Frequently Asked Questions

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Can I, as an ADS holder, attend Vodafone's shareholder meeting (called the Annual General Meeting or AGM)?

Record holders of the Company's ADSs are entitled to attend, speak and vote on a poll or a show of hands at any General Meeting of the Company's Shareholders by the Depositary's appointment of them as Proxies with respect to the underlying Ordinary Shares represented by the ADSs. Alternatively, holders of ADSs are entitled to vote by supplying their Voting Instructions to the Depositary or its Nominee, who will vote the Ordinary Shares underlying their ADSs in accordance with their instructions.

See Annual General Meeting.

Does the Company operate a Dividend Re-Investment Plan for ADS Holders?
For ADS holders, Deutsche Bank, through its transfer agent, AST, maintains a DB Global Direct Investor Services Program for the Company, which is a direct purchase and sale plan for Depositary Receipts, with a dividend re-investment facility. For additional information please contact AST.
Is there any eligibility criteria for enrolling in the DB Global Direct Investor Services Program?
Most individuals are eligible to enrol in DB Global Direct Investor Services Program. Interested investors may participate in the Plan if they already own Vodafone ADSs or non-holders may make their initial purchase of ADSs directly through the Plan. If you have any questions please contact AST.
What services are available under the Plan?

Once enrolled in the Plan, you can invest cash dividends, when paid, and make optional cash investments simply and conveniently. Optional cash investments can be made at any time. With DB Global Direct Investor Services Program you have the advantage of having your cash fully invested because all ADSs, both full and fractional, are credited to your account and earn additional dividends when paid.

How do I join the Plan if I currently hold my Vodafone ADSs in certificated form?

If you already own Vodafone ADSs in certificated form, you may deposit the certificates into your Plan account. AST will credit these ADSs to your Plan account in book-entry form. This feature protects your ADSs against possible loss, theft or accidental destruction and may save you the expense of having to replace your certificates.

What happens when I want to sell or transfer my ADSs?

ADSs owned by you, whether in book-entry or certificated form, can be easily sold or transferred through the Plan. Transfers may be effected in book-entry or certificated form. You may instruct AST to issue a certificate in your name for ADSs held in the Plan at any time.

What costs are associated with DB Global Direct Investor Services Program?
DB Global Direct Investor Services Program is administered solely by AST and not by Vodafone Group Plc. Details of the costs and fees associated with the Plan, including enrolment costs, administrative service fees and/or brokerage commissions can be obtained from AST.
Who is the Depositary for Vodafone’s ADRs?
The Depositary Bank for Vodafone's ADR program is Deutsche Bank which uses American Stock Transfer & Trust Company (AST) as its transfer agent who are responsible for maintaining and updating your holding details accurately and for helping you with the administration of your holding. All queries or instructions regarding your holdings should be addressed to AST.
How should I contact AST?

ADR holders should address any queries or instructions regarding their holdings to AST who can be contacted via post, telephone or email. ADR holders can also register to view their account balance and history and perform transactions online at

The contact details for AST are available to view on the Manage your holding page.

What is an ADR?
An American Depositary Receipt (ADR) is a negotiable instrument that represents ownership in securities of a non-US company; it is a mechanism that facilitates US trading of non-US securities. ADRs are created when a broker purchases the non-US company's shares on the home stock market and delivers those to the Depositary's local custodian bank, which then instructs the Depositary bank to issue Depositary Receipts, i.e. ADRs. In addition, Depositary Receipts may also be purchased in the US secondary trading market, on an exchange or in the over-the-counter market.
What are ADSs?

An American Depositary Share (ADS) is a share, evidenced by an ADR, that represents a specified number of underlying shares held in custody in the issuer's home market. The terms ADR and ADS are often used interchangeably. Vodafone ADSs, each representing 10 Ordinary Shares, are traded on the NASDAQ Stock Market under the VOD symbol.

ADS holders are not members of the Company, but may instruct Deutsche Bank on the exercise of voting rights relative to the number of Ordinary Shares represented by their ADRs.

What is the ratio for ADR shares?
The ratio is 1:10. 1 ADR represents 10 ordinary shares.
Buying or selling ADRs
For ADR holders, Deutsche Bank's transfer agent, AST, maintains a DB Global Direct Investor Services Program for the Company, which is a direct purchase and sale plan for Depositary Receipts, with a dividend re-investment facility. For additional information please refer to the DB Global Direct Investor Services Program section of these FAQs or contact AST.
Transferring ADRs
For information about transferring shares into another person's name, or out of a deceased holder's name, please contact AST or visit the relevant section of their website (
What are my rights as an ADS holder?

ADS holders are generally entitled to the same rights as the underlying shareholders, subject to the terms specified on the ADR certificate.

What Company documentation do ADS holders receive?

Vodafone Group Plc will file with the Securities and Exchange Commission in the US, its Annual Report (which corresponds to the 10-K for a US Corporation) and other information as required.

To obtain a copy of the Annual Report please contact AST.

When are dividends paid?

The interim dividend is usually declared in November and paid in February and the final dividend is usually declared in May and paid in August.

ADS holders are generally eligible for all dividends or other entitlements attaching to the underlying shares of Vodafone Group Plc and receive all cash dividends in US dollars.

What fees will be deducted from dividends?

Following the decision to rebase the dividend in May 2019, the August 2019 dividend fee was reduced to $0.01 per ADS. Future ADS dividend fees will be published in due course.

Further details can be found here:

Why are fees deducted from dividends?
Vodafone uses the fees it receives from dividends to offset, in part, the costs related to SEC registration, including Sarbanes-Oxley related expenses, stock exchange listing fees and administering the ADS facility.