Proxy Voting Future-state benefits Distribute proxy statement Review proxy statement Cast vote 1 Investor Corporation Investment Proxy Cast Details Name Records statements vote Proxy Proxy 7 5 6 statement statement 3 2 Online 4 Investors or Smart Results Corporation Smart contract Investors Investors or Analyse potential contract released voting impact or Provide notice that Validate votes by proxy statements are Mail comparing to ownership accessible by investors Regulator data Future-state benefits 1 Disintermediation: since all investment 3 Improved accessibility and participation: 5 Automated validation: smart contracts can records are stored on DLT, partnerships with DLT can increase the mechanisms that can ensurethat voting is aligned to share a third-party organization and intermediaries be used to access proxy statements (e.g. ownership at the time of the vote are not required; a smart contract can notify native mobile applications) 6 Increased transparency: depending on regulators of proxy statement availability 4 Future automated analyses: in the proposed requirements, voting data could be made and ensure distribution to investors future state, the current proxy statement available to the corporation and/or voters in 2 Streamlined distribution process: DLT can format will continue to be distributed to real time reduce the costs associated with printing investors, but future implementation can 7 Improved accessibility and participation: and mailing proxy statements(difficult to enable investors to conduct personalized, DLT can increase mechanisms used to cast compute savings since investor must “opt- automated analyses votes (e.g. native mobile applications) in”) WORLD ECONOMIC FORUM | 2016 107