“IF THE TECHNOLOGY IS THERE, USE IT.” THIS REFRAIN HAS BEEN POPULARISED IN SPORT ADJUDICATION, BUT HAS EQUAL RELEVANCE IN THE OEROUS TASK OF VOTING PROXY FORMS FOR CORPORATE ACTIONS.
Online proxies are common in developed countries, where large batches of shareholding can be collated and voted. Apart from the benefits of bypassing capture errors and reliance on postal mail, the audit trail allows for detailed analysis of voting.
HOW IT WORKS:
- A shareholder logs in, allocates votes and the resultant electronic form is sent from the underlying shareholder to the broker, CSDP or transfer secretary. (Strate’s function of notifying the CSDPs and other roles on the process is not affected by using iProxy.)
- Certified and own name dematerialised shareholders can use iProxy to vote directly.
- Dematerialised shareholders can use iProxy to notify their nominee how they would like their allocation to be voted.
- The paper process can be used in conjunction with the online process and these mirror one another.
Uses of iProxy range from annual general meetings to any general meetings where a circular to shareholders and voting may be required.
Ince developed iProxy and we are the sole provider of this solution in South Africa. Users include the JSE as well as Edcon and AngloGold, amongst other listed companies.