Proxy Services provide issuers of DTC-eligible securities the information they need to contact DTC participants regarding corporate-related events. DTC participants are responsible for distribution of information to their customers, including any ultimate beneficial owners of interests in the securities.
DTC, the holder of record for depository-eligible securities, transfers the right to vote with respect to those securities to the DTC participants that hold record date positions via an Omnibus Proxy. On the day after record date DTC provides the Omnibus Proxy to the issuer along with a Security Position Report. The Security Position Report includes each participant’s closing balance in the security along with their name, address, telephone number and proxy contact person so that the issuer may then communicate directly with those firms. At the same time the Omnibus Proxy is provided to the issuer, DTC notifies its participants holding positions in the security of their entitlement to vote.
Issuers and their authorized third-party agents can use DTC’s Security Position Report web service (SPR) throughout the year to obtain position information on their securities as needed. For more information, visit www.dtcc.com/spr