Santander Conducts Proxy Voting Blockchain Pilot at AGM

Banco Santander has completed a blockchain pilot that it says improves the process of proxy voting during annual general meetings (AGMs).

For the project, announced Thursday, Santander partnered with global fintech firm Broadridge and custodian banks JPMorgan and Northern Trust, describing it in a press release as the “first practical use of blockchain” for shareholder voting.

However, it should be noted that other entities such as Nasdaq, the Abu Dhabi Stock Exchange and a group of central securities depositories, including Russia’s National Settlement Depository, have all conducted pilots, are developing systems or have launched platforms around the use case.

The Broadridge-built solution – piloted previously in April of last year – aims to improve transparency in the global proxy voting system, while also increasing security, efficiency, security and analytics, the release says.

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