More than 160 Canadian issuers have adopted the new notice-and-access approach to disclosure for the 2013 proxy season, according to Broadridge Financial Solutions, Inc.

The investor communications firm also reports that, in the first season since Canadian securities regulators have allowed issuers to provide electronic access to proxy information instead of automatically mailing it to all shareholders, that shareholder voting rates were largely unaffected. It says that, on average, companies that adopted “notice and access” maintained, or slightly increased, voting participation rates for both retail and institutional shareholders.

The new process aims to help firms reduce costs (such as postage and printing), and Broadridge says that firms could also enrich shareholder engagement by providing online access to proxy-related information and electronic voting. It reports that 84% of all shares voted were cast electronically. And, overall, it says that the total shares voted during the 2013 proxy season rose to 43% from 42% the previous year.

“Broadridge’s priority is to help our clients achieve higher levels of transparency, efficiency, and shareholder engagement. The introduction of the new ‘notice and access’ solution is aligned with these goals, and we are uniquely positioned to support corporate issuers that want to take advantage of the option,” said Donna Bristow, vice president, client management and strategic product development, investor communication solutions, Canada, Broadridge.

Broadridge notes that it is planning to conduct road shows in early November in Vancouver, Calgary and Toronto to help issuers determine whether to adopt the “notice and access” model.

It also says that it recently introduced a calculator for corporate issuers to help determine estimated savings from using this new approach. The cost of “notice and access” print and postage averages 86¢ per proxy package, it reports, compared to the average cost of a traditional package, which is $4.99.