BLOCKCHAIN SOLUTION
What you need to know about Strate’s e-voting plan for proxies
SA’s central securities depository aims to introduce blockchain technology by mid-2018
Strate, the central securities depository that settles stock market trades, aims to introduce a blockchain by mid-2018 that would allow e-proxy voting by shareholders of listed companies, says Tanya Knowles, managing executive of Fractal Solutions, a division of Strate. Currently, shareholders who are unable to attend companies’ AGMs have to fill in a form to submit proxy votes on resolutions. Transfer secretaries tally these votes and submit them to the company, which on that basis adopted or rejected resolutions, Knowles explains. "The blockchain solution would enable the shareholder to submit a vote online using an authorised login. This would be automatically processed, removing the potential for human error and giving the company voting results in real time," Knowles said. A blockchain is a shared and replicated ledger that exists on the internet, where each block represents transactions that cannot be duplicated or erased. Last year, cement producer PPC had to revise the votin...
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