Sarbanes-Oxley Prompts JP Morgan Upgrade

The firm says that for years industry proxy voting systems have been so poor that automation hasn't been worth the effort - until now.

When JP Morgan Investor Services, one of the largest global custodians, combed through the new electronic audit trail rules required under the Sarbanes-Oxley Act and then took a look at its proxy voting management process that still relied on faxes, it decided it was time for an upgrade.

A recent study performed by the British depository organization CREST found that in the United Kingdom and Ireland, only one in five proxy votes cast by institutional investment managers was cast successfully

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