Mediant has developed an application programming interface (API) simplifying access to, and voting in, virtual annual meetings. The API establishes a digital legal proxy that replicates a traditional legal proxy, making it easier for beneficial shareholders to securely participate in virtual annual meetings.
The COVID-19 pandemic forced many corporations to adopt a virtual format for their annual shareholder meetings during the 2020 proxy season. While these accommodations were designed to allow shareholders to participate in annual meetings, the digital format presented a new set of challenges related to shareholder access and voting.
The urgency of resolving these challenges led a 40-member End-to-End Vote Confirmation Working Group comprised of proxy service providers, transfer agents, and financial services firms to tackle the issue. The working group’s objective is to create a digital best practice solution that closely replicates an in-person meeting. The digital legal proxy created by Mediant’s API replaces a traditional legal proxy required for beneficial access and voting in an in-person meeting—and does so without the need for multiple technology solutions.
“Ensuring the rights of all participants, and especially shareholders, to attend virtual annual meetings — and make their voices heard by casting their votes on corporate issues — is essential for a successful meeting,” said Sherry Moreland, president and COO of Mediant, in a statement. “We are proud to be able to harness our expertise in financial services and technology to develop a solution for strengthening virtual shareholder engagement during—and after—this period of unprecedented disruption.”