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Home / Opolitan Data Solutions Management Co Inc

Opolitan Data Solutions Management Co Inc

American corporate services company

Broadridge Financial Solutions, Inc.
Broadridge Financial Solutions Logo.svg
Type Public

Traded as
  • NYSE: BR
  • S&P 500 component
Industry Financial technology
Predecessor Brokerage Services arm of ADP (founded 1962)
Founded 2007; 14 years ago  (2007)
Headquarters

Lake Success, New York[1]

,

United States

Key people
  • Tim Gokey (CEO and President)
  • Richard J. Daly (Executive Chairman & Former CEO)
  • Leslie A. Brun (Chairman)
Revenue Increase US$4.993 Billion (Fiscal Year Ended June 30, 2021)[2]

Operating income

 Increase US$0.678 Billion (Fiscal Year Ended June 30, 2021)[2]

Net income

 Increase US$0.547 Billion (Fiscal Year Ended June 30, 2021)[2]
Total assets Increase US$8.119 Billion (Fiscal Year Ended June 30, 2021)[2]
Total equity Increase US$1.809 Billion (Fiscal Year Ended June 30, 2021)[2]

Number of employees

 10,000[3] (2017)
Website broadridge.com

Broadridge Financial Solutions is a public corporate services and financial technology company founded in 2007 as a spin-off from Automatic Data Processing.

The main business of Broadridge is as a service provider supplying public companies with proxy statements, annual reports and other financial documents, and shareholder communications solutions, such as virtual annual meetings.[1] [4]

History [edit]

Legislation passed in the mid-1970s in the United States mandates two processes affecting securities and their transfer: immobilisation and later, dematerialisation - the first requires paper securities to be kept in one central location and their ownership to be changed through transactions, rather than the piece of paper itself being transferred, and the second allows ownership to be simply recorded electronically without any paper certificate being created at all. These changes were made to allow more trades to happen, and for them to happen faster, in response to demand from the markets. These changes also had the effect of separating companies from their shareholders, and putting intermediaries between them.[5] : 1–2

Immobilization led to greater need for such intermediaries and created a new situation where shareholders voted by proxy instead of directly, and this in turn led a new industry to manage the shareholder voting process.[5] : 1–2, 48 Prior to this industry transformation, banks and brokers typically maintained in-house proxy departments for handling these processes.[6] Even after the move to electronic certificates eliminated the need for intermediaries, they have persisted.[5] : 1–2

The proxy voting and shareholder communications services industry was, by the mid-1990s, dominated by Automatic Data Processing (ADP).[5] : 48 At the end of March, 2007, ADP spun-out the entirety of their shareholder communications activities, resulting in the formation of Broadridge Financial Solutions.[5] : 27 [6]

In the wake of the financial crisis of 2007–2008, Congress evaluated many aspects of corporate governance, including shareholder communications and proxy voting.[7] : 1–2 In 2010 testimony by a vice president of NERA Economic Consulting and Jonathan R. Macey noted with alarm the near monopoly position of Broadridge in handling proxy voting.[7] : 249 In 2010, the company processed about 350 billion shares for the companies for which it provided services.[8] : 2 By 2013, the company had retained its predominant position in the proxy processing market.[8] : 17

In the summer of 2016, Broadridge acquired the North America Customer Communications (NACC) unit of DST Systems, a Kansas City-based business services provider, which provided the company with addressing information for about 75% of all public company shareholders in the United States and Canada.[1] Later in 2016, Broadridge bought M&O Systems, a small Manhattan-based financial services company.[1] In 2016, the company acquired Spence Johnson, an institutional financial flow data intelligence firm co-founded by CEO at the time, Magnus Spence.[9] This was a strategic investment by Broadridge, allowing for the combination of Broadridge's retail data and analytics with Spence Johnson's data and analytics focused on money flows between firms, two distinct intelligence dimensions.[9] In November 2019, Broadridge announced their acquisition of ClearStructure Financial Technology, a global provider of portfolio management solutions for the private debt markets.[10] In March 2020, Broadridge completed its acquisition of FundsLibrary, a leader in fund document and data dissemination in the European market.[11]

See also [edit]

  • List of S&P 500 companies

References [edit]

  1. ^ a b c d Madore, James T. (9 November 2016). "Broadridge sales soar following merger; profits up slightly". Newsday . Retrieved 17 July 2018.
  2. ^ a b c d e "Broadridge Financial Solutions, Inc. 2021 Annual Report" (PDF). s1.q4cdn.com. 30 June 2021. Retrieved 7 October 2021.
  3. ^ "Annual Report 2017" (PDF). Broadridge Financial Solutions. 2017. Retrieved 17 July 2018. [ self-published source ]
  4. ^ Kennedy, Patrick (25 February 2017). "Companies embrace virtual annual shareholder meetings". Business. StarTribune. Minneapolis, Minnesota. pp. D1–2. Retrieved 17 July 2018 – via Newspapers.com (Publisher Extra). Note: The URL in citation is for segment on D2; segment on D1 appears at this url.
  5. ^ a b c d e Donald, David C. (18 September 2007). The Rise and Effects of the Indirect Holding System (Report). Working Paper Series. No. 68. Institute for Law and Finance. Retrieved 18 July 2018 – via Internet Archive (PDFy Mirrors).
  6. ^ a b Wilcox, John C.; Niels C., Holch (2018). "Chapter 11: "Street Name" Registration & the Proxy Solicitation Process". In Goodman, Amy L.; Olson, John F.; Fontenot, Lisa A. (eds.). A Practical Guide to SEC Proxy and Compensation Rules (5th ed.). New York: Wolters Kluwer. pp. 11–16, 17. ISBN9780735598959. OCLC 1003678941 – via Google Books. Note: Source includes specific details on transfer of proxy authority, too detailed to include here, and a generic process rather than company-specific.
  7. ^ a b Subcommittee on Capital Markets Insurance and Government Sponsored Enterprises, Committee on Financial Services (21 April 2010). Corporate Governance and Shareholder Empowerment (Hearing) (Report). One Hundred Eleventh Congress, Second Session. Government Publishing Office. p. 249. Retrieved 18 July 2018 – via Internet Archive (U.S. Congressional Hearings). Appears under heading "The Lack of Competition in Proxy Processing Services".
  8. ^ a b Subcommittee on Capital Markets and Government Sponsored Enterprises, Committee on Financial Services (5 June 2013). Examining the Market Power and Impact of Proxy Advisory Firms (Report). Government Publishing Office. Retrieved 18 July 2018 – via Internet Archive (U.S. Congressional Hearings).
  9. ^ a b Baker, Sophie (11 July 2017). "Broadridge Financial Services acquires Spence Johnson". Pensions & Investments. United States: Crain Communications. Retrieved 17 July 2018.
  10. ^ "Broadridge Expands Asset Management Technology Suite With Acquisition of ClearStructure". Broadridge Financial Solutions. November 20, 2019. Retrieved 4 December 2019.
  11. ^ Inc, Broadridge Financial Solutions. "Broadridge Completes Acquisition of FundsLibrary". www.prnewswire.com . Retrieved 2020-03-03 .

Further reading [edit]

  • Kaul, Asha (2012). "Chapter 2. Ardhanareshwar: Unison of Ultimate Reality". In Kaul, Asha; Singh, Manjari (eds.). New Paradigms of Gender Inclusivity . New Delhi: PHI Learning. ISBN9788120345133. OCLC 896478066 – via Google Books. Broadridge India, formerly a brokerage services division of Automatic Data Processing (ADP) Inc., began operating as an independent public company in India in March 2007. (opening sentence of chapter abstract)

Opolitan Data Solutions Management Co Inc

Source: https://en.wikipedia.org/wiki/Broadridge_Financial_Solutions