The traditional world of General Meetings/AGMs has, for long been challenged with ensuring sufficient participation. In the traditional approach, there is significant manual intervention leading to delays. The need for enabling voting using physical ballots/votes, collection of votes from all the investors including outstation holders and evaluation of the voting results lead to delays in announcements in results. All of these challenges lead to a high cost of conducting a general meeting event.
General Meeting Services on Blockchain
Our Cloud ready, Blockchain enabled ‘General Meeting Services’ solution from Quartz – The Smart Ledgers provides a real-time digital view for shareholders, while also streamlining the operational processes involved in conducting such events – introducing automation right from the set-up of the AGM, collection and consolidation of votes, to real-time computation and dissemination of voting results on closure. The tamperproof ledger ensures sanctity of votes cast, and the technology ensures real-time access to the stakeholders.
In the post pandemic scenario, where physically assembling a group of shareholders is better avoided, adoption of online meetings is an opportunity to create a paradigm shift in this space, thereby widening real-time participation in meetings, from the comfort of their homes. Blockchain enablement of the solution also enables transparency and immutability, boosting investor confidence and meeting regulatory requirements.
The resolutions proposed and the voting results are cryptographically stored on the blockchain ensuring that it is tamper-proof. The ecosystem supports investors participating across geographies, eliminating the logistical challenges and reducing the efforts in collecting votes. Computation of voting results can be conducted immediately, and the results can be announced within a shorter timeframe.
- Immutability of records on blockchain, combined with digitization for seamless access.
- Tamper-proof voting resolutions and voting results
- Real-time view of voting status, results and resolution data for the participants in the ecosystem, ensuring greater transparency
- Audit trail for end-to-end tracking of changes to voting and resolution data.
- Data confidentiality, as each node/firm will only have access to clauses/sections relevant for them, which is essential in meeting services events
- Administration and monitoring of the ecosystem through the Command Center