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eToro selects Broadridge for proxy voting services


15 November 2022 US
Reporter: Lucy Carter

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Image: tinyakov/stock.adobe.com
Social investing network eToro has selected Broadridge Financial Solutions (Broadridge) to provide proxy voting services. The service will go live for US-listed stocks later this month, with global capabilities to follow.

This follows a recent eToro global retail investor survey, which found that 73 per cent wish to vote in annual general meetings (AGMs), with the majority of these favouring an online approach. Through the partnership with Broadridge, eToro users (including those with fractional shares) will be able to vote by proxy in AGMs.

Within the eToro survey, age and investing experience play key roles in voting interest. 80 per cent of 18 to 34 year-olds expressed a desire to vote, in contrast to 65 per cent of over 55s. Similar numbers were seen between those who had three to five years’ experience in investing (79 per cent) and those with more than 20 years’ experience (65 per cent).

The corporate issues that investors were most interested in voting on were dividends (49 per cent), executive pay (33 per cent) and climate strategy (28 per cent).

Yoni Assia, CEO and cofounder of eToro, says: “Retail investors have not always been given the platform, the voice and the support that they deserve, but this is rapidly changing and retail investor access to proxy voting is a crucial step in this journey.

“eToro’s users can now have their say in the corporate decision making at many of the biggest companies in the world. This is a huge milestone in the retail investor story and one that could have a lasting impact on the business world.”

Martin Koopman, president of bank broker-dealer investor communication solutions at Broadridge, adds: “Retail investors are increasingly seeking to share their voice with the companies in their portfolios by voting on important issues relating to corporate policy. We are excited to be supporting eToro and helping them shape the future of corporate governance through our advanced proxy voting solution, while empowering their clients through a differentiated service proposition.”
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