Further to our announcements A11092 of 29 June 2011 and A11159 of 21 October 2011, we wish to provide some further information about our enhanced proxy voting services with Institutional Shareholder Services Europe S.A. (ISS).
From
27 February 2012
Clearstream Banking will introduce an enhanced level of proxy voting services that will bring a number of additional benefits to our customers throughout the life cycle of a proxy voting event.
Clearstream enhanced proxy voting service via ISS
Whilst we will offer some improvements to the basic direct Clearstream service, customers accessing the Clearstream enhanced proxy voting service via ISS will be able to benefit fully from the premium features, including:
- ProxyExchangeTM online portal, that offers a simple way to exercise voting rights and also a range of flexible reporting options, offering customisation by data parameters, format, frequency and method of receipt;
- Only blocking where it is a market and/or issuer requirement to do so;
- Improved domestic instructing deadlines (on average by 10 hours);
- Split and partial voting functionality;
- Multiple standing instruction options;
- Customisable alerts on a “push” or “pull” basis, including for consent fees and dissenter’s rights;
- Power of attorney management with reminder issuance;
- Full agenda documents by default through the ProxyExchangeTM platform for free;
- Entrance cards and/or vote execution provided for free1.
Subscription packs
A subscription pack with all of the necessary information required to take up the Clearstream enhanced proxy voting service via ISS will be sent to you shortly. It will also be available in the Information Centre on our website under “Custody/Proxy Voting”.
To take up the enhanced service for launch date of 27 February 2012, completed original subscription packs should be returned by 20 February 2012 to the following address:
Clearstream Banking S.A.
Banking Operations
42, avenue JF Kennedy
L-1855, Luxembourg
Continuation of a basic direct Clearstream service
In Announcement A11152 we confirmed that the existing proxy voting service would cease for all asset classes and meeting types on 27 February 2012. Having performed extensive consultation with our customers we have taken the decision to retain basic service capability in order to assist customers who may not be able to subscribe to the enhanced service by February 2012 and to allow more time for transition if required.
Leveraging our partnership with ISS, we are pleased to announce some improvements to the notification quality delivered through the basic direct Clearstream service, including:
- MT564 notifications with full SWIFT qualifiers for all meetings where Clearstream offers proxy voting services;
- The notifications will include summary resolution details with options;
- The notifications will be based on a combination of ISS’ multiple source data and Clearstream’s network information, delivered in status “confirmed”;
- Ability to instruct via MT565 or CreationOnline.
From 27 February 2012, notifications provided through the basic direct Clearstream service will be charged.
Additional information
Customers not wishing to avail themselves of either service (Clearstream enhanced service via ISS or the basic direct Clearstream service) have the option to deselect MEET and XMET notifications through their Creation Online subscription.
For assistance with opting-out, please contact Clearstream Banking Customer Services or your Relationship Officer.
Between now and launch date, please contact your Clearstream Relationship Officer to determine the most appropriate conversion option available to you.
The MT564 Meeting Notification specifications for the basic direct Clearstream service are attached below (effective 27 February 2012).
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1. Out of pocket expenses, for example notarisation fees, may apply on a case by case basis and will be passed back to the customer at cost.
