What about privacy?

Privacy will be an important issue on the exchange. To see why, consider just one example of why it must be. A trade union might—with entirely good intentions—encourage its members to assign their voting rights to the union. Union members who did not comply might not want the union to know of their decision. For this and similar reasons, the exchange will not disclose to aggregators who is transferring rights to them. It will disclose no information whatsoever on the actions of beneficiaries who are not aggregators. It will not disclose the voting records of smaller aggregators. If, for example, a woman transfers her rights to her uncle, and he qualifies as a small aggregator, the exchange will not disclose to her how the rights were voted. She would have to ask her uncle how he disposed of them. If, for example, he transferred them to a professional association, she could then look up that professional association’s voting record.