More public companies see value in electronic delivery of proxy materials and electronic voting, according to annual statistics from Broadridge, a technology services company that provides proxy services for investors who own shares through brokerage firms.
In fact, Broadridge, which handles 90% of proxy activity for shares held in street name, estimates that its technology saved corporate issuers more than $522 million this proxy season by reducing printing and mailing costs for proxy materials—which cost an average of around $5.80 per package—and helping companies consolidate the materials they do mail.
The average quorum at meetings between March 1 and June 1 was 82.7%. New rules from the Securities and Exchange Commission led to a decrease in broker votes, but Broadridge statistics show a greater percentage of votes were cast with shareholders' instructions this proxy season—67.9%, up slightly from 67.2%. Broker voting accounted for only 14.8% of that 82.7% average quorum.
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