From what I understand some resolutions are consid
Post# of 155052
(Total Views: 578)
Posted On: 11/10/2023 8:44:21 AM
From what I understand some resolutions are considered routine and some non-routine. For routine resolutions, brokers can vote even without instructions from the shareholder. They can't do that for non-routine resolutions, though.
So if your shares are held through a broker, like is the case with most of us retail investors, your broker can vote for you on routine resolutions when you don't vote on those resolutions using your proxy card.
In this case it means that brokers couldn't vote for board members or compensation as those were non-routine resolutions, so we see broker non-votes counted, but they could vote for increasing authorized shares. If I hadn't voted, Etrade could have voted for increasing shares in my place, which is obviously what all brokers did for their customers that didn't vote.
So if your shares are held through a broker, like is the case with most of us retail investors, your broker can vote for you on routine resolutions when you don't vote on those resolutions using your proxy card.
In this case it means that brokers couldn't vote for board members or compensation as those were non-routine resolutions, so we see broker non-votes counted, but they could vote for increasing authorized shares. If I hadn't voted, Etrade could have voted for increasing shares in my place, which is obviously what all brokers did for their customers that didn't vote.
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