In the news release, 2024 Proxy Voting Highlights Split Between
Main Street and Wall Street in Corporate Elections, New Broadridge
ProxyPulse™ Report Finds, issued 26-Sep-2024 by Broadridge Financial Solutions,
Inc. over PR Newswire, we are advised by the company that the
fourth paragraph, second sentence, should read "While more
proposals were on the ballot (166) in meetings" rather than "While
more proposals were on the ballot (483) in meetings" as originally
issued inadvertently. The complete, corrected release follows:
2024 Proxy Voting Highlights Split Between Main Street and Wall
Street in Corporate Elections, New Broadridge ProxyPulse™ Report
Finds
Individual investor ownership and voting is
rising
NEW
YORK, Sept. 26, 2024 /PRNewswire/ -- Individual
investor ownership was at its highest level in a decade according
to the ProxyPulse™ report released today by global
Fintech leader, Broadridge Financial Solutions, Inc.
(NYSE:BR). Individual investors owned 31.7% of shares held
beneficially in street name, up from 31.5% for the prior season.
More individual investors are exercising their right to vote: their
voting participation ticked up to 29.8% of the shares they hold
from 29.6% last year, the highest in nine years. Individuals, as a
group, were more supportive of board recommendations than were
institutional investors.
"There continues to be a marked difference in how individual and
institutional shareholders vote on environmental and social
proposals," said Chuck Callan,
Broadridge SVP Regulatory Affairs and co-author of the report. "As
a result, many fund companies and institutional asset managers now
provide their investors with a vote or a say on how matters at
portfolio companies are voted."
Director and Say-on-pay Support Increased
Shareholder support for corporate directors and say-on-pay
proposals increased, as company market valuations improved. On
average, director proposals were approved by 91% of the vote while
say-on-pay received 88% support. Fewer directors and pay proposals
failed to attain majority support this season. Only 481 directors
failed to win majority support, the lowest in four years.
Say-on-pay support was at a four-year high.
Environmental & Social Support Continues to
Decline
Backing for environmental & social proposals declined. While
more proposals were on the ballot (166) in meetings in
the first 6 months of this year, average support fell to 21.2%, the
lowest level in eight years, down from 25.5% last year. There
continues to be a divergence in how individuals and institutional
investors voted on proposals of this type. Support by
individuals was 14.8% of their voted shares, on average, while
support by institutions was higher at 22.4% of their voted
shares.
The Broadridge ProxyPulse™ report highlights voting trends
over the past five proxy seasons. Download the full
report.
About ProxyPulse
Broadridge's ProxyPulse™ report provides an in-depth analysis of
the 2024 spring proxy season, examining trends in shareholder
meetings, individual and institutional investor voting actions and
corporate governance reforms. It highlights key regulatory
developments shaping the season's outcomes, and what to expect in
2025.
ProxyPulse™ is based on Broadridge's processing of shares
held in street name at the 1,000+ broker-dealers and custodian
banks that we service, over 750 million equity positions.
About Broadridge
Broadridge Financial Solutions
(NYSE: BR), is a global technology leader with the trusted
expertise and transformative technology to help clients and the
financial services industry operate, innovate, and grow. We power
investing, governance, and communications for our clients – driving
operational resiliency, elevating business performance, and
transforming investor experiences.
Our technology and operations platforms underpin the daily
trading of more than $10 trillion of
securities globally. A certified Great Place to Work®, Broadridge
is part of the S&P 500® Index, employing over 14,000 associates
in 21 countries. For more information about us, please visit
www.broadridge.com.
Broadridge Contacts:
Investors:
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com
Media:
Gregg
Rosenberg
Global Head of Corporate Communications
Gregg.Rosenberg@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.