On 1 April 2022, Euronext Securities Milan introduced a value-added solution for managing the full lifecycle of general meetings, shareholder register and proxy voting sessions. In this article, we look at how the register and AGM services have evolved since the solution’s launch last year, and what issuers can expect for the 2023 AGM season.
Acquisition paves the way for new value-added services
In March 2022, Euronext Securities Milan and Spafid announced a strategic partnership, where Euronext Securities Milan acquired Spafid’s general meeting and shareholder registry activities for approximately 200 clients. By adding shareholder registry, proxy voting and assistance to its portfolio of services, Euronext Securities Milan is now able to manage the entire shareholder participation process for its clients. As part of the agreement, the Spafid team responsible for the acquired activities transferred to Euronext Securities Milan, ensuring a smooth transition for existing clients.
Shortly after the partnership announcement, the 2022 AGM season commenced. Despite the relatively short time involved, the new Euronext Securities Milan team carried out a successful AGM season, completing 100-120 meetings in four days. This included supporting several AGMS that had to be held virtually due to pandemic restrictions. The new value-added service has been well received by issuers throughout Italy and has already grown by 5-7% in the 10 months since its launch.
Clients benefit from integrated approach
Combining shareholder meeting, proxy voting and shareholder registry management with CSD services offers issuers several advantages. Many issuers were already Euronext Securities Milan’s clients in connection with issuing their securities. Now they can work directly with the CSD to manage their shareholder registry as well. Clients also experience that registry updates are processed more quickly, now that the information gathering and processing are all handled in one place. New listed companies also benefit from working with one provider to dematerialise their securities and maintain both bond and equity registries. Clients also have a single point of contact – a dedicated Relationship Manager – handling everything related to Euronext Securities Milan, from dematerialisation to AGMs.
According to Pierluigi Dimonopoli, Head of Business Development Issuers at Euronext Securities, this approach highlights the company’s commitment to assisting issuers in accessing the capital markets with ease and expertise. “Our new client-focused model ensures that corporates have a dependable partner to manage the issuance of digital assets and related regulatory obligations resulting from dematerialisation.”
Everything issuers need for the 2023 AGM season
The 2023 AGM season will see the return of in-person general meetings. Many issuers are interested in finding an AGM partner that can assume responsibility for all aspects of the AGM, from the initial planning and set-up to event execution and follow-up; a partner familiar with the security and shareholder verification aspects of AGM events. This is where Euronext Securities Milan is uniquely positioned to help. Partnering with Euronext Corporate Services, we can offer issuers full end-to-end solutions tailored to support investor relations activities, as well as solutions for communication, compliance and corporate governance to support their strategic ambitions.
Before the AGM
In the months or weeks leading up to the general meeting, Euronext Securities Milan works with issuers to find the event location, set up the room and voting booths and build the necessary technical infrastructure. Through Euronext Corporate Services, clients can also choose a virtual or hybrid AGM format, access shareholder analysis services and participate in AGM training programmes. Companies can even book an event space in Palazzo Mezzanotte in Milan, which is fully integrated with web streaming services and satellite uplinks to transmit the meeting globally.
During the AGM
During the meeting, Euronext Securities Milan provides technical assistance; verifies participants, including performing identity and security checks, and verifying voting rights; and monitors the quorum.
After the AGM
Once the general meeting has been held, Euronext Securities Milan continues to work with issuers and companies to develop, publish and distribute meeting minutes and reports.
From market infrastructure to trusted institutional partner
This complete portfolio of AGM and proxy voting services is an excellent example of how Euronext Securities works with its clients to develop value-adding issuer services that meet their needs, as Pierluigi Dimonopoli points out. “Euronext Securities has transitioned from market infrastructure to become a trustworthy institutional partner for corporates seeking to access capital markets and dematerialisation,” he says. “Our comprehensive one-stop-shop solution, in partnership with Euronext Corporate Services, enables issuers to optimise their AGMs and enhance shareholder engagement through effective tools for investor relations, communication, compliance and governance.”
To find out more about how Euronext Securities Milan’s shareholder registry and AGM services can benefit your organisation contact Pierluigi Dimonopoli, Head of Business Development Issuers: email@example.com i and Simone Canova, Manager Business Development Issuers: firstname.lastname@example.org