Proxy Voting Current-state pain points Distribute proxy statement Review proxy statement Cast vote 1 Provide beneficial investor information in 4 Proxy Cast partnership with the statements vote Depository Trust & Intermediaries Clearing Corporation or 5 7 8 9 Online or 2 6 Third party Online Mail Investors or Analyse potential Investors Third Results 3 voting impact or party released Corporation Provide notice that proxy statements are Mail Regulator accessible by investors Current-state pain points 1 Ambiguity: asingle view into the total 4 Misleading representation: summaries 7 Minimal retail investor participation: in the population of registered and beneficial within proxy statements can provide a United States (and other countries investors does not exist without misleading view into a corporation’s health worldwide), a majority of shares owned by intermediaries 5 Error prone: in some cases, minor data retail investors go unvoted each year 2 Costly distribution process: since the online errors are uncovered by institutional 8 Lack of transparency: the corporation and portal for statement distribution can only investors conductingdetailed analyses voters do not receive insight into the process occur if an investor has “opted-in”, 6 Manual intensive process: given the length until they are made available by the third significant print and mail expenses are and unstructured format of proxy party incurred statements, investors have to manually 9 Voting discrepancies: the number of shares 3 Limited distribution: depending on the determine the information that will help held by investors may differ from the market, proxy statements cannotbe shared facilitate an informed decision number of votes cast; depending on the with institutional investors, restricting the regulation, these votes are either adjusted number of potential votes that can be cast or not counted WORLD ECONOMIC FORUM | 2016 105