Banco Santander, the Spanish bank with a leading position in fintech innovation, has revealed that it introduced blockchain technology to its investor voting process at this year's AGM.
Working in collaboration with Broadridge, a US-based fintech specialist, Santander's blockchain pilot allowed investor votes to be counted far quicker than what is achievable via conventional methods.
Businesses are chasing solutions ahead June 2019's European Directive on Shareholder Rights, which will require sharing information among intermediaries on the same business day.
According to a statement from Broadridge, its Quorum blockchain platform 'enhances global proxy vote transparency and increases operational efficiency, security and analytics, which is beneficial for investors, issuers, agent banks and custodian banks'.
"The Annual General Meeting is one of the most important corporate governance events for any listed company," said Sergio Gámez, global head of Shareholders and Investor Relations at Banco Santander.
"In the case of Santander, having very fragmented capital, it is very important to ensure the participation by investors and shareholders, and this year using blockchain technology for the institutional vote has been a great help in terms of transparency and agility across the vote lifecycle."
Patricia Rosch, president of Investor Communication Solutions, International at Broadridge, added: "The successful completion of a second pilot along with the next phase of our blockchain-based proxy voting solution demonstrates Broadridge's continued commitment to developing innovative technology solutions."