beneficial ownership

My broker is sending me a “legal proxy” to allow me to vote my shares at the meeting. She said that I would need the legal proxy, my ID, and the March statement of accounts from the brokerage firm. I’ve heard of other ways to qualify to vote at the meeting, but some of them involve a strong reliance on the bank to provide the documentation either prior to or at the meeting.  Someone at the bank told someone else that I only need to bring the control number, from the proxy, to the meeting to be allowed to vote.  My theory is, “which way would I rather be wrong?” I’ll get the legal proxy from the broker.

It seems that my broker has little experience with this maneuver. I suppose it isn’t done that often.

10 comments on “beneficial ownership

  1. How does the bank determine, in the few minutes before the annual meeting, whether your control number has already been voted? When a “legal proxy” is issued to you, is your control number voided, thus preventing your voting electronically? But, what if you didn’t request a legal proxy, and just show up at the meeting with your control number?

    If there is not to be an alternative director nominated from the floor, I’m not sure why it wouldn’t be just as well to vote via proxyvote.com? Why go to the trouble of getting a “legal proxy” from your broker and then trying to find some bank officer at the meeting to accept your legal proxy and hand you an official ballot? Lou Ann Birkey will be busy in the receiving line, glad-handing attendees, so whom do you see?

    One annoying thing from past meetings: the bank announces that it has a majority of the proxies, so people attempting to vote at the meeting may as well go home. Sort of like calling the Florida presidential election before the polls in the panhandle, in a different time zone, are closed.

    • I can’t answer your questions and they are good ones. I also can’t disagree with anything you say. I wanted to see what how it all worked. And I’ll be at the meeting, anyway. I too, believe that it would be a lot easier to vote by proxy.com.

  2. Received my proxy today for the shares I own direct with the bank. Went out to proxyvote .com and entered the control number to look at the proxy provided. It is different than the one for shares held in street name in that it does not allow you to check a box that indicates that you want to vote your shares at the meeting. I reason from this that the control number indicates the type of ownership you have.

    Last year when I did this I handed my proxy (letter from broker authorizing me to vote the shares held in street name) to Lou Ann in the receiving line. I’m not sure she had run across this before but she took my proxy and it was not to be seen again. They must have a way to cross check because they gave a facsimile of the proxy to anyone that held up their hand that wanted to vote at the meeting.

  3. I still haven’t received a thing, and the 800-number customer service for my retirement plan has absolutely NO idea what I am talking about after many calls. How do you get let in to the annual meeting without anything to show? Let alone vote?

    • I think i would call the bank and ask that very question. Or your broker. If held by your broker, they may not have received the proxy, or they may just not have sent it to you

      • My frustration is this: I am just a regular paycheck to paycheck person who doesn’t have money, let alone some broker. I have a retirement plan that was set up thru the employer that is all just online. Employer just says call the 800 number of the retirement plan, we can’t help you – employer was the bank. It’s upsetting that everyone here assumes that everyone else has a comfortable financial situation and just trade stocks for the heck of it, making fun of each other over whether they are long, short, or other trading terminology. There ARE some “regular” people here too.

        • Is that the same retirement plan treatment that everyone at the bank gets?
          I’m guessing that most who acquired this bank stock did so as a result of employment by the bank in some form. The “traders” of this stock, I don’t know about, but there are obviously a few along with those who had no employer to set up their retirement plan for them. Some have had to set up and/or manage their own retirement plan and the bank stock may have been part of it during better times. Seems unfortunate now.

    • Your retirement plan may not give you pass-through voting rights? What happened last year?

    • If it’s like last year you will have no problem getting in. Just walk in and Lou Ann and Tom will greet you. You might want tell them how impressed you are with last years performance. They like to be recognized for their fine work.

      Find a seat, have a cup of coffee and enjoy the show. Last year we even had a person who identified himself as not a shareholder (must have come for the lunch) and he proceeded to ask a question.

  4. Received my legal proxy to vote my shares held in street name today. Received one for each account that I hold shares. I received my original proxy from the broker on May,7 and went to proxyvote.com that same day. The legal proxy I received today is dated the 8th. Not to bad of service.

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