What changed in this filing

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Item 1. Business

2022-08-12 compared with 2021-08-12 · 175 added, 183 removed, 245 unchanged (59% of the section changed)

Broadridge, a Delaware corporation and a part of the S&P 500 ® Index (“S&P”), is a global financial technology leader providing investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers.

With over 50 years of experience, including over 10 years as an independent public company, we provide financial services firms with advanced, dependable, scalable and cost-effective integrated solutions and an important infrastructure that powers the financial services industry.

The Broadridge Business

With over 50 years of experience, including over 15 years as an independent public company, we provide integrated solutions and an important infrastructure that powers the financial services industry.

Our solutions enable better financial lives by powering investing, governance and communications and help reduce the need for our clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities.

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Investor Communication Solutions

We provide the following governance and communications solutions through our Investor Communication Solutions business segment:

Regulatory Solutions, Data-Driven Fund Solutions, Corporate Issuer Solutions, and Customer Communications Solutions.

A large portion of our Investor Communication Solutions business involves the processing and distribution of proxy materials to investors in equity securities and mutual funds, as well as the facilitation of related vote processing.

ProxyEdge ® (“ProxyEdge”) is our innovative electronic proxy delivery and voting solution for institutional investors and financial advisors that helps ensure the voting participation of the largest stockholders of many companies.

We have implemented digital applications to make voting easier for retail investors.

We also provide the distribution of regulatory reports, class action and corporate action/reorganization event information, as well as tax reporting solutions that help our clients meet their regulatory compliance needs.

For asset managers and retirement service providers, we offer data-driven solutions and an end-to-end platform for content management, composition, and omni-channel distribution of regulatory, marketing, and transactional information.

Our data and analytics solutions provide investment product distribution data, analytical tools, insights, and research to enable asset managers to optimize product distribution across retail and institutional channels globally.

Through Matrix Financial Solutions, Inc.

(“Matrix”), we provide mutual fund trade processing services for retirement service providers, third-party administrators, financial advisors, banks and wealth management professionals.

In addition, we provide public corporations and mutual funds with a full suite of solutions to help manage their annual meeting process, including registered and beneficial proxy materials distribution, proxy processing and tabulation services, digital voting solutions, proxy and shareholder report document management solutions, virtual shareholder meeting services, and shareholder data services.

We also offer financial reporting document composition and management solutions, SEC disclosure and filing services, and registrar, stock transfer and record-keeping services through Broadridge Corporate Issuer Solutions.

We provide omni-channel customer communications solutions, which include print and digital solutions, to modernize technology infrastructures, simplify communications processes, accelerate digital adoption and improve the customer experience.

Through one point of integration, the Broadridge Communications Cloud SM platform (the “Communications Cloud”) helps companies create, deliver, and manage their communications and customer engagement.

The platform includes data-driven composition tools, identity and preference management, omni-channel optimization and digital communication experience, archive and information management, digital and print delivery, and analytics and reporting tools.

Global Technology and Operations

We are a leading global provider of business solutions for capital markets and wealth and investment management firms.

We offer advanced solutions that automate firms’ transaction lifecycle, from desktop productivity tools, data aggregation, performance reporting, and portfolio management to order capture and execution, trade confirmation, margin, cash management, clearance and settlement, asset servicing, reference data management, reconciliations, securities financing and collateral optimization, compliance and regulatory reporting, and portfolio accounting and custody-related services.

In addition, we provide business process outsourcing services (“BPO”) that support the entire trade lifecycle operations of our buy- and sell-side clients’ businesses through a combination of our technology and our operations expertise.

For capital markets firms, we help our clients lower their costs and improve the effectiveness of their businesses across the front, middle and back office.

Our core post-trade services help financial institutions efficiently and cost-effectively consolidate their books and records, gather and service assets under management and manage risk, thereby enabling them to focus on their core business activities.

Provided on a software as a service (“SaaS”) basis within large user communities, our technology is a global solution, processing clearance and settlement in over 100 countries.

Our multi-asset, multi-market, multi-entity and multi-currency solutions support real-time global trade processing of equity, fixed income, mutual fund, foreign exchange, and exchange-traded derivative s.

We process on average over $9 trillion in equity and fixed income trades per day of United States of America (“U.S.”) and Canadian securities.

With the recent acquisition of Itiviti Holding AB (“Itiviti”), we have strengthened our capabilities with a set of front-office trade order and execution management solutions, connectivity and network offerings which will integrate with our existing middle and back-office solutions.

Our comprehensive wealth management platform offers capabilities across the entire wealth management lifecycle and streamlines all aspects of wealth management services, including account management, fee management and client on-boarding.

The wealth management platform enables full-service, regional and independent broker-dealers and investment advisors to better engage with customers through digital marketing and customer communications tools.

We also integrate data, content and technology to drive new customer acquisition, support holistic and personalized advice and cross-sell opportunities through the creation of sales and educational content, including seminars as well as customizable advisor websites, search engine marketing and electronic and print newsletters.

Our advisor solutions help advisors optimize their practice management through customer and account data aggregation and reporting.

We currently support over 200,000 professionals at more than 300 financial firms with our wealth management solutions in the U.S.

We also offer buy-side techn ology solutions for the global investment management industry, including portfolio management, compliance and operational workflow solutions for hedge funds, family offices, alternative asset managers, traditional asset managers and the providers that service this space.

We earn our clients’ confidence every day by delivering real business value through leading technology-driven solutions that help our clients get ahead of today’s challenges and capitalize on future growth opportunities.

Our solutions harness people, technology and insights to help transform our clients’ businesses by enriching customer engagement, navigating risk, optimizing efficiency and growing revenue.

As financial institutions look to transform and mutualize their mission-critical but non-differentiating operational and support functions, we have the proven technology, scale, innovation, experience and, most importantly, the clients to achieve this goal and meet their needs.

We define our market opportunity in our strong and growing global businesses in both governance and capital markets, with an additional growth platform in wealth and investment management.

Our growth strategy is based on the following key components.

Our business model.

We deliver multi-client technology and business process outsourcing services primarily through common SaaS-based operations platforms.

We increasingly create layers of value by driving network benefits to our clients, providing deep data and analytics solutions, and offering a suite of digital capabilities on a single platform.

All of this translates into our core value proposition to be a trusted provider of technology and services across a range of analytical, operational and reporting functions.

Our SaaS offerings allow our clients to mutualize development expenses and our solutions integrate global data services to provide globally-consistent insight to functions and requirements within the financial services industry.

Strong positions in a large and growing financial services market.

Our technology and associates power the critical infrastructure behind investing, governance and communications.

Broadridge makes our clients stronger, and through them, we enable better financial lives for investors around the globe.

Our deep industry knowledge enables our clients to successfully solve complex technological challenges, and inspires trust among and brings novel perspectives to our clients.

While financial services firms have historically kept much of their technology infrastructure work in-house, there are two significant trends working in favor of Broadridge.

In aggregate, financial service firms globally are spending more on technology, and the respective budgets allocated are consistently growing year-over-year.

Moreover, these firms are devoting a growing percentage of this spend to third-party technology, operations, and services.

Broadridge, as a trusted outside service provider, can undertake streamlining and better integrate our clients’ infrastructure and processes.

We expect the efficiencies that result from such undertaking by Broadridge will lead to growth in the market for our solutions.

Three attractive growth platforms.

Our growth platforms address important and significant client needs as described below.

Through our integrated solutions and services and our scalable infrastructure, we believe we are best positioned to meet them.

• Governance .

We provide a strong network through our governance platform that links broker-dealers, public companies, mutual funds, shareholders, and regulators.

We continue to grow our governance solutions by continuing to transform content and delivery and improve product capabilities to drive higher investor engagement.

We aim to be an integral partner to asset managers and retirement service providers by offering data-driven solutions that help them grow revenue, reduce costs and maintain compliance.

We are also expanding our capabilities to better serve the needs of issuers and we are driving the next generation of digital communications while optimizing print and mail services through advanced technology.

• Capital Markets.

Global institutions have a strong need to simplify their complex technology environment, and our SaaS-based, global, multi-asset-class technology platform addresses this need.

As a leader in global trade management, we are driving next-generation solutions that simplify our clients’ operations, improve performance and resiliency, evolve to global operating models, adapt to new technologies, and enable our clients to better manage their data.

We plan to continue building on our global platform capabilities, enabling our clients to simplify and improve their global operations across cash securities and other asset classes.

Our recent acquisition of Itiviti, for example, allows us to expand our services across the trade lifecycle for equities and exchange-traded derivatives and grow our international reach.

We continue to develop component solutions that meet the regulatory, risk, data, and analytics needs of our clients, while also helping to drive more efficient liquidity, price discovery, and improved execution for the firms we serve.

• Wealth and Investment Management.

Wealth and investment management clients, including full-service, regional and independent broker-dealers, investment advisors, insurance companies and retirement solutions providers are all undergoing unprecedented change.

These firms are in need of partners to help them navigate the demographic shift of advisors and investors and the aging of the client experience and operational technologies that are essential to their business.

These market dynamics are driving the need to more seamlessly integrate technology and processes and the need to access data-centric digital wealth solutions to better service advisors and investors.

This can be achieved by simplifying and modernizing their complicated and interwoven legacy systems.

We believe these needs have only accelerated during the Covid-19 pandemic.

To address these demands, we have developed a holistic wealth management platform solution that provides seamless systems and data integration capabilities and enables firms to improve advisor productivity, investor experience and operational process efficiencies.

On-ramp for next-generation technologies.

Across financial services, the pace of change is only accelerating.

Our clients understand that next-generation technology is a key driving force for change and efficiency and there is a need among our client base to leverage this technology to address their critical business challenges.

However, they face obstacles in creating the right investment and, more importantly, in applying the right talent and intellectual capital, which may be focused on their most differentiating functions.

This continues to create opportunities for Broadridge to assist in the areas where we have scale and domain expertise, which includes artificial intelligence, blockchain, cloud, digital, and other new technologies.

High engagement and client-centric culture.

Broadridge is client-centric and has created and grown multi-entity infrastructures across a variety of functions with high client satisfaction.

We conduct a client satisfaction survey for each of our major business units annually, the results of which are a component of all our associates’ compensation because of the importance of client retention to the achievement of our revenue goals.

We have also built a culture where we focus on having engaged and knowledgeable associates to serve clients well, which in turn creates a real and sustainable advantage.

Supporting this excellent client delivery takes engaged associates, and we are passionate about creating an environment in which every associate can thrive and build their knowledge and skills.

All of this creates a culture that benefits our associates, our clients, and our stockholders.

The Broadridge Business

Investor Communication Solutions

The Investor Communication Solutions segment’s revenues represented approximately 77% of our total Revenues in fiscal years 2021 and 2020, respectively, which gives effect to the foreign exchange impact from revenues generated in currencies other than the U.S.

The Investor Communication Solutions segment’s revenues represented approximately 75% and 77% of our total Revenues in fiscal years 2022 and 2021, respectively, which gives effect to the foreign exchange impact from revenues generated in currencies other than the United States of America (“U.S.”) dollar.

See “Analysis of Reportable Segments — Revenues” under “Item 7.

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We also offer proxy vote solicitation services for the registered clients of fund companies, efficiently managing the entire proxy campaign.

In addition, we provide a complete outsourced solution for the processing of international proxies with the ability to process proxy voting in over 100 international markets.

In addition, we provide a complete outsourced solution for the processing of all international institutional and retail proxies, including shareholder disclosure management.

A majority of publicly-traded shares are not registered in companies’ records in the names of their ultimate beneficial owners.

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Under applicable rules, Nominees must deliver proxy materials to beneficial owners and request voting instructions.

Given the large number of Nominees involved in the beneficial proxy process resulting from the large number of beneficial shareholders, we play a unique, central and integral role in ensuring that the beneficial proxy process occurs without issue for both Nominees, companies and investors.

A large number of Nominees have contracted out the processes of distributing proxy materials and tabulating voting instructions to us.

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In order for us to provide the beneficial proxy services effectively, we interface and coordinate directly with each company and/or fund to ensure that the services are performed in an accurate and timely manner.

With respect to companies and funds, as it would increase the costs for companies and funds to work with all of the Nominees through which their shares are held beneficially, companies and funds work with us for the performance of all the tasks and processes necessary to ensure that proxy materials are distributed on a timely basis to all beneficial owners and that their votes are accurately reported.

As it would increase the costs for companies and funds to work with all of the Nominees through which their shares are held beneficially, companies and funds work with us for the performance of all the tasks and processes necessary to ensure that proxy materials are distributed on a timely basis to all beneficial owners and that their votes are accurately reported.

The SEC’s rules require public companies to reimburse Nominees for the expense of distributing stockholder communications to beneficial owners of securities held in street name.

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We provide institutional investors with a suite of services to manage and track the entire proxy voting process, including meeting their reporting needs.

ProxyEdge is our innovative electronic proxy delivery and voting solution for institutional investors and financial advisors that integrates ballots for positions held across multiple custodians and presents them under a single proxy.

ProxyEdge ® (“ProxyEdge”) is our innovative electronic proxy delivery and voting solution for institutional investors and financial advisors that integrates ballots for positions held across multiple custodians and presents them under a single proxy.

Voting can be instructed for the entire position, by account vote group or on an individual account basis either manually or automatically based on the recommendations of participating governance research providers.

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We have integrated this functionality into additional capabilities to offer an efficient fulfillment model for regulatory and compliance distributions.

We also offer a complete reorganization communications solution to notify investors of reorganizations or corporate action events such as tender offers, mergers and acquisitions, bankruptcies, and class action lawsuits.

Additionally, we offer a complete reorganization communications solution to notify investors of U.S.

reorganizations or corporate action events such as tender offers, mergers and acquisitions, bankruptcies, and class action lawsuits.

We also provide global class action services handling the identification, filing and recovery of class actions and collective redress proceedings involving securities and other financial products.

Class actions and collective redress proceedings continue to grow in volume and complexity and global recovery options vary by country, resulting in a complex patchwork of participation and filing requirements.

We provide global class action services handling the identification, filing and recovery of class actions and collective redress proceedings involving securities and other financial products.

We also offer our Mailbox products - Advisor Mailbox ™ and Investor Mailbox ® - which support and complement any investor communication strategy.

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and Canadian proxy businesses.

In 2021, with the effectiveness of the European Union Shareholder Rights Directive II (“SRD II”), we have implemented an SRD II component to our Global Proxy solution.

In 2021, with the effectiveness of the European Union Shareholder Rights Directive II (“SRD II”), we implemented an SRD II component to our Global Proxy solution.

SRD II requires banks and broker-dealers that invest in European securities to provide all investors, retail and institutional, the ability to vote, disclose shareholder information upon request and distribute meeting or corporate action notices to all customers.

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In addition, our data and analytics solutions provide investment product distribution data, analytical tools, and insights and research to enable asset managers to optimize product distribution across retail and institutional channels globally.

We also provide mutual fund and exchange-traded funds trade processing services for retirement service providers, third-party administrators, financial advisors, banks and wealth management professionals through Matrix.

Matrix’s operational, trust, custody, trading and mutual fund and exchange-traded funds settlement services are integrated into our product suite thereby strengthening Broadridge’s role as a provider of insight, technology and business process outsourcing to the asset management and retirement industry.

Our fiscal year 2020 acquisition of FundsLibrary has added the capabilities to provide fund document and data dissemination in the European market.

FundsLibrary links fund managers to distributors and investors to provide complete, accurate and timely information supporting fund sales.

The solution helps fund managers increase distribution opportunities, comply with both United Kingdom domestic and European Union regulations such as Solvency II and MiFID II, and makes information easily accessible for investors in a digital format.

FundsLibrary has been combined with the FundAssist business we acquired in 2018 to form Fund Communication Solutions.

The combined solution provides funds with a single, integrated provider to manage data, perform calculations, compose documents, manage regulatory compliance and disseminate information across multiple jurisdictions.

Through our Fund Communication Solutions business, we provide fund managers with a single, integrated provider to manage data, perform calculations, compose documents, manage regulatory compliance and disseminate information across multiple jurisdictions.

Our solution helps fund managers increase distribution opportunities, comply with both United Kingdom domestic and European Union regulations such as Solvency II and MiFID II, and makes information easily accessible for investors in a digital format.

We also provide support to fund managers with document and data dissemination in the European market.

This enables the receipt by distributors and investors of complete, accurate and timely information supporting fund sales.

Corporate Issuer Solutions

We provide governance and communications services to corporate issuers.

We are the largest processor and provider of investor communication solutions to public companies through the performance of beneficial proxy services.

We also offer disclosure solutions and transfer agency services providing corporate issuers a single source solution that spans the entire corporate disclosure and shareholder communications lifecycle.

Our governance and communications services include a full suite of annual meeting solutions:

Our governance and communications services include a full suite of annual meeting and shareholder engagement solutions:

• Proxy services – we provide complete project management for the entire annual meeting process including registered and beneficial proxy materials distribution, vote processing and tabulation through our ShareLink ® solution.

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These services provide aggregated shareholder data and analytics, shareholder delivery preferences and voting trends.

• We also offer environmental, social and governance (“ESG”) services to corporate issuers through which we help our clients identify industry best practices and advise them on aligning with leading ESG frameworks.

• Our environmental, social and governance (“ESG”) services provide consulting in support of issuers and their ESG journey.

The services include peer ESG disclosure benchmarking, ESG strategy and policy development, greenhouse gas emission assessments, and ESG and sustainability report content development.

We also offer an ESG dashboard that provides ESG consensus ratings to allow corporate issuers to assess the progress of their ESG ratings and disclosure relative to their selection of peer companies.

Our disclosure solutions provide compliance reporting and transactional reporting services for public companies, including the following:

• Proxy Materials Document Composition and Distribution – proxy and annual report design and digitization, SEC filing, printing and web hosting services.

• Annual and Transactional SEC Filing Services – typesetting, printing and SEC filing services for capital markets transactions such as initial public offerings, spin-offs, acquisitions, and securities offerings, as well as year-round SEC reporting including document composition, EDGARization and XBRL tagging.

• Annual SEC Filing Services:

proxy and annual report design and digitization, SEC filing, printing and web hosting services, as well as year-round SEC reporting including document composition, EDGARization and XBRL tagging.

• Capital Markets Transactional Services – typesetting, printing and SEC filing services for capital markets transactions such as initial public offerings, spin-offs, acquisitions, and securities offerings.

In addition, we provide transaction support services such as virtual deal rooms and translation services.

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Customer Communications Solutions

We support financial services, healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries with their omni-channel customer communications management strategies for transactional communications, such as statements and bills, marketing communications, such as personalized microsites and campaigns, and regulatory communications, such as proxy materials and explanation of benefits.

The Communications Cloud provides our clients the flexibility to implement only the modules and delivery channels needed to address their specific communication needs.

The Broadridge Communications Cloud SM platform (the “Communications Cloud”) provides our clients the flexibility to implement only the modules and delivery channels needed to address their specific communication needs.

The platform’s open application programming interfaces and self-servicing tools help our clients improve their communications systems’ efficiency and productivity.

Through the Communications Cloud, our clients can:

• leverage flexible and scalable self-service and managed service composition tools to create relevant content that drives customer action (apply, enroll, service, click, vote, pay and more);

• leverage flexible and scalable self-service and managed service composition tools to create relevant content that drives customer action;

• manage and consolidate customer profiles, preferences and consents;

• transform digital and print communications through the optimization of content across channels to accelerate delivery, reduce costs, and help our clients meet regulatory requirements and quality controls;

• store and retrieve communications with best-in-class security to manage risk;

• deliver personalized communications across channels, including interactive microsites, email, short message service, presentment, online banking and payments, personal cloud services, print and mail;

• store and retrieve communications with security to manage risk;

• deliver personalized communications across channels, including interactive microsites, email, short message service, presentment, online banking and payments, print and mail;

• gain comprehensive reporting and analytics to improve communications and increase engagement based on customer behaviors.

Global Technology and Operations

Transactions involving securities and other financial market instruments originate with an investor, who places an order with a broker who in turn routes that order to an appropriate market for execution.

Transactions involving securities and other financial market instruments can, for example, originate with an investor, who places an order with a broker who in turn routes that order to an appropriate market for execution.

At that point, the parties to the transaction coordinate payment and settlement of the transaction through a clearinghouse.

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The accurate processing of trading activity from its initial inception and custody activity requires effective automation and information flow across multiple systems and functions within the firm and across the systems of the various parties that participate in the execution of a transaction.

Our Global Technology and Operations segment provides solutions that automate the front-to-back transaction lifecycle of equity, mutual fund, fixed income, foreign exchange and exchange-traded derivatives, from order capture and execution through trade confirmation, margin, cash management, clearing and settlement, reference data management, reconciliations, securities financing and collateral management, asset servicing, compliance and regulatory reporting, portfolio accounting and custody-related services.

Our solutions provide automated straight through processing operations and enable buy- and sell-side financial institutions to efficiently and cost-effectively consolidate their books and records, gather and service assets under management, focus on their core businesses, and manage risk.

With our multi-market, multi-asset class, multi-entity and multi-currency capabilities, we provide trade processing on a global basis.

Our Global Technology and Operations business provides solutions that automate the front-to-back transaction lifecycle of equity, mutual fund, fixed income, foreign exchange and exchange-traded derivatives, from order capture and execution through trade confirmation, margin, cash management, clearing and settlement, reference data management, reconciliations, securities financing and collateral management, asset servicing, compliance and regulatory reporting, portfolio accounting and custody-related services.

Our solutions provide automated straight through processing and enable buy- and sell-side financial institutions to efficiently and cost-effectively consolidate their books and records, gather and service assets under management, focus on their core businesses, and manage risk.

With our multi-market, multi-asset class, multi-entity and multi-currency capabilities, we provide front-to-back processing on a global basis.

In addition, we provide business process outsourcing services for our buy- and sell-side clients’ businesses.

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Capital Markets Solutions

We provide a set of multi-asset, multi-entity and multi-currency post-trade, trading and connectivity solutions that support real-time processing of securities transactions in equities, options, fixed income securities, and mutual funds.

Our solutions enable global capital markets firms to access market liquidity, drive more effective market making and efficient front-to-back trade .

Our global post-trade processing platforms are provided on a SaaS basis and handle the entire securities processing cycle from order management to clearance, settlement and custody, and assists our clients in meeting their regulatory reporting and other post-trade requirements.

We offer these services to support clearance and settlement activities with direct connectivity solutions in the major markets.

We provide a set of multi-asset, multi-entity and multi-currency post-trade and trading and connectivity solutions that support processing of securities transactions in equities, options, fixed income securities, foreign exchange, exchange-traded derivatives and mutual funds.

Largely provided on a software as a service (“SaaS”) basis within large user communities, Broadridge’s technology is a global solution, processing trades, clearance and settlement in over 100 countries.

Our solutions enable global capital markets firms to access market liquidity, drive more effective market making and efficient front-to-back trade processing .

Our global trade processing platforms are largely provided on a SaaS basis and handle the entire securities processing cycle.

These services include reference data management, securities financing, securities-based lending, collateral management, trade and transaction reporting, reconciliations, financial messaging and asset servicing.

Our solutions can be deployed as a complete post-trade service as well as discrete components supporting financial institutions.

Our solutions can be deployed as a complete solution as well as discrete components supporting financial institutions.

In addition, we provide comprehensive fixed income transaction processing capabilities to support clearance, settlement, custody, P&L reporting and regulatory reporting for domestic and foreign fixed income instruments.

Our solution includes extensive support for mortgage-backed securities and other structured products.

It is a multi-currency, multi-entity solution that provides real-time position and balance information, in addition to detailed accounting, financing, collateral management, and repurchase agreement functionality.

The solution offers real-time straight through processing capabilities, enterprise-wide integration and a robust technology infrastructure - all focused on supporting firms specializing in the fixed income marketplace.

In 2021, with the acquisition of Itiviti, a leading provider of trading and connectivity technology to the capital markets industry, we now offer a set of global front-office trade order and execution management systems, connectivity and network offerings.

It is a multi-currency, multi-entity solution that provides position and balance information, in addition to detailed accounting, financing, collateral management, and repurchase agreement functionality.

The solution offers straight through processing capabilities, enterprise-wide integration and a robust technology infrastructure - all focused on supporting firms specializing in the fixed income marketplace.

With the 2021 acquisition of Itiviti Holding AB (“Itiviti”) (now doing business as Broadridge Trading and Connectivity Solutions) , a leading provider of trading and connectivity technology to the capital markets industry, we offer a set of global front-office trade order and execution management systems, connectivity and network offerings.

The acquisition adds a complementary set of solutions to our existing post-trade product suite and other capital markets capabilities.

The combination is expected to enable our clients to streamline their front-to-back technology platforms and operations and increase straight-through-processing efficiencies, across equities, fixed income, exchange-traded derivatives, and other asset classes.

The combination enables our clients to streamline their front-to-back technology platforms and operations and increase straight-through-processing efficiencies, across equities, fixed income, exchange-traded derivatives, and other asset classes.

Wealth and Investment Management Solutions

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This comprehensive wealth management platform streamlines all aspects of the service model, allowing our clients to digitally onboard customers, manage advisor compensation for multiple products and service models, and seamlessly transfer and service accounts.

We also provide solutions for reconciliations, securities lending, reference data management, and enterprise workflow management;

as well as advisor desktop applications and reporting solutions including cloud-based marketing and customer communication tools.

In addition, we provide data-driven, digital solutions to broker-dealers, financial advisors, insurers and other firms with large, distributed salesforces.

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Financial advisors and wealth management firms can tap into our digital tools and library of omni-channel content to personalize touchpoints to engage their customers and prospects across digital channels including websites, social media, e-mail and mobile.

We also provide buy-side technology solutions for the global investment management industry.

Our asset management solutions are portfolio management, compliance, fee billing and operational support solutions such as order management, data warehousing, reporting, reference data management, risk management and portfolio accounting and fee billing for hedge funds, family offices, alternative asset managers, traditional asset managers and the providers that service this space including prime brokers, fund administrators and custodians.

We service the global investment management industry with a range of buy-side technology solutions.

Our asset management solutions are portfolio management, compliance, fee billing and operational support solutions such as order management, data warehousing, reporting, reference data management, and risk management and portfolio accounting for hedge funds, family offices, alternative asset managers, traditional asset managers and the providers that service this space including prime brokers, fund administrators and custodians.

The client base for these services includes institutional asset managers, public funds, start-up or emerging managers through some of the largest global hedge fund complexes and global fund administrators.

Our solutions harness people, technology and insights to help transform our clients’ businesses by enriching customer engagement, navigating risk, optimizing efficiency and growing revenue.

Our strategy addresses critical industry needs by utilizing our leading platform capabilities.

Specifically, our growth strategy is focused on four key themes:

(i) extend our strong and growing governance business, (ii) drive further growth in our capital markets business, (iii) build next generation wealth and investment management businesses and (iv) strengthen our international business.

Our business model.

We deliver multi-client technology and business process outsourcing services primarily through a common SaaS based operations platforms.

We increasingly create layers of value by driving network benefits to our clients, providing deep data and analytics solutions, and offering a suite of digital capabilities on a single platform .

Our SaaS offerings allow our clients to mutualize key functions and thereby reduce their costs.

All of this translates into our core value proposition to be a trusted provider of technology and services across a range of analytical, operational and reporting functions.

Strong positions in a large and growing financial services market.

Our technology and associates power the critical infrastructure and services behind investing, investment governance and investor communications.

Broadridge makes our clients stronger, and through them, we enable better financial lives for investors around the globe.

Our deep industry knowledge enables our clients to successfully solve complex technological challenges, and inspires trust among and brings novel perspectives to our clients.

While financial services firms have historically kept much of their technology infrastructure work in-house, there are two significant trends working in favor of Broadridge.

In aggregate, financial service firms globally are spending more on technology, and the respective budgets allocated are consistently growing year-over-year.

Moreover, these firms are devoting a growing percentage of this spend to third-party technology, operations, and services.

Broadridge, as a trusted outside service provider, can undertake streamlining and better integrate our clients’ infrastructure and processes.

We expect the efficiencies that result from such undertaking by Broadridge will lead to growth in the market for our solutions.

Three attractive growth platforms.

Our growth platforms address important and significant client needs as described below.

Through our integrated solutions, services and our scalable infrastructure, we believe we are best positioned to meet them.

• Governance .

We provide a strong network through our governance platform that links broker-dealers, public companies, mutual funds, shareholders, and regulators.

We continue to grow our governance solutions by continuing to transform content and delivery and improve product capabilities to drive higher investor engagement.

We aim to be an integral partner to asset managers and retirement service providers by offering data-driven solutions that help them grow revenue, reduce costs and maintain compliance.

• Capital Markets.

Global institutions have a strong need to simplify their complex technology environment, and our SaaS-based, global, multi-asset-class technology platform addresses this need.

We plan to continue building on our global platform capabilities, enabling our clients to simplify and improve their global operations across cash securities and other asset classes.

Our 2021 acquisition of Itiviti, for example, allows us to expand our services across the trade lifecycle for equities and exchange-traded derivatives and grow our international reach.

• Wealth and Investment Management.

These market dynamics are driving the need to more seamlessly integrate technology and processes and the need to access data-centric digital wealth solutions to better service advisors and investors.

This can be achieved by simplifying and modernizing their complicated and interwoven legacy systems.

We believe these needs have only accelerated during the Covid-19 pandemic.

On-ramp for next-generation technologies.

Across financial services, the pace of change is only accelerating.

However, they face obstacles in making the necessary investments and, more importantly, in applying the right talent and intellectual capital, which may be focused on their most differentiating functions.

This continues to create opportunities for Broadridge to assist in the areas where we have scale and domain expertise, which includes areas such as artificial intelligence, blockchain, cloud, digital, and other new technologies.

High engagement and client-centric culture.

Broadridge is client-centric and has created and grown multi-entity infrastructures across a variety of functions with high client satisfaction.

We have also built a culture where we focus on having engaged and knowledgeable associates to serve clients well, which in turn creates a real and sustainable advantage.

Supporting this excellent client delivery takes engaged associates, and we are passionate about creating an environment in which every associate can thrive and build their knowledge and skills.

All of this creates a culture that benefits our associates, our clients, and our stockholders.

We serve a large and diverse client base including banks, broker-dealers, mutual funds, retirement service providers, corporate issuers and wealth and asset management firms.

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In fiscal year 2022, we:

• processed approximately 80% of the outstanding shares in the U.S.

in the performance of our proxy services;

• processed over 700 million equity proxy positions in the performance of our U.S.

proxy services;

• processed over 7 billion investor and customer communications through print and digital channels;

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We operate in a highly competitive industry.

Our Investor Communication Solutions business competes with companies that provide investor communication and corporate governance solutions including proxy services providers, transfer agents, proxy advisory firms, proxy solicitation firms and financial printers.

Our Investor Communication Solutions business competes with companies that provide investor communication and corporate governance solutions as well as our clients’ in-house operations.

This includes proxy services providers, transfer agents, proxy advisory firms, proxy solicitation firms and financial printers.

We also face competition from numerous firms in the compiling, printing and electronic distribution of statements, bills and other customer communications.

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As part of Broadridge’s technology strategy, we leverage traditional data center services as well as private cloud and public cloud services.

In 2010, we entered into an Information Technology Services Agreement (the “IT Services Agreement”) with International Business Machines Corporation (“IBM”), which was amended and restated in 2019 (the “Amended IT Services Agreement”).

Under the Amended IT Services Agreement, IBM performs a broad range of technology services, including supporting our mainframe, midrange, network and data center operations, as well as providing disaster recovery services.

In 2014, the Company and IBM United Kingdom Limited (“IBM UK”) entered into an Information Technology Services Agreement (the “EU IT Services Agreement”), which was amended in 2019 (the “Amended EU IT Services Agreement”).

Under the Amended EU IT Services Agreement, IBM UK provides data center services supporting the Company’s technology outsourcing services for certain clients in Europe and Asia.

In 2019, we entered into an information technology agreement with IBM for private cloud services (the “IBM Private Cloud Agreement”) under which IBM will operate, manage and support the Company’s private cloud global distributed platforms and products, and operate and manage certain Company networks.

Most of our systems and applications operate in highly resilient data centers that employ multiple active power and cooling distribution paths, redundant components, and are capable of providing 99.995% availability.

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Product Development.

We manage a diverse portfolio of products and services across our core businesses.

Our products and services are designed with reliability, availability, scalability, and flexibility so that we can fully meet our clients’ processing needs.

These applications are built in a manner that allows us to meet the breadth and depth of requirements of our financial services industry clients in a highly efficient manner.

These products and services are built in a manner that allows us to meet the breadth and depth of requirements of our financial services industry clients in a highly efficient manner.

We continually upgrade, enhance, and expand our existing products and services, taking into account input from clients, industry-wide initiatives and regulatory changes affecting our clients.

We also enter strategic relationships with clients and other third parties to accelerate product development or gain access to capabilities complementary to our product development efforts.

Intellectual Property.

We own a portfolio of more than 130 U.S.

patent and patent applications.

patents and patent applications.

We also own registered marks for our trade name and own or have applied for trademark registrations for many of our services and products.

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Our program includes encryption, data masking technology, data loss prevention technology, authentication technology, entitlement management, access control, anti-malware software, and transmission of data over private networks, among other systems and procedures designed to protect against unauthorized access to information, including by cyber-attacks.

In addition, we conduct regular security awareness training as well as testing for our employees.

Broadridge utilizes the National Institute of Standards and Technology Framework for Improving Critical Infrastructure Cybersecurity (the “NIST Framework”) issued by the U.S.

government in 2014 and updated in 2018, as a guideline to manage our cybersecurity-related risk.

The NIST Framework outlines 108 subcategories of security controls and outcomes over five functions:

identify, protect, detect, respond and recover.

To further demonstrate our commitment to maintaining the highest levels of quality service, information security, and client satisfaction within an environment that fosters continual improvement, most of our business units and our core applications and facilities for the provision of many services including our proxy services, U.S.

equity and fixed income securities processing services, and IBM’s data centers, are International Organization for Standardization (“ISO”) 27001 certified.

equity and fixed income securities processing services, and Kyndryl’s data centers, are International Organization for Standardization (“ISO”) 27001 certified.

This security standard specifies the requirements for establishing, implementing, operating, monitoring, reviewing, maintaining and improving a documented Information Security Management System within the context of the organization’s overall business risks.

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The ISO 27001 standard addresses confidentiality, access control, vulnerability, business continuity, and risk assessment.

Additionally, Broadridge is utilizing the National Institute of Standards and Technology Framework for Improving Critical Infrastructure Cybersecurity (the “NIST Framework”) issued by the U.S.

government in 2014 and updated in 2018, as a guideline to manage our cybersecurity-related risk.

The NIST Framework outlines 108 subcategories of security controls and outcomes over five functions:

identify, protect, detect, respond and recover.

We engage an independent third-party cybersecurity services and consulting firm to review our information security program quarterly and provide a quarterly report on the program to the Audit Committee of our Board of Directors.

We also have a third-party firm conduct phishing tests on our associates and perform network penetration tests.

In addition, we conduct regular security awareness training and testing of our employees.

The securities and financial services industries are subject to extensive regulation in the U.S.

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and the rest of the world are charged with safeguarding the integrity of the securities and other financial markets and with protecting the interests of investors participating in those markets.

Due to the nature of our services and the markets we serve, these regulatory bodies impact our businesses in the following various manners.

Due to the nature of our services and the markets we serve, these regulatory bodies impact our businesses in various manners.

In the U.S., the securities and financial services industries are subject to regulation under both federal and state laws.

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(“FINRA”), the various stock exchanges, and other SROs.

The Department of Labor (“DOL”) enforces the Employee Retirement Income Security Act of 1974 (“ERISA”) regulations on fiduciaries and organizations that provide services to retirement plans such as Matrix.

In addition, SEC rules require public companies to reimburse banks and broker-dealers for the expense of distributing stockholder communications to beneficial owners of securities held in street name, and those reimbursement rates as well as rates we charge for our proxy services are set by the NYSE.

The Department of Labor (“DOL”) enforces the Employee Retirement Income Security Act of 1974 (“ERISA”) regulations on fiduciaries and organizations that provide services to retirement plans.

As a provider of services to financial institutions and issuers of securities, our services, such as our proxy and shareholder report processing and distribution services, are provided in a manner to assist our clients in complying with the laws and regulations to which they are subject.

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As a provider of technology services to financial institutions, certain aspects of our U.S.

operations are subject to regulatory oversight and examination by the Federal Financial Institutions Examination Council (“FFIEC”), an interagency body of the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration.

Periodic examinations by the FFIEC generally include areas such as internal audit, risk management, business continuity planning, information security, systems development, and third-party vendor management to identify potential risks related to our services that could adversely affect our banking and financial services clients.

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At June 30, 2022, BBPO was in compliance with this capital requirement.

Matrix Trust Company (“Matrix Trust”), is a Colorado State non-depository trust company and National Securities Clearing Corporation trust member, whose primary business is to provide cash agent, custodial and directed trustee services to institutional customers, and investment management services to collective investment trust funds (“CITs”).

As a result, Matrix Trust is subject to various regulatory capital requirements administered by the Colorado Division of Banking and the Arizona Department of Financial Institutions, as well as the National Securities Clearing Corporation.

Matrix Trust Company (“Matrix Trust”), is a Colorado State chartered, non-depository trust company and National Securities Clearing Corporation trust member, whose primary business is to provide cash agent, custodial and directed trustee services to institutional customers, and investment management services to collective investment trust funds (“CITs”).

As a result, Matrix Trust is subject to various regulatory capital requirements administered by the Colorado Division of Banking and the Arizona Department of Insurance and Financial Institutions, as well as the National Securities Clearing Corporation.

Specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items, when applicable, must be met.

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In addition, in connection with the offering of CITs, Matrix Trust acts as a discretionary trustee and an ERISA fiduciary.

CITs are subject to regulation by the IRS, federal and state banking regulators, and ERISA, which impose a number of duties on persons who are fiduciaries under ERISA.

Matrix Trust is also subject to regulation by the Colorado Division of Banking and the Arizona Department of Financial Institutions which regulate the CITs pursuant to Office of the Comptroller of the Currency regulation.

Our transfer agency business, Broadridge Corporate Issuer Solutions, is subject to certain SEC rules and regulations, including annual reporting, examination, internal controls, proper safeguarding of issuer and shareholder funds and securities, and obligations relating to its operations.

Our transfer agency business has been formally approved by the NYSE to act as a transfer agent or registrar for issuers of NYSE listed securities and as a result, it is subject to certain NYSE requirements concerning operational standards.

CITs are subject to regulation by the IRS, federal and state banking regulators, and the DOL, which impose a number of duties on persons who are fiduciaries under ERISA.

Matrix Trust is also subject to regulation by the Colorado Division of Banking and the Arizona Department of Financial Institutions which regulate CITs pursuant to guidance issued by the Office of the Comptroller of the Currency regulation.

Our transfer agency business is subject to certain NYSE requirements concerning operational standards as a transfer agent or registrar for NYSE-listed companies.

Furthermore, it is also subject to U.S.

Internal Revenue Service (the “IRS”) regulations, as well as certain provisions of the Gramm-Leach-Bliley Act (“GLBA”) and the Federal Trade Commission’s (the “FTC”) regulations with respect to maintenance of information security safeguards.

In addition, certain state laws govern certain services performed by our transfer agency business.

In addition, our regulated businesses are required to comply with anti-money laundering laws and regulations, such as, in the U.S., the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001 (collectively, the “BSA”), and the BSA implementing regulations of the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S.

In addition, Broadridge Corporate Issuer Solutions complies with all applicable trade control laws and regulations, including country/territory-based sanctions and list-based sanctions maintained by the U.S.

and other jurisdictions where we do business.

Finally, state laws govern certain services performed by our transfer agency business.

In addition, we are required to comply with anti-money laundering laws and regulations, such as, in the U.S., the Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001 (collectively, the “BSA”), and the BSA implementing regulations of the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S.

Department of the Treasury.

A variety of similar anti-money laundering requirements apply in other countries.

We are also subject to the relevant aspects of regulations and guidance published by FinCEN (as discussed below), which includes the Know Your Customer (“KYC”) requirements promulgated by FinCEN.

Privacy and Information Security Regulations

The processing and transfer of personal information is required to provide certain of our services.

Data privacy laws and regulations in the U.S.

Privacy laws and regulations in the U.S.

and foreign countries apply to the access, collection, transfer, use, storage, and destruction of personal information.

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may be more restrictive and may require different compliance requirements than U.S.

laws and regulations, and may impose additional duties on us in the performance of our services.

There has been increased public attention regarding the use of personal information and data transfer, accompanied by legislation, regulations and enforcement activity intended to strengthen data protection, information security and consumer and personal privacy.

laws and regulations, and they may impose additional duties on us in the performance of our services.

There has been increased public attention regarding the use and transfer of personal information, accompanied by legislation, regulations and enforcement activity intended to strengthen data protection, information security and consumer and personal privacy.

The law in this area continues to develop and the changing nature of privacy laws in the U.S., the European Union and elsewhere could impact our processing of personal information of our employees and on behalf of our clients.

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citizens and entities, including the Company, with respect to transactions by U.S.

persons with specified countries and individuals and entities identified on OFAC's sanctions lists and Specially Designated Nationals and Blocked Persons List (for example, individuals and companies owned or controlled by, or acting for or on behalf of, countries subject to certain economic and trade sanctions, as well as terrorists, terrorist organizations and narcotics traffickers identified by OFAC under programs that are not country specific).

persons with specified countries and individuals and entities identified on OFAC's sanctions lists and Specially Designated Nationals and Blocked Persons List (a published list of individuals and companies owned or controlled by, or acting for or on behalf of, countries subject to certain economic and trade sanctions, as well as terrorists, terrorist organizations and narcotics traffickers identified by OFAC under programs that are not country specific).

Similar requirements apply to transactions and dealings with persons and entities specified in lists maintained in other countries.

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Any violations of sanctions or export control regulations or other laws could subject us to civil or criminal penalties, including the imposition of substantial fines and interest or prohibitions on our ability to offer our products and services to one or more countries, and could also damage our reputation, our international expansion efforts and our business, and negatively impact our operating results.

Processing and distributing proxy materials and annual reports to investors comprises a large portion of our Investor Communication Solutions business.

We process and distribute the greatest number of proxy materials and annual reports during our third and fourth fiscal quarters.

The recurring periodic activity of this business is linked to significant filing deadlines imposed by law on public reporting companies.

This has caused our revenues, operating income, net earnings, and cash flows from operating activities to be higher in our third and fourth fiscal quarters.

The seasonality of our revenues makes it difficult to estimate future operating results based on the results of any specific fiscal quarter and could affect an investor’s ability to compare our financial condition, results of operations, and cash flows on a fiscal quarter-by-quarter basis.

Human Capital Management

As of June 30, 2021, we had 13,704 full-time associates, of which approximately 56% were employed in the Americas, 12% in Europe, and 32% in the APAC region, where a substantial number of associates are in India.

None of our associates are subject to collective bargaining agreements and we believe that our employee relations are good.

As of June 30, 2022, we had approximately 14,300 full-time associates, of which approximately 49% were employed in the U.S.

Of the approximately 51% of associates located outside of the U.S., 34% are in the APAC region, where a substantial number of associates are in India, and 12% are in Europe.

None of our U.S.

employees are represented by a labor union.

In some countries outside the U.S., we have works councils, or we are required by local law to enter into and/or comply with industry-wide collective bargaining agreements.

We believe that our employee relations are good.

We are driven by the success of each of our associates, and we recognize that it is because of their hard work, talent and commitment that we continue to deliver outstanding results for our clients.

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At the center of our associate engagement efforts is the concept of the Service-Profit Chain, where engaged associates deliver world-class service, which creates satisfied clients and, in turn, produces strong, long-term value for stockholders.

Our human capital strategies are developed and managed by our Chief Human Resources Officer, who reports to the Chief Executive Officer, and are overseen by the Company’s Board of Directors and the Compensation Committee of the Board of Directors.

Our Board of Directors believes that human capital management and succession planning are vital to our success.

The Compensation Committee of the Company’s Board of Directors has oversight over human capital management matters, including initiatives and programs that concern our culture, talent, recruitment, retention and associate engagement.

In addition, our Chief Human Resources Officer and our Chief Diversity Officer report to our Board periodically on our initiatives and progress on diversity, equity and inclusion practices.

The Board annually reviews the Company’s executive talent including the Company’s leadership bench and succession planning.

The Board annually reviews the Company’s leadership bench and succession planning.

In addition, the Board receives regular updates on talent and other human capital matters such as culture, attrition and retention, and quarterly updates on our progress on our diversity, equity and inclusion (“DEI”) initiatives and practices, including an annual update from our Chief Diversity Officer.

The Compensation Committee’s oversight includes initiatives and programs that concern our culture, talent, recruitment, retention and associate engagement.

Diversity, Equity and Inclusion

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As a leading provider of technology, communications and data and analytics solutions to businesses around the world, it is critical that we understand, embrace and operate in a multicultural environment.

Every associate has unique strengths, which, when fully appreciated and embraced, allows everyone to perform at their best, leading to our success.

Our goal is to ensure our associates at every level of the organization better represent the diversity of the clients we serve and communities in which we work.

We are committed to advancing diversity, equity and inclusion initiatives and values into our culture.

We have an Executive Diversity Committee, chaired by our President, that meets quarterly and provides insight and recommendations on critical diversity, equity and inclusion-related opportunities and issues.

Every associate has unique strengths, which, when fully appreciated and embraced, enable everyone to perform at their best, leading to our success.

Our goal is to ensure our associates at every level of the organization represent the diversity of the clients we serve and the communities in which we work.

We are committed to advancing DEI initiatives and values as part of our culture.

We have an Executive Diversity Council, chaired by our President, that meets quarterly and provides insight and recommendations on critical DEI-related opportunities and challenges.

In addition, we support a number of associate-led employee resource groups (our Associate Networks), where associates with similar backgrounds and interests can find peer support, shape company culture, receive mentorship and sponsorship from senior members and develop their careers.

In 2020, we appointed a Chief Diversity Officer, whose role is to design and implement a holistic diversity, equity and inclusion strategy, and partner with our business units to develop the resources and competencies needed to drive this strategy.

Our Chief Diversity Officer is a member of the Executive Diversity Committee and provides regular updates to our Chief Executive Officer and executive leadership team.

We have a Chief Diversity Officer, whose role is to implement a holistic DEI strategy, and partner with our business units to develop the resources and competencies needed to drive this strategy.

Our Chief Diversity Officer is a member of the Executive Diversity Council and provides regular updates to our Chief Executive Officer and executive leadership team.

In addition, the Chief Diversity Officer serves as an advisor on global initiatives, such as our Associate Networks, and our recruitment and compliance efforts.

We provide regular updates regarding our diversity efforts and performance to our Board.

In 2022, we conducted our inaugural DEI survey to learn more about our associates’ perceptions and experiences with diversity, equity and inclusion at Broadridge.

The survey was run globally, and over 7,000 associates across 19 countries participated.

The overwhelming majority of our associates believe that 1) the importance of DEI is reflected in the priorities of Broadridge's business, 2) we were successful in advancing DEI initiatives over the past year, and 3) we create a physically and psychologically safe environment where associates feel they belong, and they are included and treated fairly.

The survey also identified some areas of focus and provided a baseline that will enable us to measure our progress over time.

Talent and Development

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One important resource we provide our associates is Broadridge University, a comprehensive suite of online courses and on-site training.

We also have a tuition reimbursement program, and we support participation in external learning opportunities.

In 2021, we launched our reverse mentoring program, which supports associate engagement and increasing a sense of belonging and inclusion by aligning associates from all levels and backgrounds (including but not limited to different generations, race, gender, ability, and sexual orientation) to serve as mentors to senior leaders.

We offer career-enhancing programs from top business schools to leaders in our Associate Networks, have a tuition reimbursement program, and support participation in external learning opportunities.

Our reverse mentoring program supports associate engagement and increasing a sense of belonging and inclusion by aligning associates from all levels and backgrounds (including but not limited to different generations, race, gender, ability, and sexual orientation) to serve as mentors to senior leaders.

We offer our technology associates with resources to supplement their work experience, including a skills inventory to identify strengths and new opportunities, and a Technology Expert Career Track, a transparent process that allows associates to grow as leaders in the organization.

We also empower associates to learn and grow as subject matter experts in the financial markets.

In turn, this enables our associates to assist our clients with their expertise and adds value to our associates’ own career development and skill sets.

Health, Safety and Wellness

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At our larger production facilities and at certain other locations, we house on-site Wellness Centers staffed with physicians, nurse practitioners and physician assistants who provide a wide variety of medical services at no cost to our associates.

As we navigate the Covid-19 pandemic, the well-being of our associates is one of our highest priorities.

As we continue to navigate the Covid-19 pandemic, the well-being of our associates is one of our highest priorities.

We have taken numerous steps in support of these priorities, including remote work for our non-production associates, and stringent safety and disinfecting measures in our facilities to mitigate the spread of the virus.

We removed economic pressure to work by providing extended leave for those who are ill, quarantined, or have a family member in a high-risk group.

The Broadridge Pandemic/Covid-19 Committee continues to track the latest developments of the pandemic.

We have deployed a task force focused on re-opening our offices to the highest safety standards, including monitoring the external environment, usage of personal protective equipment, providing financial incentives for vaccination, and other measures.

We removed economic pressure to work by providing extended leave for those who are ill or required to quarantine.

The Broadridge Pandemic/Covid-19 Committee continues to track the latest developments of the pandemic applying guidance from health authorities in the locations in which we operate.

We have deployed a task force focused on safely re-opening our offices providing personal protective equipment at no cost to associates, and we have taken other measures to ensure a safe work environment for all.

Associate Compensation and Benefits

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In addition, we offer various types of compensation, which vary by associate role and country/region, and may include annual bonuses, stock awards, and retirement savings plans.

Also, a portion of every associate’s incentive compensation is tied to client satisfaction goals, which reinforces our commitment to the Service-Profit Chain and rewards associates for their contributions to Broadridge’s overall client satisfaction performance.

In addition we offer the following benefits, which may vary by country/region:

healthcare and insurance benefits, tax efficient or savings programs, such as health and dependent care flexible spending accounts, health savings account and pretax commuter benefits or green transport tax savings schemes, paid time off, paid parental leave, quarantine and Covid leave, vaccination time off, life and disability insurance, business travel accident insurance, charitable gift matching, tuition assistance and on-site health centers, among others.

healthcare and insurance benefits, tax efficient or savings programs, such as health and dependent care flexible spending accounts, health savings account and pretax commuter benefits or green transport tax savings programs, paid time off, including volunteer time off, paid parental leave, quarantine and Covid-19 leave, and vaccination time off, life and disability insurance, business travel accident insurance, charitable gift matching, tuition assistance and on-site health centers, among others.

Associate Engagement

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The themes and insights of our associate feedback are shared with our executive leadership and has been instrumental in shaping our approach to planning for the future of our workplace.

In 2021, our employee engagement score rose 8% from 2020, and for the third consecutive year, we received U.S.

In fiscal year 2022, our employee engagement score of 77% overall favorable rating remained consistent with our 2021 score in the annual Great Place to Work ® survey, which was an 8% increase over the 2020 score.

In addition, 80% of our associates stated that Broadridge is a “great place to work,” and for the fourth consecutive year, we received U.S.

and Canada certification from Great Place to Work for our outstanding workplace culture.

We also received certification in India for the fourth consecutive year and first-time certification in the United Kingdom, Ireland, and Russia.

We also received certification in India for the fifth consecutive year and certification in the United Kingdom, Ireland, and Russia for the second year in a row.

In addition, for the first time, we have achieved Great Place to Work certification in Romania, Poland, Singapore, and Japan, and were voted one of the Best Workplaces for Women (UK).

The Great Place to Work Institute is a global authority on high-trust, high-performance workplaces.

Available Information

Our headquarters are located at 5 Dakota Drive, Lake Success, New York 11042, and our telephone number is (516) 472-5400.

We maintain an Investor Relations website at www.broadridge-ir.com.

We make available free of charge, on or through this website, our annual, quarterly and current reports, and any amendments to those reports as soon as reasonably practicable following the time they are electronically filed with or furnished to the SEC.

To access these reports, just click on the “SEC Filings” link found at the top of our Investor Relations page.

You can also access our Investor Relations page through our main website at www.broadridge.com by clicking on the “Investor Relations” link, which is located at the top of our homepage.

Information contained on our website is not incorporated by reference into this Annual Report on Form 10-K or any other report filed with or furnished to the SEC.

In addition, the SEC maintains a website (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business