Bank Santander uses Blockchain for the voting process.
Spanish banking conglomerate Banco Santander announced that it used the blockchain technology for investors to vote at its annual general meeting (AGM).
The pilot was executed in collaboration with the Fintech company Broadridge, as well as with J.P. Morgan and Northern Trust as custodian banks, on March 23. The participation of the Corporate Services of Banco Santander was also seen as an agent of Santander’s issuer and blockchain laboratory.
The Blockchain technology was used to produce a digital registry “in the shadow” of proxy voting that takes place during the AGM of Santander using the conventional voting model. The technology improves the overall transparency of proxy voting and increases operational efficiency, security and analysis, according to the statement.
Luis Antonio Pérez, head of corporate services at Banco Santander, said: “The blockchain technology has improved efficiency and transparency in the process of tabulation of votes and reception, which will close the gap between everyone in the process.”
During the voting process, Santander’s institutional investors could see how their votes could be counted and confirmed much more quickly through the use of blockchain technology, compared to the traditional voting process. Participation in the new platform amounted to 21% of the total that participated in the AGM.
“The Annual General Meeting is one of the most important corporate governance events for any listed company. In the case of Santander, with a very fragmented capital, it is very important to ensure the participation of investors and shareholders, and this year using blockchain technology for institutional voting has been of great help in terms of transparency and agility throughout the life cycle of the vote,” said Sergio Gámez, global head of Investor Relations and Shareholders of Banco Santander.
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