Click here to download a Proxy voting Proforma
Functionalities of Domestic Proxy Voting [DPV]which are available in the Crest Simulator are:
1. Meeting Announcement
This is done by a KMAN message which describes the meeting in full. There are 3 parts to this message:
- Message Description: purpose
of the meeting and type, security to be used, date etc. More than one
announcement input would be needed if a meeting is related to more than
one security.
- Appointments: Who can be appointed
as proxy; options include Chairman[CHR], Independent[IND] or Other[OTH].
The KMAN can contain only 1 Chairman with a total of 4 proxy appointments.
- Proxy Resolutions: What topics are being discussed and voted upon. The maximum number of resolutions on an announcement message is 40.
This message can be sent into the simulator or described on a proforma and created by the support desk. However, it is essential that the creator of the KMAN is setup as the “Announcement Agent ID” for the security used. So if you are creating the KMAN, please contact the for this to be setup.
Another participant attached to the meeting is the Issuer's Agent. This is the party who is appointed to collect all the votes cast and it is this party who will later publish the result. A new participant, SFLII can be used as the Issuers Agent and a voting proforma has been made available to help with your testing.
Once entered, the KMAN will create the Meeting and the simulator will allocate it an Announcement Reference Number, which is in a similar format as a Transaction ID. This can be obtained by sending a QFCQ [see below].
2. Vote on the Resolutions
Votes are recorded by sending in Proxy Instructions, attached to these is the appointed Proxy and how you wish them to vote. The message to create a Proxy Instruction is a KPIN.
Votes can be recorded against all the resolutions described on the original meeting, by either entering a quantity, or a flag to say that all the holdings for a Party/Account of the ISIN are being cast.
Once created, the simulator will allocate the Proxy Instruction an ID which again can be obtained by sending a QFCQ (see later).
3. Publish the Result
As mentioned, this can only be done by whoever was entered as the Issuer Agent on the meeting. If this was SFLII, we will do it on your request. Alternatively sending in a KMRA will record the results and the total votes cast.
QFCQ
There are various events in the lifecycle of a meeting that need to be reported. Like anything else in CREST, these are done via the QFCQ process.
The events that are reported and the message sent are:
1. The creation of a meeting (KMAP)
2. The status of a Proxy Instruction (KPSP)
3. The publication of the meeting result (KMRP)
1 & 3 are sent on a Static QFCQ request, 2 is Dynamic.
Dynamic QFCQs for the Proxy Instruction are created every time the status of the instruction is changed (like transactions). This happens when the instruction is initially created, amended, disabled and archived.
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