Part 1: Preparation
Below are some regulatory needs and servicing options for you to consider in planning for a smooth, efficient and cost-effective annual meeting. As you read through these items, please note Computershare can assist you throughout the meeting process by providing each of these services.
Proxy solicitation
Ever-changing corporate governance issues have made proxy preparation more complex and controversial. Obtaining shareholder approval of resolutions is increasingly more difficult, and proxy voting is under intense scrutiny. You may want to consider proxy solicitation services if you are:
- Holding a say on pay vote
- Attempting to maximize voter response
- Concerned about reaching quorum requirements
- Approving special resolutions
- Defending against dissident shareholder groups*
- Responding to shareholder proposals
*Please inform your Computershare representative if there is any indication of a contested proxy.
Having a solicitor on your side may help ensure a successful annual meeting.
Computershare’s affiliate Georgeson can help you effectively target and communicate to key shareholder groups to secure the votes you need. They specialize in complex situations, leading you through the maze of tactics, procedures and challenges involved in soliciting proxies. A leader in creating new and innovative strategies to address the full range of a company’s proxy solicitation needs, Georgeson will:
- Review your preliminary proxy materials
- Identify controversial proposals
- Recommend solutions to obtain shareholder support
- Ensure distribution of materials to ‘street name’ holders
Notice and Access
All issuers soliciting proxies under SEC rules are required to post annual meeting materials to the Internet and notify shareholders of availability. Issuers may choose to send a simple one-page notice document to shareholders – the “notice only option” - informing them how to access the company’s meeting materials on the Internet.
As full hard copy sets of materials are only provided on request, this option helps combat the rising costs of producing and delivering bulky paper proxy materials. Sending a one-page notice rather than a full set of paper materials also helps reduce your company’s carbon footprint by encouraging electronic document access.
Choosing the SEC’s notice only option can result in printing and mailing cost savings for your company. Computershare’s Notice and Access solutions offer complete, end-to-end notice and access services, including Web hosting, the design, printing and delivery of the notice document, as well as fulfillment of requests for hard copy materials made through the meeting date.
At your discretion, we can also include our FAQ educational insert with your notice mailing. Click here to view a sample.
Web hosting of materials
SEC rules require issuers to make proxy materials available on the Internet. The materials need to be in a format convenient for both reading online and printing on paper, and the web site hosting them must be fully compliant with SEC notice and access confidentiality and privacy rules.
The more user-friendly your online materials are, the more likely shareholders will access them and embrace the concept of electronic communications.
EnVision, Computershare’s electronic document presentation and hosting solution, converts original PDFs to an interactive online view of your materials. The online view enables shareholders to navigate the contents as simply as turning the pages in a book – with no need for additional software – and also provides an opportunity for you to incorporate video into your shareholder message. Holders who would like a complete copy to review offline are able to download traditional PDF files of your materials. EnVision meets all SEC notice and access privacy requirements, and can offer registered shareholders immediate access to electronic voting options, should you choose to offer them.
Financial printing and XBRL/EDGAR filings
A number of financial documents are required for your annual meeting. While the markets are continuing to transition to more web-based communications, there is still a need for printed materials. For those instances where ink on paper is required, accuracy, flexibility and cost savings are critical.
In addition to the existing rules concerning EDGAR filings of annual reports, the SEC requires all public companies file an Extensible Business Reporting Language (XBRL) exhibit with their annual reports. XBRL is a technology that relies upon the input of data tags to identify and describe information in a company’s financial statements, and is the tool used to make your financial data interactive. Used by stock exchanges around the globe, XBRL is a global standard for business reporting and is required to keep your company compliant with the SEC mandate.
Computershare Communication Services can assist you with the printing of your meeting documents, as well as the XBRL/EDGAR filing of these documents with the SEC.
Electronic delivery
The SEC allows issuers to electronically distribute annual meeting materials to registered shareholders who have consented to such delivery. Providing alternative communication options, such as electronic delivery, to your shareholders allows them to choose the option that’s right for them, thus presenting you the opportunity to increase shareholder engagement and satisfaction. Paperless delivery also saves printing and mailing costs, reducing your company’s impact on the environment.
Electronic delivery can be a cost-effective and efficient means of communicating with your shareholders.
Consider using Computershare’s electronic communications solution to notify shareholders of your annual meeting. Shareholders enrolled in electronic delivery receive an email notification when your meeting materials are available, allowing quick and convenient delivery of voting information. The email notification contains hyperlinks to your company’s annual report and proxy statement, as well as to online voting.
Registered shareholders may enroll in electronic communications on our Investor Centre™ website, or during the online voting process.
For companies that participate in our eTree® initiative, each shareholder who enrolls in electronic communications via the eTree program has a tree planted on their behalf.
Electronic voting
Using electronic voting services to complement the traditional method of paper proxy voting provides your shareholders options and convenience when voting. When shareholders vote electronically, votes are recorded immediately. Electronic voting also reduces postage costs associated with returning voted paper proxy cards.
Computershare’s InvestorVote provides around-the-clock Internet and telephone voting access for your registered shareholders. A unique single login number is assigned to each eligible voter to ensure secure user validation. Votes cast electronically, either via our proxy voting website or telephone number, are updated in the tabulation database in real-time.
In keeping with trends in investor behavior, we can offer mobile device users an optimized view of the InvestorVote website. Shareholders accessing the voting site on their handheld device are automatically directed to the mobile optimized version of the website, providing them the ability to vote at their convenience and using their preferred device.
Our standard proxy card and notice forms include a QR (Quick Response) code. When the QR code is scanned with a QR code reader on a mobile device, it brings the user directly to the mobile optimized proxy voting website.
Householding
To further reduce the number of printed annual reports and proxy statements required, the SEC permits issuers to send a reduced number of materials to two or more shareholders who share the same last name and address. Implementing this process requires completion of a consent solicitation mailing to shareholders at least 60 days prior to the proxy mail date.
Computershare can help you reduce mailing costs, by assisting with a Householding Notice mailing and consolidating multiple mail packs sent to the same address.
Part 2: Record Date/Mailing
To ensure a smooth annual meeting, all parties — you, Computershare, your financial printer and your broker distributor/proxy solicitor — must clearly communicate with each other. As you make decisions about your meeting and mailing requirements, keep in mind the various regulatory deadlines and vendor processing timelines.
Computershare’s Meeting Management tool enables our clients to generate an interactive annual meeting plan. Step-by-step instructions for using our Meeting Management tool can be found here.
Below are some of the critical tasks associated with your annual meeting dates:
Broker search
The broker search is an SEC mandated process, and must be initiated at least 20 business days prior to the record date. The main purpose of the search is to determine the number of annual reports and proxy statements required for mailing to beneficial holders.
Computershare Communication Services can manage your broker search and distribution needs. During the broker search process, we mail search cards to all banks, brokers and nominees. We then compile the response data and report back the total number of materials required so you can order the appropriate print quantities.
Should you choose another service provider, Computershare can work with any broker distributor on your behalf to alleviate some of the numerous tasks you have to perform.
Depository Trust & Clearing Corporation (DTCC) notification
You will need to prepare and send an announcement letter on your company’s letterhead to DTCC. This letter indicates critical dates and classes of eligible voting stock. The letter should be submitted to DTCC at least 7 calendar days prior to the record date; please forward a copy of the completed letter to Computershare for our files. Click here for a DTCC announcement letter template.
You must also authorize Computershare and your other third party agents (broker distributor/proxy solicitor) to electronically receive the Security Position Report (SPR) from DTCC. The authorization is required by DTCC on an annual basis to ensure only authorized agents receive this highly confidential information on your behalf. Click here for DTCC website navigation information.
Forms preparation and printing
Computershare, as your tabulator, has certain design specifications for your proxy forms. For example, the location of the voting boxes on your proxy card must be in certain areas so our in-house scanners can accurately read the voting marks made by your shareholders. The placement of the mailing address must also be in a position to show through the window of our standard mailing envelopes.
We will assist you with the design and printing of the proxy card to increase accuracy and reduce the risk of non-compliance to our print specifications. If you choose to use one of Computershare’s Notice and Access solutions, we will also assist you with designing and printing the notice document.
Click below to access samples of Computershare’s forms:
Data file formatting
For us to set up your proxy tabulation forms correctly, we require your data to be in a certain format. This is true of any vendor handling your proxy tabulation. Computershare offers a solution to take on this process. Our experts will work with you to review your external files, determine your conversion needs, and then build an automated process to handle the conversion for you. This is an optional, for fee service. You can learn more at computershare.com/proxyfilesolution.
Materials delivery and mailing
When Computershare coordinates your mailing, your relationship management team will work closely with you to ensure your mailing goes as planned. It’s important that you inform us if your materials are of an unusual size or weight, or if you have extra enclosures, so we can work with you to have appropriate mailing envelopes available. Please refer to our printing and delivery guidelines for more information.
Finally, please be advised that Computershare requires advanced payment of mailing expenses when estimated postage costs exceed $5,000. Your relationship management team will contact you with specific details, if necessary.
Reminder mailing
A follow up or reminder mailing to shareholders that were included in the original proxy mailing, but have not voted is the perfect way to help maximize vote return. These mailings may be targeted based on the number of shares and are sent using the shareholder’s preferred method of communication – mail, email or even SMS text message. Our SMS text messages include the voting deadline and a link that brings shareholders directly to the voting website for immediate results.
Shareholder file and Affidavit of Mailing
Computershare will provide you with a “certified shareholders” file. This file reflects the registered shareholders eligible to vote their shares as of the meeting record date. If we are responsible for mailing your proxy materials, we will also provide you with an Affidavit of Mailing.
You may wish to check with your company counsel to determine your specific state and bylaw requirements for having these items available on and around the time of your meeting date.
Part 3: Tabulation/Meeting
Vote tabulation
In general, your shareholders are of two types – registered holders (those who hold shares in their name through Computershare, your transfer agent) and beneficial or “street” holders (those who hold shares through a bank or broker).
Computershare tabulates the shares voted by registered holders directly. Most banks and brokers contract with Broadridge to mail and vote proxies on their behalf. The first vote tabulation from Broadridge is typically submitted electronically to Computershare 10 to 15 days prior to the annual meeting, depending on when the materials were mailed.
Many issuers have the majority of outstanding shares held through banks and brokers in “street name.” Please be aware your voting percentage may appear low until Computershare receives the first votes representing street name holdings.
Vote reporting and review
Proxy Watch, on Computershare’s Issuer Online web tool for clients, provides you immediate access to your voting status, systemic alerts and comprehensive reporting tools. If you have engaged a proxy solicitor, Computershare can work with you to grant your solicitor access to Proxy Watch.
To ensure you are on target for achieving your desired quorum percentage, we recommend a vote review at least two weeks prior to your annual meeting. If you have received approximately the same vote return as in the past, under most circumstances it is reasonable to assume you are on track for a similar return for this meeting. If your voting results appear to be lagging, contact your relationship management team to discuss options available to you. These options may include:
- Using Proxy Watch to obtain a list of your largest unvoted registered holders so you can contact them directly
- Determining the status of shares voted for institutions and brokers
- Considering a second mailing to unvoted shareholders to prompt their response
- Discussing strategies with your proxy solicitor or considering retaining one
The annual meeting
To conduct your annual meeting, several documents should be made available:
- Certified Shareholder List
- Oath of Inspector(s) of Election (signed and notarized)
- Affidavit of Mailing
- Shareholder ballot
- Proxy committee ballot
If a Computershare representative will be attending your meeting, please plan to discuss the event logistics with us, so we fully understand our role at your annual meeting. It’s also best to provide us with a copy of the script so we can discuss with you the specific types of numbers/voting results to be read during the meeting. Additionally, if our representative will be acting as Inspector of Election, it’s best to familiarize us with any speaking parts.
After the meeting, Computershare as your tabulator will provide you with a Certificate of Tabulation which shows the final vote results.
Quick References
We have put together the following quick references to help you manage the many details and requirements associated with planning an annual meeting:
- A successful shareholder meeting requires coordination between a number of parties and processes. This annual meeting responsibilities flow chart outlines the primary functions that should be performed during the annual meeting season as well as the parties responsible for those functions.
- These scheduling diagrams show the major regulatory requirements, starting at the end of the fiscal year through the annual meeting date.
- This critical activities chart lists some key tasks between your record date and mail date, as well as the associated Computershare recommended completion dates.
Please note that all timelines may vary from company to company based on your by-laws, state of incorporation, and meeting complexity. Please consult your counsel on regulatory timing requirements.
Fillable Forms
Meeting Questionnaire
EnVision™ Web Hosting Checklist
Virtual Meeting Questionnaire
Glossary
Affidavit of Mailing or Addressing
An affidavit certifying the mailing of annual reports and proxy material to all shareholders of record will be supplied to you shortly after the mail date if Computershare performs the mailing.If an outside mailing house performs the mailing, Computershare will provide an affidavit certifying the addressing of the proxy cards and/or labels. Your outside mailing facility would be responsible for supplying an Affidavit of Mailing.Ballot
See Proxy Cards
Beneficial Holders
See Street Name or Beneficial Ownership
Broadridge
Banks and brokerage firms holding securities in street name solicit proxies and deliver communications to and from beneficial (or street name) owners of securities on behalf of issuers. Banks and brokerage firms initially handled this processing on their own. However, since the 1970s, outside service bureaus have been used for this purpose. Broadridge's involvement during the proxy process begins about 65 days prior to the shareholder meeting. At that time, Broadridge will transmit to client brokers and banks data on search card and material requests. They provide the number of positions that hold the specified security. Via a return transmission, the client brokers and banks respond with the number of underlying holders. This information is relayed to the entity facilitating the broker search.On record date, Broadridge transmits a second request to the banks and brokers, asking for the name, address and share amount of beneficial shareholders as of the record date. Broadridge uses this information to distribute proxy material directly to each beneficial holder.Between 30 and 35 days prior to the meeting date, Broadridge will receive the proxy either directly from your proxy printer or your proxy distribution firm. The SEC states that Broadridge has five business days to mail this material. At this point, they will scan the proxy card into their system and reformat it to fit their generic Voter Information Form (VIF). The VIF details the proposals to be voted on, and the shareholders' names, addresses and record date share positions. The shareholders are directed to vote their shares either by completing the VIF and mailing it back to Broadridge or via electronic voting. The VIF contains a box to be checked in the event that the shareholder wishes to attend the shareholder meeting and vote their shares directly. Upon receipt of the marked VIF, Broadridge will issue a legal proxy to the underlying holder for their record date share amount.If Broadridge has done the proxy mailing 25 days or more prior to the meeting date, they will transmit their first vote to Computershare 15 days prior to the meeting. If the mailing commenced less than 25 days prior to the meeting, their first vote will be transmitted 10 days prior to the meeting date and daily thereafter. On the day of the meeting, we will receive a morning vote tally. All votes are transmitted electronically.Broker Search
The Securities and Exchange Commission (SEC) requires that corporations mail an inquiry (search card) to all banks, brokers and nominees at least 20 business days prior to the record date for an annual shareholder meeting. The recipients are required by SEC regulations to respond to this inquiry no later than seven business days after receipt of the search card. If this time is impracticable for a special meeting, the search card needs to be sent as early as possible in order to provide the recipients with enough time to gather the pertinent data.
The search card provides the recipients with the key dates of the upcoming meeting (record, mail and meeting date). It informs the recipients where to forward broker invoices for payment and request copies of all respondent bank omnibus proxies. The search card also inquires if a listing of non-objecting beneficial owners (NOBOs) will be provided in the event that the distributor has been contacted to conduct a solicitation of the proxy votes. Also refer to definition under "street name" or "beneficial ownership.
Discretionary Voting
In order for brokers to vote at their "discretion," as stated below, the proxy materials must have been mailed to the underlying holders no less than 15 business days prior to the meeting. If they have not received the vote from the underlying beneficial holder beginning on the tenth day prior to the meeting date, they have the authority, at their discretion, to vote with management on those shares they have not received.
Discretionary authority can be exercised only on "routine" proposals. An example of a routine proposal is the appointment of the company's auditors. On "non-routine" proposals, the brokers must receive direction from the underlying shareholder or the shares cannot be voted.
Brokers generally will not wait until all underlying shareholder directions are received when voting on proxies that contain both routine and non-routine proposals. Instead, the vote delivered to the tabulator will provide direction for the uninstructed shares on only the routine proposals.
Example: Brokerage & Company owns 100,000 shares of XYZ Corporation on the record date. The tenth day prior to the meeting they have not received direction from underlying holders owning 20,000 of the record date shares. XYZ Corporation is voting on three proposals. Proposals 1 and 3 are non-routine; proposal 2 is routine.
The vote that Brokerage & Company issues to the tabulator would be as follows:
The entire 100,000 shares would be counted toward quorum for the meeting and would be voted in favor on Proposal 2. The vote of Proposals 1 and 3 would reflect 80,000 shares in favor with the remaining 20,000 shares being "delivered not voted"or as a "broker non-vote." As Brokerage & Company receives directions from the underlying holders, they will issue additional or revised votes to the tabulator.
Dodd-Frank
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Barack Obama in July 2010. A result of the financial crisis of 2008, the law is a large-scale overhaul to financial and corporate governance regulations. Most notably for annual meeting and proxy needs, the law requires say-on-pay votes, giving shareholders more control over executive pay and golden parachutes.
Electronic Voting - Telephone and/or Internet
A mechanism by which your shareholders are able to vote their proxies via either telephone or the Internet. Each requires the use of a control number. Additional legal requirements may be necessary. Please consult your relationship management team for specific requirements and samples.
Expedited Mail
Computershare uses expedited mail for any eligible proxy or other flat mailing that would otherwise be sent via First Class mail, providing you with significant cost savings and other benefits. Expedited mail provides: delivery within 2 to 5 days, and 8% to 20% cost savings.
Inspector(s) of Election
A representative of Computershare can serve as the Inspector of Election for your shareholder meeting. The Inspector of Election handles the voting at the meeting, and will certify the final results of the tabulation. Having Computershare provide this service is especially useful if you anticipate a large amount of voting at the meeting or if there are any controversial issues on the proxy ballot. After the meeting, Computershare will prepare and deliver to you a final Certificate of Tabulation.
Majority Voting
The majority vote was introduced as an alternative to plurality voting. It requires a higher threshold, such as a majority of shares entitled to vote for the directors or a majority of the shares present and entitled to vote at the meeting in person or by proxy. A failed election would not occur by virtue of abstentions or broker non-votes.
Notice and Access Rules
The "Shareholder Choice Regarding Proxy Materials" rule (Release 34-56135) and the SEC's earlier "Internet Availability of Proxy Materials" rule (Release 34-55146) require issuers to post annual meeting materials on the Internet and allow them to send holders a simple one-page notice with access instructions, rather than a full proxy package, without obtaining prior consent. For more information about this notice and access option and Computershare's Notice and Access solution, please contact your relationship management team.
The SEC's Shareholder Choice Regarding Proxy Materials rule also requires issuers to post annual meeting materials to the Internet and inform holders of availability. The rule became effective January 1, 2009.
No Vote (Broker Non-Votes)
A broker "non-vote" occurs when a broker holding shares for a street name owner votes on one proposal but does not vote on another proposal because the broker does not have discretionary voting power for that particular proposal and has not received voting instructions from the beneficial holder.
Non-Objecting Beneficial Owners (NOBOs)
See Street Name or Beneficial Ownership
Non-Routine Proposals
Non-routine proposals are matters on which brokers may not vote beneficial owners' uninstructed shares, i.e., they cannot exercise their "discretionary voting" authority on non-routine proposals. The NYSE has created a list of categories that they consider as non-routine. Categories include: election of directors, proxy contests, mergers and consolidations, authorizations or increased authorizations of classes of preferred stock, authorizations or issuances of stock or stock options to directors, officers, or employees, authorizations of property mortgages, etc. As a general rule, the goal of the NYSE has been to not allow the broker to vote on any proposal that substantially affects the rights and privileges of shareholders.
ALSO SEE ROUTINE PROPOSALS AND DISCRETIONARY VOTING
Oath of Inspector(s) of Election
Each Inspector of Election is required to sign an oath stating one's faithful execution of duties, with strict impartiality and to the best of one's ability. Computershare can provide this oath fully executed if a Computershare representative is an Inspector of Election at your shareholder meeting.
Objecting Beneficial Owners (OBOs)
See Street Name or Beneficial Ownership
Omnibus Proxy
An omnibus proxy is a signed statement from a depository or a bank releasing voting authority for shares held in its nominee name. The two main types of omnibus proxies are the depository proxies and the respondent bank proxies. Each depository proxy provides a list of all the banks and brokers who hold shares under their nominee name and authorizes the tabulator to accept the votes for these shares directly from the underlying participants.
For example, the Depository Trust Company (DTC) holds shares for participants such as Merrill Lynch, Charles Schwab and State Street Bank and Trust Company. The omnibus listing from the depository shows the name of each participant and the share position that each held on the record date.
Respondent bank proxies function in the same manner as the depository proxies. Many of the larger banks that hold stock are actually maintaining the positions for smaller or recipient banks.
The respondent bank proxies provide the names and corresponding share positions for each underlying respondent bank and authorize the tabulator to accept the votes for these shares directly from the underlying bank.
Plurality Voting
Currently directors are elected by plurality of the votes cast by the shares entitled to vote. In the context of election for directors "plurality vote" is well understood to mean the receipt of the most votes for a nominee or nominees without regard to the number of votes against or not cast.
Proxy Cards
Shareholders use the proxy card to direct the vote on their shares. The shareholder executing the proxy card grants the proxy committee named on the card the power and the direction to vote the shares on each proposal. Shareholders who attend the meeting may wish to vote their shares by ballot directly instead of through the proxy committee.
Ballots should be made available at the meeting to accommodate these shareholders. A ballot lists each proposal and resembles a proxy card; however, it does not include the text assigning power of proxy to the named proxy committee.
Routine Proposals
Routine proposals are matters on which brokers can vote shares they hold in street name, when they are not given shareholder input on how to vote. Among the matters the NYSE considers as "routine," and thus eligible for broker-voting, are the ratification of auditors and the increase in authorized common stock if there are no specific plans for the increased shares.
ALSO SEE NON-ROUTINE PROPOSALS AND DISCRETIONARY VOTING
Say on Pay (SOP)
An advisory shareholder vote on executive compensation.
Say When on Pay (SWOP)
An advisory shareholder vote on whether the frequency of approving executive compensation will occur every 1, 2 or 3 years.
Say on Golden Parachute
An advisory vote to approve the golden parachute compensation arrangements required to be disclosed under Section 14A(b)(1) in connection with mergers and similar transactions.
Second Mailing to Shareholders
A subsequent mailing to unvoted accounts may occur if there is a close vote. If this occurs, it is typically three weeks prior to the meeting date. The second mailing generally consists of a company letter, a proxy card and a business reply envelope.
The mailing is sent to registered and/or street name holders in an attempt to secure additional proxy votes. This process can be very important for companies voting on non-routine proposals.
Shareholder Files and Reports
We will provide you with a record date file of registered shareholders shortly after the record date for your meeting. Please note that certain state laws require that a file be available for inspection ten days prior to the meeting date, in the city in which the meeting is being held. A copy of this file should be brought to the meeting as well, either in electronic form, or as a paper copy if you choose to print it.
Additionally, a final file reflecting how each shareholder has voted on each proposal will be produced shortly after the meeting date. In advance of the meeting, Computershare can also provide a full range of management reports, such as a statistical analysis, a list of your largest holders and unvoted shareholder lists. Your relationship management team can work with you in determining which reports best suit your needs.
Solicitation of Proxies
The same firm that has conducted the broker search and distribution of proxy materials normally performs the proxy solicitation. Proxies are solicited from registered holders, banks, brokers and nominees in an attempt to secure a favorable vote for the company and ensure the client a successful shareholder meeting. This process is very important when a non-routine proxy proposal is on the ballot.
Georgeson will be able to advise on and perform a solicitation of proxies. Contact your relationship management team for additional information on these services.
Standard (Bulk) Mail
Many companies mail their proxy materials via Standard (bulk) mail (formally known as third class bulk). The savings could be significant depending upon the size of your mailing; however, this type of mailing requires additional lead-time and coordination. Typically, Standard (bulk) delivery may take up to three weeks to reach the recipient. If you plan to mail via bulk rate, we suggest mailing at least six weeks prior to your meeting date to avoid any negative impact on your vote.
Street Name or Beneficial Ownership
Shareholders may opt to hold their shares in their brokerage accounts. This form of ownership is often referred to as "street name" ownership. The shares on the books of the corporation would be registered in the name of the bank, broker or nominee through which the shareholder holds stock. A majority of all outstanding shares are held in street name.
Shareholders who opt to hold their shares in "street name" are given the option of having their name provided to the corporation upon inquiry. Those who allow their names to be released are referred to as non-objecting beneficial owners or NOBOs. Those choosing not to have their names released are referred to as objecting beneficial owners or OBOs.
Corporations can utilize the services of a broker distributor/proxy solicitor to request that a search of non-objecting beneficial holders be conducted for them.