Proxy&Voting

Bob Schuster
theschust@yahoo.com
99.65.7.10
Submitted on 2012/02/23 at 10:08 pm | In reply to Anonymous.

You cannot vote your proxy either by mail or electronically and vote at annual meeting. That would be double voting. The ballot that you receive in the mail also called a proxy is the same as you will receive at the meeting so there would be no reason to want to vote the proxy and vote at the annual meeting.

If you receive a proxy that is because you are not the registered owner of your shares. The proxy is the form that you use to instruct the registered owner of your shares how to vote.

When you return your proxy by mail and check the box that you want to vote your own shares the registered owner of your shares sends you a power of attorney to vote his shares. (that you always thought were yours). Only at this time can you vote your shares at the annual meeting. What I have said so far only applies to persons who have bought their shares thru a broker and they are held in street name. If you bought your shares from a broker and received a stock certificate you are the registered owner and can vote them at the annual meeting. Just remember that if you receive a proxy you must indicate that you want to vote your shares and return either by mail or electronically to receive a power of attorney.

Please refer to my post “How to Elect Steve”. You will see that there is no way to vote against a director as much as we may like to. Directors vote would have to fall into 3 buckets. They would be For,Withheld or Brokers non-vote. The brokers non-vote would be all of the proxy’s that were not voted. I do not know how it will be handled at the meeting as far as allowing us to vote the regular ballot less Steve’s name or including Steve’s name.

The one thing that I feel for certain, is they will maneuver the vote as best they can to obtain the results they want.

5 comments on “Proxy&Voting

    • Let me preface my comments by saying that I am not an attorney but I have had first hand experience voting my proxy thru a power of attorney at last years annual meeting.

      The first question I would have is, do you actually have the right to vote at the meeting? If you are the registered(key word registered) owner of the shares you can vote at the meeting. Then I see no reason that you could not give a power of attorney to another person to vote your shares.

      The second question would be if you are not the registered owner but obtain a power of attorney to vote your own shares can you then give up that right to someone else? I do not know the answer to that question. I suspect that you could, but you would have to ask an attorney. Keep in mind that the bottom line of this whole exercise is to prevent voter fraud.
      If one person gives a power of attorney to another and he gives it to another I see the potential for a chain of custody problem.

      As far as an absentee shareholder voting for Steve keep in mind that the person with the most votes for wins. Withheld or Broker non-vote mean nothing in the final tally. If a director candidate in most corporations gets a disproportionately large withheld vote relative to other candidates then they usually get the message they are no longer needed and either step down or are replaced. But don’t hold your breath waiting for that to happen here.

      If you want to maximize your vote think of it this way. If you go to the polls to vote for a political candidate and there are 6 candidates running but you could only vote for 5 to be elected how would you vote to get the maximum voting power with your vote. I think you know the answer to that question.

  1. Thanks, Bob!

    Now, I too need an answer as to how a family member living on the east coast can vote his shares at the meeting w/o being there.

    • If your relative holds the stock certificate he would be the registered stockholder and all he would need to do is write up a power of attorney giving you the right to vote his shares. I wish that I had a copy of the power of attorney that I received last year. As I remember it was a brief statement that they were the registered holder of so many shares and they were appointing me as their representative to vote their shares.

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