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Sponsored by:
1
The 2015 EAC Industry Index is part of the EAC Industry Study, a research initiative developed by the Executive Advisory Council (EAC) and sponsored by: American Stock Transfer & Trust Company, LLC (AST) and CST Trust Company (CST).
Report © American Stock Transfer & Trust Company, LLC (AST)
Research methodology © 2015 Vincent McCabe, Inc., research administrators
.
Sponsored by:
2
The 2015 Industry
Index Score
Contents and Navigation
About the
EAC Industry Index
The Results –
An Overview
The Results by
Service Area
Open-Ended Questions
and Responses
For Additional
Information
This document is designed to be navigable. Clicking on the chapter headings of the Contents page will take you directly to the relevant sections
of this document. Clicking on the home icon will take you back to the Contents page.
Sponsored by:
3
About the EAC Industry Index
Sponsored by:
4
• In 2014, the Executive Advisory Council (EAC), sponsored by
AST and CST, directed a comprehensive Industry Study among
professionals who buy or influence the purchase of shareholder
services.
• The results of the 2014 Study, which uncovered a clear
understanding of the challenges industry executives face, has
been shared with the study participants and later shared with the
Industry at the AST Forum in October 2014.
• The EAC’s work on the Industry Study is part of the group’s
guiding principle to work independently for the good of the
industry at large. For more information on the EAC, visit
https://www.amstock.com.
• The 2015 EAC Industry Index is a comprehensive look at the
industry overall, reporting on total categories.
• This report provides the results to the 2015 EAC Industry Index
study.
The Foundation
Sponsored by:
5
1. Critical Ideas Identified – Eight-Statement Model Developed
and Approved by the EAC
Based on the 2014 Industry Study results, the researchers
statistically identified the most critical ideas for issuers across
the industry. From this data, the information was further
compressed to reveal eight ideas or statements, which form the
study statistical model and questionnaire foundation for this new
2015 Industry Index.
2. Online Survey Developed – Comprehensive Review of
Industry Needs and Services
An online survey was developed by the researchers and
approved by the EAC, which allowed respondents to score the
overall importance of the model statements and evaluate the
individual services including Transfer Agency Services, Proxy
Distribution & Tabulation Services, Proxy Solicitation and
Advisory Services, Investor Relations Services, Corporate
Actions – Mergers, Acquisitions & Reorganization Services,
Corporate Governance & Advisory Services and Employee
Stock Plan Services.
3. Data Collection – Online Data Collection Supported with
Telephone and Email Recruitment
After a two-week testing period, the researchers made the
survey available online at a web portal for respondents to use
anonymously. In addition to an email outreach program,
Vincent McCabe, Inc., research administrators for the project,
called potential respondents by phone inviting them to
participate. Invitation lists included executives from diverse
industries and users of many different services providers. More
than 221 executives completed the survey.
4. Analysis and Reporting – Available to Respondents &
Presented at the AST Forum
The researchers performed various statistical analyses to
merge the individual scores into a single, statistically valid score
for each type of service included in the study and each
statement in the analysis model. Additionally, because
respondents only scored providers for which they have a
current relationship, results are current and unbiased. The
Index has an approximate 95.5% +/- 4% confidence interval.
The 2015 EAC Industry Index report will be distributed to
respondents to the study. It will also be distributed at the 2015
AST Forum in New York City on October 28, 2015.
Methodology
Sponsored by:
6
• Total Sample – 221 Individuals from Diverse Businesses Working
With Many Providers.
• Business Type – Concentrated on Corporate Issuers with Other
Respondents from Diverse Areas.
While a large majority of the respondents were from corporate
issuers, other respondents work at law firms, fund or asset
management firms, wealth management firms, mutual funds, stock
exchanges and stock plan administrators.
• Job Titles – Diverse High Level with Experience with Many
Shareholder Services Providers.
From CEO to Assistant Corporate Secretary, the job titles were
primarily executive level titles. All respondents indicated experience
and involvement with Shareholder Services.
• Geographic Scope – International in Scope.
16% of the sample is from Canada and other countries. While the
majority of the respondents are primarily in the United States,
scores were statistically similar. A complete analysis is available for
Canadian respondents.
• Business Demographics – A Broad Range of Market Caps and
Shareholder Bases.
Respondents represented a range of businesses sized with Market
Cap of $300 million and under to those with 10 billion and every
size in between. Respondents direct shareholders ranged from
under 1,000 direct shareholders to those with over 100,000 direct
shareholders and a strong representation of the full range of sizes.
• Company Base – Extensive Experience with Wide Range of
Services Providers for a True Comprehensive Industry-wide Study.
The analysis includes projectable scores for all the primary services
providers. These individual scores are confidential. Thanks to the
statistical analysis to develop the data merging, this study is a
balanced industry-wide analysis. Scores sufficient for the individual
providers were achieved to allow for the merging of data.
Additionally, the questionnaire design allowed for the respondents
to score only services providers for which they have a working
relationship, removing possible non-client bias.
• Personal and Business Demographics – Range of Experienced
Professionals Concentrated in Peak Career Years.
The majority of respondents are between the ages of 36 and 55
and have between 6 and 30 years in the business.
Index Sample
Sponsored by:
7
Based on the 2014 Industry Study results, the researchers statistically identified the most critical ideas for issuers across the
industry. From this data, the information was further compressed to reveal eight ideas or statements, which form the study
statistical model and questionnaire foundation for this new 2015 Industry Index.
Basic
Performance
.
Work
Interface
Powerful
Voice
Institutional
Soundness
Response to
Trends and
Technology
Data Safety &
Security
Shareholder
Satisfaction
Regulatory
Environment
Response
Eight-Statement Model – A Basic Overview
Performs
predictably,
communicating
appropriately
while always
looking for ways
to be more
efficient.
Flexible and
knowledgeable
performance by a
Relationship
Manager and
staff who can be
relied on to act
quickly on our
behalf.
A good
reputation with a
powerful voice in
the industry.
Institutionally
sound and can
handle work
complexity
offering services
that meet our
changing needs.
Understands
technology and
media trends and
is alert to ways to
save costs and
how trends or
technology might
impact our
reputation.
Attentive to data
safety and
security while
making it as user
friendly as
possible.
Keeps our
shareholders
happy and
understands the
impact
shareholder
satisfaction has
on our reputation
and work.
Responds well to
the complex
regulatory
environment and
changing rules
and procedures
enacted by
regulatory
bodies.
The Index Model
Sponsored by:
8
The 2015 Industry Index Score
Results
Based on a possible score of 100, the EAC Industry Index Score for 2015 is:
Sponsored by:
The Results – An Overview
9
Sponsored by:
2015 EAC Industry Index by Performance by Service Type
Industry in
Total
Index:
82.7
Transfer Agency
Services
Index:
81.8
Proxy Distribution
& Tabulation
Services
Proxy Solicitation
& Advisory
Services
Index:
86.4
Investor Relations
Services
Corporate Actions
- Mergers,
Acquisition &
Reorg. Services
Index:
85.3
Corporate
Governance &
Advisory Services
Index:
78.3
Employee Stock
Plan Services
Index:
76.3
82.7
81.8
85.9
86.4
73.4
85.3
78.3
76.3
50
55
60
65
70
75
80
85
90
95
100
Industry in Total
Transfer Agency
Services
Proxy Solicitation &
Advisory Services
Investor Relations
Services
Corporate Actions -
Mergers, Acquisition &
Reorg. Services
Corporate Governance
& Advisory Services
Employee Stock Plan
Services
Index:
85.9
Index:
73.4
Results
10
Sponsored by:
Data Safety &
Security
Index:
83.7
Basic
Performance
Index:
83.2
Work
Interface
Regulatory
Environment
Response
Index:
84.2
Shareholder
Satisfaction
Institutional
Soundness
Response to
Trends and
Technology
Index:
82.7
Powerful
Voice
2015 EAC Industry Index – Performance by Eight Point Model
Index:
84.1
Index:
81.9
Index:
81.5
Index:
81.2
Results
11
Sponsored by:
The Results by Service Area
12
Sponsored by:
The study respondents were asked to evaluate providers in each of the following major services areas.
Respondents only scored areas in which they have knowledge and a current working relationship with the providers who
offer these services.
Industry in
Total
Transfer
Agency
Services
Investor
Relations
Services
Corporate
Governance
& Advisory
Services
Proxy
Distribution
& Tabulation
Services
Proxy
Solicitation &
Advisory
Services
Corporate
Actions -
Mergers,
Acquisition &
Reorg. Services
Employee
Stock Plan
Services
Industries Areas Reviewed in the EAC Industry Index
Services Reviewed
13
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Transfer Agency Services - Importance
Transfer Agency Services - Performance
Total - Importance
Total - Performance
Industry in
Total
Index:
50.0
Service Area is
Here
Index:
50.0
Bar chart shows how the specific
service area is performing in each of
the critical areas identified in the
2014 Industry study.
The lines show how the industry as a
whole is performing relative to
expectations (Red = Performance, Blue =
Expectations/Importance). These lines
are the same on all the bar charts in this
section.
This score shows the
average score for
how the specific
service area is
performing across all
the critical areas.
This score shows the
average score for
how the entire
industry is performing
across all the critical
areas.
How to Read This Section
14
Sponsored by:
15
2015 EAC Industry Index by Performance by Individual Service Type
As can be seen by the difference in the importance scores and the performance scores, the Transfer
Agency Services section of the industry is doing well in some categories but has some work to do to
achieve highest performance in the most important categories.
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Transfer Agency Services - Importance
Transfer Agency Services - Performance
Total - Importance
Total - Performance
Industry in
Total
Index:
82.7
Transfer Agency
Services
Index:
81.8
Results – Transfer Agency Services
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Proxy Distribution & Tabulation Services - Importance
Proxy Distribution & Tabulation Services - Performance
Total - Importance
Total - Performance
16
2015 EAC Industry Index by Performance by Individual Service Type
The Proxy Distribution & Tabulation Services area scores well overall, slightly better than some other
services overall. Shareholder satisfaction and Basic Performance are areas that these services
providers will need to work on.
Industry in
Total
Index:
82.7
Proxy Distribution
& Tabulation
Services
Index:
85.9
Results – Proxy Distribution & Tabulation Services
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Proxy Soliciation & Advisory Services - Importance
Proxy Soliciation & Advisory Services - Performance
Total - Importance
Total - Performance
Proxy Solicitation
& Advisory
Services
Index:
86.4
17
2015 EAC Industry Index by Performance by Individual Service Type
Proxy Solicitation & Advisory Services performance scores were lower than importance scores. The
largest difference is in the area of Data Safety & Security.
Industry in
Total
Index:
82.7
Results – Proxy Solicitation & Advisory Services
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Investor Relations - Importance
Investor Relations - Performance
Total - Importance
Total - Performance
Investor Relations
Services
Index:
73.4
18
2015 EAC Industry Index by Performance by Individual Service Type
Investor Relations Services were scored lower than average in every performance category
indicating a need for improvement overall.
Industry in
Total
Index:
82.7
Results – Investor Relations Services
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Corporate Actions - Importance
Corporate Actions - Performance
Total - Importance
Total - Performance
Corporate Actions
- Mergers,
Acquisition &
Reorg. Services
Index:
85.3
19
2015 EAC Industry Index by Performance by Individual Service Type
For Corporate Actions Services users, Basic Performance and Shareholder Satisfaction are most
important. Unfortunately, the gap between importance and evaluation shows the need for better
performance in these areas.
Industry in
Total
Index:
82.7
Results – Corporate Actions Services
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Corporate Governance - Importance
Corporate Governance - Performance
Total - Importance
Total - Performance
Corporate
Governance &
Advisory Services
Index:
78.3
20
2015 EAC Industry Index by Performance by Individual Service Type
Corporate Governance Services users are less demanding than average. However, improvement is
needed in many of the important categories. Data Safety & Security and Shareholder Satisfaction
are areas with large shifts between importance and performance.
Industry in
Total
Index:
82.7
Results – Corporate Governance Services
Sponsored by:
50
60
70
80
90
100
Data Safety &
Security
Basic Performance
Work Interface
Regulatory
Environment
Response
Shareholder
Satisfaction
Institutional
Soundness
Response to Trends
& Technology
Powerful Voice
Employee Stock Plan Services - Importance
Employee Stock Plan Services - Performance
Total - Importance
Total - Performance
Employee Stock
Plan Services
Index:
76.3
21
Industry in
Total
Index:
82.7
2015 EAC Industry Index by Performance by Individual Service Type
Employee Stock Plan Services were scored lower than average in every performance category
indicating a need for improvement overall.
The Found Results – Employee Stock Plan Services
Sponsored by:
Open-Ended Questions and Responses
22
Sponsored by:
3.73%
3.73%
3.73%
4.48%
4.48%
5.97%
5.97%
5.97%
6.72%
8.21%
10.45%
11.19%
13.43%
20.90%
22.39%
28.36%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Transparency
Training
Industry consolidation
Understanding
Client needs
Timeliness
Escheatment
Differentiating service
Direct ownership decline
Service quality
Shareholder needs
Communication
Technology
Security
Cost containment
Regulatory concerns
% of all responders
23
• In the 2015 Industry Index survey, the researchers also provided respondents with a means to provide additional information.
• The following question was asked: What do you think are some of the biggest challenges facing shareholder services providers and how they
service your business?
• Results: The graph below depicts the analysis and results
from this open-ended analysis.
Sample Comments:
• “Cybersecurity, including protecting client/shareholder/issuer privacy, investments
in technology and on-going training of employees.”
• “Dealing with the rapid change in the registration of ownership of securities as well
as the advances (but not very far) in communication alternatives.”
• “Delineating their place in the spectrum and their regulatory responsibilities.
Shareholders usually see them as an extension of the Issuer, and depending on
their relationship with the issuer can have difficulty working efficiently with the
shareholder to assist them.”
• “Dwindling registered shareholders – increasing costs as a result.”
• “Efficiency and responsiveness are key. If they apply these elements in all aspects
of their business then they will have satisfactory clients and long lasting
relationship.”
• “Getting shareholder attention is the biggest challenge; they ignore physical mail
and email.”
• “Guiding issuers and shareholders through overly-complex rules and procedures
established by the SEC, stock exchanges and state law. For example, some of our
record owners were unable to vote their shares due to intricacies in the way they
held their shares (through trusts etc.) and how those records are held.”
Industry Trends – Challenges
Sponsored by:
• In the 2015 Industry Index survey, the researchers also asked for information and discussion on timely topics.
• The following question was asked: Does your company use a procurement department to review and oversee the purchase of shareholder
services providers?
• Results: The majority do not use a Procurement Department.
However, many cite a formal review process with other
areas of the company involved.
24
22.28%
68.32%
9.41%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Yes
No
Not Sure
% Use of Procurement Department
Sample Comments:
• “All external service providers are subject to our internal procurement
procedures.”
• “Bid solicitation, evaluation and selection. Works with IT department to conduct
risk assessments & analyze risks as it pertains to data security & access of
information to subcontractors & other 3rd party suppliers.”
• “Established long relationship exists and no need to reevaluate if service levels
are good.”
• “Formal RFP process and ongoing due diligence requirements.”
• “Our legal department plays a large role in the selection of service providers.”
• “Our procurement department is responsible for ensuring that we are receiving
the best value for our money.”
• “Procurement manages the contracts but the business owner drives the
selection and purchase based on their needs.”
• “Procurement provides a list of service providers. Business managers interviews
and decide on which provider to hire. Procurement finalizes the contract with
provider.”
• “Procurement use is required but ultimately, we make the decision.”
Industry Trends – Use of Procurement Departments
Sponsored by:
• In the 2015 Industry Index survey, the researchers also asked for information and discussion on topics that would help services providers
respond as needed.
• The following question was asked: If applicable to you, for your annual proxy communications, what percentage of your shareholders receive
only electronic communications?
• Results: Use of electronic communications varies widely.
25
14.71%
11.76%
4.41%
13.97%
0.74%
1.47%
7.35%
1.47%
6.62%
8.09%
12.50%
1.47%
0% 5% 10% 15% 20% 25%
0%
1-9%
10-19%
20-29%
30-39%
40-49%
50-59%
60-69%
70-79%
80-89%
90-99%
100%
% of all responders
Industry Trends – Electronic Communications
Sponsored by:
• In the 2015 Industry Index survey, the researchers also provided respondents with a means to provide additional information as the close of
the survey.
• The following question was asked: If you would like to add
any additional thoughts concerning the industry, the services
providers evaluated or any aspect of the EAC Industry Index,
please feel free to comment below.
• Results: Comments varied widely.
26
Sample Comments:
• “Our business is changing and I expect my providers to handle requests as quickly
as possible and educate the users.”
• “Escheatment issues are also hurting the industry.”
• “I would like to know the average costs of the escheatment process subsequent to
a merger (corporate action) as this is much more than our transfer agent's regular
monthly fee.”
• “A year or two ago, I would have advocated for some less archaic way of keeping
track of securities, but after all the data breaches, I think we better focus on
security.”
• “Relationship managers need to contact their clients at least once a year.”
• “Need to provide technology and processes that are easier for issuers and
shareholders to use.”
• “Cyber security must be paramount.”
• “With the consolidation in the industry, there is minimal choices in the T/A arena.”
• “Older shareholders do not use technology as their go to method for
communication, so they are frustrated easily when needing to call 800#s and get
people who have not authority. Consequently, when a service provider depends
heavily on technology to communicate with shareholders, older persons are more
likely to fall in to the unclaimed property group.”
Industry Trends – Closing Comments
Sponsored by:
For additional information, please contact
27
Beth Grudzinski
Vice President, Business Development
718.921.8200 ext 6552
bgrudzinski@amstock.com
Sponsored by:
28
APPENDIX
The 2015 EAC Industry Index is part of the EAC Industry Study, a research initiative developed by the Executive Advisory Council (EAC) and sponsored by: American Stock Transfer & Trust Company, LLC (AST) and CST Trust Company (CST).
Report © American Stock Transfer & Trust Company, LLC (AST)
Research methodology © 2015 Vincent McCabe, Inc., research administrators
.
Sponsored by:
29
Appendix
The chart below includes the tabular results of the 2015 EAC Industry Study.
Sponsored by:
30
THE 2015 EAC INDUSTRY INDEX REPORT
The 2015 EAC Industry Index is part of the EAC Industry Study, a research initiative developed by the Executive Advisory Council (EAC) and sponsored by: American Stock Transfer & Trust Company, LLC (AST) and CST Trust Company (CST).
Report © American Stock Transfer & Trust Company, LLC (AST)
Research methodology © 2015 Vincent McCabe, Inc., research administrators
.
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