Broadridge Releases Draft XBRL Proxy Statement Taxonomy for Public Comment
Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the posting for public comment of draft interactive proxy statements utilizing Extensible Business Reporting Language (XBRL). Broadridge is seeking feedback from investors, public companies, and others on the potential usefulness of the draft taxonomies for shareholder communications and proxy voting purposes. The application of XBRL to proxy statements has the potential to enhance the usefulness of data contained in regulatory filings.
The proxy statement taxonomies are intended to capture a wide range of basic facts required to be disclosed by public companies in filings with the U.S. Securities and Exchange Commission (SEC) on an annual basis. XBRL is a language for the electronic communication of business and financial data. Instead of treating financial information as a block of text -- as in a standard internet page or a printed document -- XBRL provides an identifying tag for each individual item of data.
Bob Schifellite, President of the Investor Communication Solutions segment of Broadridge, said, “We believe interactive proxy statements are a logical next step in communications between public companies and their shareholders. As a leading technology solutions firm, we are excited about the potential to provide investors with qualitatively improved information in cost-effective ways. We hope to stimulate public dialog on the usefulness of the draft taxonomies.”
Broadridge will collect comments for two months ending on January 31, 2008. The taxonomy usage guide, architecture, requirements, coding “schema,” and procedures for providing comments are posted on the Company’s website at https://myservice.broadridge.com/XBRL.
Broadridge Financial Solutions, Inc., formerly ADP Brokerage Services Group, with over $2.0 billion in revenues and more than 40 years of experience, is a leading global provider of technology-based outsourcing solutions to the financial services industry. Our systems and services include investor communication, securities processing, and clearing and outsourcing solutions. We offer advanced, integrated systems and services that are dependable, scalable and cost-efficient. Our systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. For more information about Broadridge, please visit www.broadridge.com.
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2007 (the “2007 Annual Report”). Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the 2007 Annual Report. These risks include: the ability of Broadridge to develop brand recognition and its reputation with its clients and employees following its separation from Automatic Data Processing, Inc., (“ADP”) in March 2007; Broadridge’s success in obtaining, retaining and selling additional services to clients; the pricing of Broadridge’s products and services; the incurrence of additional costs attributable to Broadridge’s operations as a stand-alone public company; Broadridge’s ability to continue to obtain data center services from its former parent company, ADP, as well as to obtain transitional services from ADP for up to one year from the date of Broadridge’s March 2007 spin-off from ADP; changes in laws affecting the investor communications services provided by Broadridge; changes in laws regulating registered clearing agencies and broker-dealers; Broadridge’s debt levels and financing costs, including the impact of its credit ratings on such costs; financial market activity; changes in technology; availability of skilled technical employees; the impact of new acquisitions and divestitures; competitive conditions; and overall market and economic conditions.
Broadridge disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
XBRL, eXtensible Business Reporting Language, is a language for the electronic communication of business and financial data. It provides benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. Companies can use XBRL to minimize costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyze data much more rapidly and efficiently if it is in XBRL format. For more information about XBRL, please see www.xbrl.org.
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