May 29, 2009
I favor the petition — a shareholder should not be deemed to have voted either for or against a particular measure unless he/she actually enters a vote.
This action should also prohibit the related practice of some companies of placing an additional item on proxy cards that says something to the effect that it authorizes the management to vote at their discretion on any other matters lawfully introduced at the meeting, but does not provide an option for shareholders to withhold this authority. The implication (and fact) is that by submitting a proxy vote card, the shareholders has no choice in the matter but is implied to have approved any other action taken by management or management’s proxy representative at the meeting.
Lance Duncan