The company and the Korea Securities Depository have signed a memorandum of understanding.
Officials at Broadridge Financial Solutions and the Korea Securities Depository (KSD) confirm that they have signed a memorandum of understanding (MOU) that outlines their mutual intention to “collaborate on the modernization and enhancement of Korea’s proxy voting infrastructure.”
KSD is the central securities depository and a key financial market infrastructure institution for Korea. KSD offers core post-trade services, including securities settlement, custody, electronic registration, securities lending, collateral management and fund services, officials say. KSD also links Korea’s capital market with global markets.
According to the MOU, Broadridge and KSD officials will collaborate to support the creation of a market operating model that will:
- Digitize and automate the end-to-end proxy voting process for international investors holding Korean equities;
- Improve transparency and accuracy. and governance standards in line with global best practices; and
- Help with Korea’s standing as “a modern, trusted and globally aligned capital markets jurisdiction.”
“KSD is committed to advancing a more efficient, transparent and globally connected capital market in Korea,” says Yunsu Rhee, chairman and CEO of KSD, in a prepared statement. “We believe this MOU will contribute to enhancing the global accessibility of Korea’s capital market, increasing its appeal to international investors, and strengthening their confidence in the Korean market.”
The scope of the collaboration may be expanded over time to additional proxy-related areas, officials say
“As Korea advances its corporate governance and capital market agenda, Broadridge and KSD may explore opportunities to address the evolving needs of international institutional and retail investors, issuers and market participants,” officials add.
Broadridge’s technology and operations platforms process and generate more than 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally, officials say.
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