Helping public companies and their suppliers deliver better and more cost-effective programs since 1994

Notice & access support services

The “notice and access system” has saved literally billions of dollars for public companies to date, by eliminating hundreds of thousands of tons of printed shareholder meeting materials and millions of dollars in postage each year.

Approved by the SEC in 2007 the amended proxy rules allow companies to provide proxy materials to most of its shareholders over the Internet. (Please note that some employee-plan trustees insist that some kinds of plan participants still need to receive paper documents, but most plans are OK with N&A.)

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Instead of automatically sending shareholders a hard copy set of proxy materials by mail (typically consisting of an Annual Report, Notice of Meeting, Proxy Statement and Proxy Card or Voting Instruction Form (VIF)), companies may choose instead to mail a “Notice of Internet Availability of Proxy Materials” (the “Notice”).

Information that must appear on the Notice includes the Internet website address where shareholders can access proxy materials online, instructions for requesting hard copy proxy materials by mail, telephone or email if they prefer to stick with paper, and the option to permanently elect to receive hard-copy materials for future shareholder meetings of all companies where they are shareholders.

Companies that choose the Notice and Access option are required to post meeting materials on a publicly accessible Internet web site - other than the SEC’s EDGAR Database – a rule that many companies currently flout, with impunity – which is bad, as we will see in a second. The materials should also be essentially have the same format and content of the hard-copy materials – and they should be readily “searchable” – two other rules that many public companies also flout these days…which is too bad – because a bad shareholder experience creates a risk of “killing the golden goose” that generates such huge savings when shareholders willingly give up their paper copies.

There is another bad side-effect of Notice and Access, namely the fact that many individual investors fail to vote their proxies when all the needed materials are not “pushed to them” and placed under their noses, where they can be handled as part of their normal mail-processing drill – and individual investors still vote overwhelmingly with management recommendations, which, increasingly, can make a critical difference in the outcomes.

Here’s our advice on how to max-out on the N&A savings – while also maxing-out on your individual investor vote:

First, recognize that shareholder demographics – and the related voting preferences – vary widely from company to company. At high-tech companies, voters overwhelmingly prefer the internet-only model. At older companies – which tend to have older and more old-fashioned shareholders – expect many of them to sign up to always get paper materials – or, a very bad thing, to ignore the Notice altogether.

Ask a variety of trusted providers for their advice on how best to “stratify” your mailings. Many companies still “push” paper materials to all individual shareholders, to max out on their votes. But most companies can reap big savings with minimal impact on the total vote by mailing only to shareholders with a “meaningful investment” (we say it’s a $20,000 one, but do some modeling to find a cut-off point that works best for your company) while mailing the Notice to all the really small holders. Many of these companies automatically send “full sets” to every shareholder who typically votes their proxy, regardless of size, to keep them in the fold.

Make sure that the materials you place on the website are truly “user-friendly” if you want shareholders to take the time and trouble to actually vote. Ever try to read an “Edgarized” document? Or try to scroll-through a lengthy PDF document that has no indexing features, or that is poorly or non-intuitively organized?

Make sure that your documents can be easily read on tablets and mobile devices. Many we see are NOT compatible here: Believe it or not, voting via mobile devices has been increasing dramatically every year.

We have lots of articles, with loads of practical tips on designing and delivering shareholder-friendly materials – both on paper and on the web. There are also many highly-skilled providers in this issue who can help you to “optimize” your big spending on shareholder materials… in a wide variety of ways.


Broadridge supports all proxy communications options, including Notice and Access. We will work with you to determine which distribution model offers the greatest combination of benefits for your particular situation. Many issuers will choose a hybrid approach, sending full packages to certain shareowners, while sending the Notice to others.

In addition to creating an individualized project plan, timeline analysis and notice design, print and mailing, your Broadridge representative will help you determine the breadth of services you require for implementing Notice and Access, which may include:

  • Annual Report and Proxy Statement conversions with enhanced interactive navigation for an improved user experience Customized shareowner landing page and portal
  • Web hosting
  • Inventory management, warehousing and fulfillment
  • Online options to collect shareowner future delivery preferences; paper or electronic
  • Cost benefit analysis
  • Customizable Notice templates and forms
  • Windowed notice envelopes that can showcase colorful, double-sided inserts with messaging customized to your needs
  • Voting through proxyvote®.com for beneficial, registered and employee shareowners
  • Shareowner stratification analysis based on shares, geographic region and voting criteria
  • Pre-record date shareowner mailing to identify paper or electronic delivery preference



Computershare offers an integrated notice and access service that complies with SEC requirements and provides a significant opportunity to lower future printing and mailing costs. We provide expert guidance for planning your proxy delivery strategy, plus simple, clear and direct shareholder communications and online access to materials.


Donnelley Financial Solutions

Harness the Donnelley Financial Solutions regulatory expertise, service excellence and online toolset to simplify your annual meeting process, help you better connect with your shareholders, and take full advantage of the SEC’s Notice & Access rule. Harness the Donnelley Financial Solutions regulatory expertise, service excellence and online toolset to simplify your annual meeting process, help you better connect with your shareholders, and take full advantage of the SEC’s Notice & Access rule.

A single point of contact throughout your proxy event streamlines the process.

• A dedicated project manager partners with all members of the working group to expertly manage every aspect of the issuer’s event, and determine quantities and requirements under the Notice & Access rule

• Comprehensive checklists, calendar and project plans are in place to manage each task through completion, provide clear communication throughout the process, and help you meet required deadlines

• Assistance composing the Notice of Internet Availability, mailing and merging shareholder records, printing personalized copies and hosting the materials, along with providing the platform for fulfilling full-set proxy requests from shareholders

• Custom-branded electronic voting and document-hosting sites enhance your shareholder communications

• Branded sites reflect an issuer’s image and corporate profile and complement the stylized proxy

• Custom-hosting sites are SEC-compliant, touch/tablet enabled, and designed to auto-fit wide screens, and link to social media and voting sites; they also include interactive components, such as visual image sliders, tabbed panels, reminder/info fly-outs, embedded video, and Google maps

• Telephone voting services include a dedicated 1-800 number with a customized greeting

• Real-time, online reporting provides up-to-theminute updates and an evaluation of voting results

• Master tabulator services included

• Choice to log in to the online tabulation tool or receive scheduled reports via email

• Online system reflects both voted and un-voted results

Ron Schneider Director, Corporate Governance Services



Tangelo Software

Simplify Financial Reporting with Tangelo

Easily Create Impactful Print and Online Annual Reports

Engaging, searchable online annual reports and proxy materials, accessible from any mobile device and printing-on-demand for those who still prefer printed materials.

Creating and publishing your annual report doesn’t need to be exhausting, inefficient, and tedious. Tangelo’s collaborative, cloud-based platform empowers your team to seamlessly publish print and online annual reports from a single source.

Engage investors, eliminate errors, and save valuable time. With Tangelo, you can link and sync figures directly to Excel sheets, enforce universal style guidelines, and produce polished reports without relying on an external agency.

Creating, managing, and publishing financial reports has never been easier.

Tangelo Software USA, Inc.
81 Prospect Street
Brooklyn, NY 11201