High level STP rates for proxy voting with Incentage flow manager for SWIFTNet Proxy Voting
The Issue
Proxy Voting is still a cumbersome process because there are many intermediaries involved and the message exchange and business process involved is far from being standardized. SWIFT’s Proxy Voting initiative is to standardize this process among all interested parties and through the complete chain of intermediaries.
Solution
The scope of the SWIFT Proxy Voting initiative is to standardize and ISO register the business elements of the proxy voting process for shareholders, fund holders and bondholders meetings between the issuers and the ultimate shareholder, through the complete chain of intermediaries with the intention to reduce costs, to facilitate automation, to remove impediments to voting, to increase domestic and cross-border voting and to comply with regulatory requirements.
- Many intermediaries are part of the value chain. This requires a solution flexible enough to adapt to the requirements of each part in the flow. The Incentage MX Proxy Voting handles and supervises exactly this complexity – independent with part of the chain one belongs to.
- The workflow of Proxy Voting consists of 3 separate processes:
- Meeting notification process
- Voting process
- Finalisation process
- For this purpose eight MX ISO 20022 Messages were defined (security events). The SWIFT defined Proxy Voting related rule book is part of the Incentage MX Proxy Voting solution
Benefits
The Incentage MX Proxy Voting solution is the powerful tool to fully profit from the SWIFT initiative and to integrate the process into the back office for comprehensive STP handling of proxy voting
