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KAS BANK revolutionises voting rights with blockchain
KAS BANK, the specialist provider of securities services to the UK pension industry, is deploying the latest blockchain technology to transform how shareholders vote. Voteroom, a new app developed by the company’s in-house innovation lab, looks to streamline the complex voting process making it more secure, transparent and efficient than ever before.
In an era when insurers, pension schemes and institutional investors increasingly need to demonstrate accountability for their investment policy decisions, Voteroom promises to expedite collation of ballots and significantly improve reporting transparency. The programme will be put to the test for the first time at KAS BANK’s own General Shareholders Meeting on April 25th, 2018, where it will tackle shareholder anonymity and complex proxy voting issues. Once the testing phase is successfully completed, the app will be available to listed companies to purchase and free for shareholders to use.
KAS BANK’s tool which is built using the Ethereum framework is a further example of the Group’s commitment to using the latest technology to drive efficiencies and raise industry standards. KAS BANK sees many opportunities to deploy this technology across the pensions industry and beyond.
Pat Sharman, UK Managing Director commented: “Policymakers and trustees are increasingly looking to improve governance standards of pension schemes and we want to assist with this challenge across the investment process.
Upholding shareholder’s democratic voting rights, we identified the gap for improved efficiency and transparency when communicating shareholders’ decisions on investment policies. This initiative demonstrates our commitment to innovation and improving governance standards via the use of technology. It is encouraging to see progression of further positive pioneering data services being developed by our forward-thinking KAS LAB, not only bringing institutional schemes into the technological age but ultimately making the lives of shareholders’ far easier.”
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