DekaBank goes live with Broadridge’s solution for SRD II regulation

Rick Steves

“Corporate governance standards in Germany and across Europe are undergoing a fundamental transformation, driven by SRD II regulations and the growing demand for shareholder democracy as investors increasingly seek to positively influence corporate policy and ESG strategies.”

German banking and securities services provider, DekaBank, has gone live with Broadridge’s solution for the updated Shareholder Rights Directive (SRD II).

The Global Proxy Voting and Shareholder Disclosure Hub will support institutional clients across Europe through DekaBank’s network of German savings banks and its own private bank.

SRD II came into effect on September 3, 2020

SRD II aims to increase the accuracy and transparency of communications between share-issuing companies and their investors. Broadridge’s solution enables same-day event capture and distribution, same-day proxy vote processing and vote confirmations, advanced multi-channel investor communications and European client data storage.

The new Shareholder Disclosure Hub uses API and blockchain technologies to address SRD II’s new shareholder disclosure requirements and provide class-leading data security.

SRD II is global in its scope, insofar as it impacts any financial intermediary that holds or services European equities, irrespective of where the firm is located. It applies to all types of financial intermediaries, including banks and brokers, wealth managers and central securities depositaries (CSDs).

Governance standards undergoing a fundamental transformation in Europe

Benedikt Arendt, Project Manager, DekaBank, said: “Corporate governance standards in Germany and across Europe are undergoing a fundamental transformation, driven by SRD II regulations and the growing demand for shareholder democracy as investors increasingly seek to positively influence corporate policy and ESG strategies.

“Broadridge, as a strong and trusted global leader in shareholder communications, was a natural partner for such a critical change. Through our close collaboration, the deployment of next generation technology, and the support of Broadridge’s exceptional local-language domain experts, we are able to raise efficiency levels throughout the chain of communications while helping to empower our customers and their end-clients.”

Demi Derem, General Manager of International Investor Communications Solutions, Broadridge, commented: “Through its well-prepared and professionally managed programme, DekaBank is able to meet its regulatory obligations under SRD II. DekaBank’s broad network of clients and investors will benefit directly from high levels of straight-through processing efficiency, our local market digital connectivity, and rich system functionality which provide unparalleled transparency and an improved window for market voting deadlines.”

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