct market solutions products. The range focuses on traditional sub-custody voting-related activities.

Gregory Naicker, Strate on Broadridge
Gregory Naicker, head of CSD services at Strate

Gregory Naicker, head of CSD services at Strate, explained how the collaboration could increase integrity in the market.

Naicker commented: “As a pioneer in digitisation in South Africa, Strate partners with leading global technology providers to collaborate on digitally innovative solutions, which is why we are proud to have worked with Broadridge on our e-Voting solution.”

“Through digital innovation we integrate and connect critical players in the financial market ecosystem, leading to integrity and trust in our markets.”

Enhancing proxy voting

Demi Derem, general manager of international investor communication solutions at Broadridge, commented on the collaboration. He said: “We are excited to launch our fully digital South African voting service, supporting the growing desire of investors globally who want to exercise their corporate governance entitlements in this very strategic market.”

“Our successful collaboration with Strate represents another critical step in linking leading providers at the heart of financial infrastructure with our network of global investors to enable seamless investor voting and engagement.”

The service comes as part of Broadridge’s commitment to expanding its market coverage for digital proxy processing, extended voting windows, and enhanced voting transparency. The fintech company also plans to further expand its market involvement in 2023 and beyond.

Llewellyn Ford, SBSA
Llewellyn Ford, head of investor services for South Africa at Standard Bank Group

Llewelyn Ford, head of investor services for South Africa at Standard Bank Group, also offered his view on the partnership.

“The partnership with Strate and Broadridge cements Standard Bank’s promise of delivering continuous value to our clients.”

“It is offering flexibility in choosing a proxy voting execution partner, providing better voting deadlines, delivering enhanced proxy disclosure information as well as moving towards fully digital and automated electronic voting solutions,” he said.

“This development moves the market closer to achieving the desired level of efficiency and lowers risk in the proxy voting environment.”

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