A Real Example:

The Origin Energy Scheme of Arrangement in 2023

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The challenges facing Australia’s legacy proxy process were highlighted in the Origin Energy scheme of arrangement vote in late 2023.

The event exposed:

Manually created meeting announcements

Confusion when a new meeting was created after adjournment

A reduced purchase and vote window because of fax based and multi layered custody voting

Limited issuer visibility until the final hours

Questions about the accuracy of vote transmission

In contrast, a fully digital model would have delivered:

Real-time announcement updates directly from the issuer

No requirement for a new meeting announcement

The ability for investors to vote on shares purchased up to two days before the deadline

Immediate visibility of incoming votes for issuers

With Proxymity now supporting 97% of ASX200 issuers and all major sub custodians, the structural issues highlighted by the Origin case have largely been eliminated.