Trading and investing platform eToro has expanded its proxy voting feature to all stocks listed on its platform after seeing high engagement from users.
Building on the partnership with Broadridge Financial Solutions Inc. (NYSE:BR), eToro users, including those who own fractional shares, can now participate in general meetings for globally listed stocks by voting on issues such as mergers, executive salaries as well Environmental, social and governance objectives.
eToro previously introduced proxy voting for US stocks only, and more than 145,000 votes were cast by eToro users in 2023. The stocks that received the most votes from eToro users in 2023 include Apple, Amazon, AMC and GameStop.
Willingness to vote is increasing, according to eToro’s Retail Investor Beat, a global survey of 10,000 retail investors in 13 countries. Almost one in three (29%) retail investors have voted at a general meeting, compared to 26% in the survey published in June. Among those who voted, the most common issue they voted on was electing or re-electing directors (47%), followed by dividends (45%), stock buybacks (34%) and executive pay (30%). .
Dan Moczulski, UK managing director of eToro, said: “eToro users adopted proxy voting last year and we are excited to expand this feature to include all stocks on our platform.” Our users invest in companies from around the world . Now they can make their voices heard at these companies by having a say in important company decisions.
“While institutional shareholders have long had influence over boards, executives and the direction of companies, retail investors have not always been given the voice they deserve. However, with the explosion in retail investment we have seen in recent years, this is changing. Proxy voting is a crucial part of this process and allows this group of investors to have real influence in their role as shareholders. The desire for voting rights is increasing among private investors and I am excited to see how this will develop in the next few years.”
Demi Derem, general manager of international corporate governance, digital transformation and market innovation at Broadridge, said: “We are pleased that US-only voting has proven so popular with eToro users since launching their service last year “We are proud to continue to develop our partnership to support expanded capacity that includes all inventory levels worldwide.
“We are witnessing the emergence of a new generation of retail investors – one that expects more choice, convenience and simplicity as their desire to influence the direction of a company increases. At Broadridge, we remain firmly committed to shareholder democracy and increased investor engagement, and our collective efforts to support eToro’s expanded services are a compelling example of this.”
Gili Wolff, Senior Director of Product, Trading & Dealing at eToro, added: “As we continue to expand eToro’s equity offering, proxy voting will be an increasingly important feature for our users, enabling them to exercise their rights as shareholders and One.” Direct impact on the companies they hold in their portfolio, we are excited to introduce this across our equity universe and look forward to seeing how eToro customers engage with it.