Social investing network eToro today announced its partnership with Broadridge Financial Solutions Inc. to enable proxy voting for its users.
Users of the eToro trading platform, including those holding fractional shares, will be able to participate in annual general meetings (AGMs). The will have the option to cast proxy votes on mergers, executive pay, environmental, social and governance proposals and other issues.
In the proxy voting process, eToro investors will submit their votes which will be aggregated and shared with the Broadridge. According to the official announcement, users will have access to proxy voting for stocks listed on US exchanges later this month and voting for stocks listed on other global exchanges will follow. Furthermore, eToro revealed that users will also be able to participate in voluntary corporate actions in the coming months.
Yoni Assia, CEO and co-founder of eToro, said:
In the last few years we’ve seen an explosion in the number of retail investors. This group has the potential to have a major influence on financial markets. Thanks to our partnership with Broadridge, 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.
eToro survey of 10,000 global retail investors found that the majority of retail investors want to participate in corporate decisions. The company detailed, that three in four want to vote in AGMs.