Governance specialist Institutional Shareholder Services Inc. (ISS), confirmed that it has launched a Global Proxy Distribution (GPD) Shareholder Identification Service, which it says is the latest in their suite of outsourced solutions designed to assist custodians and intermediaries in meeting requirements under the EU Shareholder Rights Directive II (SRD II), the deadline for which is September 3.
“ISS brings its market-leading understanding of the complex practicalities of EU regulatory requirements and specialist local market governance knowledge to its suite of solutions for custodians and intermediaries,” said Rudi Kuntz, Head of Global Proxy Distribution at ISS. “Intermediaries can outsource to ISS with confidence that our expertise and commitment will deliver high quality offerings and service to the market,” Kuntz added.
Under SRD II, EU companies can request the identification of their shareholders on record with each intermediary. According to a company product description, the GPD Shareholder Identification Service provides an outsourced solution to respond to any request on behalf of intermediary clients. Automated responses are sent to the issuer or their agent in a compliant message format and intermediary clients are provided with reporting of response messages distributed by ISS on their behalf.
Industry watchers say the GPD Shareholder Identification Service augments ISS’ suite of outsourced solutions for intermediaries ahead of SRD II’s September 3 implementation deadline, by which intermediaries must offer a proxy voting service and comply with all articles relating to the transmission of voting and shareholder information to companies, investors and along the intermediary chain.