Operations Newsflashes
ADP Sees Demand for Disclosure of Proxy Voting Overseas
ADP Investor Communication Services will make its ProxyDisclosure service available internationally for use by pension funds and plan sponsors that need to see consolidated vote reporting across multiple fund managers and custodians, the company announced this week.
ADP introduced ProxyDisclosure in the U.S. earlier this year to support compliance by investment companies and investment advisers with recently adopted SEC regulations related to disclosure of voting activity.
ADP says that while voting disclosure is not a regulatory requirement for other international markets, ADP plans to market the solution to firms seeking a best-practice model. ProxyDisclosure includes the ability for disclosure on fund-branded Web sites of both voting activity and voting policy guidelines, enabling fund beneficiaries to easily access the data.
"Although voting disclosure operates on a best-practice basis outside of the U.S., we are already witnessing demand as a result of the international drive towards increased governance," states Bruce Babcock, president of ADP Investor Communication Services, Europe and Asia, in a company release.
ADP says it has already added its first European customers for ProxyDisclosure, including two U.K.-based plan sponsors and a Dutch pension fund.
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