New shareholder voting prototype serves as next step in TMX’s emerging digital strategy
TMX Group (TSX: X) announced a new Distributed Ledger Technology (DLT) prototype as part of its strategy to maximize efficiencies and solve day-to-day client challenges across its various business areas.
The company developed the electronic shareholder voting system prototype based on DLT, more commonly known as blockchain technology, in collaboration with Accenture, a leading global professional services company.
Designed as a public company solution for TSX Trust, TMX’s transfer agency and corporate trust services provider, the E-Proxy Voting System prototype aims to significantly improve the efficiency and accuracy of the voting process during annual shareholder meetings, while also enhancing security through advancements in cryptography. The introduction of a blockchain-based system will also help increase engagement in corporate governance actions by removing the need for shareholders to be physically present during the voting process. Accenture was engaged by TSX to provide design and development consulting services to create the prototype.
TSX Trust is excited to be at the forefront of meaningful progressive change in our industry and to provide our valued clients with leading edge tools to enable them to better serve their shareholders and fulfill their public company obligations,” said Loui Anastasopoulos, President, TSX Trust and Managing Director, TSX Company Services, TMX Group.
John Lee, Vice-President, Innovation and Enterprise Delivery, TMX Group added:
TMX is proud of the work we have done with our innovative partners at Accenture to develop this blockchain prototype. We continue to explore ways TMX can leverage these new technologies in pursuit of tangible, transformative business solutions for our clients.
Leading-edge exchanges around the world are embracing the potential for blockchain technology to reinvent client services,” said David Treat, managing director of Accenture’s financial services industry blockchain practice. “TMX’s approach aligns with our vision and commitment to making blockchain technology a paradigm-shifting reality within the capital markets sector.