What is the difference between the registered holder and the beneficial ADR holder?
A registered holder is one whose name appears on the books of the depositary. The registered holder is considered the owner of record. Registered owners hold physical ADR certificates issued by the Depositary Bank and receive dividends, and proxy materials directly from The Bank of New York Mellon A beneficial holder is one whose holdings are held in a name other that their own, such as in the name of a broker, bank or nominee. Major benefits of this ownership are the elimination of problems associated with paper certificates – such as storage safety of securities or cost and inconvenience of replacement. Investors purchasing ADRs through a broker who wish to become registered owners must specifically direct the broker to register these shares with the ADR depositary. If you choose to have a certificate issued please contact The Bank of New York Mellon.
