Feedback for Management, page-21

I believe if found some strong argument in support of the my previous comments that I made.

Even when we look at the following groups:
The registered holder (often a nominee or custodian);
The investment manager (usually fund managers); and
The beneficial owner (often superannuation or pension funds).

What are their clients main concerns, it’s the fees and returns and definitely not how these representatives vote.
So basically they have waived their voting rights and its purely the decision of who is managing their investments.
I believe that allocating just one vote is valid!

This following snippets is out off and article about who owns our four big banks.
Who Really Owns the Big Four Banks?  By Andrew  Boyd.

Custodians’, by definition, hold customers’ securities for safekeeping, in addition to offering other services such as account administration and collection of dividends and interest payments, for a fee. They are not active participants in decision-making. It would be wrong to imply that by having a 17% stake in Westpac, for example, HSBC also has 17% of the vote: as a custodian, HSBC only processes the proxy votes of the customers for whom it holds the shares—and these customers could be large sovereign wealth funds, or a board member of Westpac, or a family-owned business in Sydney. Discrepancies in proxy voting do occur, and many uneducated investors aren’t even aware they can cast votes. But in principle, HSBC, in a custodian role, acts only as the messenger, not the decision-maker..........

Unknown owners?
On a different note, however, that 17% stake HSBC’s custodian arm has in Westpac could, in theory, represent just one person—or four big investors—buying through a variety of mutual funds, each of which has HSBC as their custodian. It’s a stretch, and it would have to be a very rich group of individuals, but it is possible.
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So, how does BOQ management confirm that these votes are valid under the poll voting system?

At best they should allocate them just one vote each!

My recollection is I don’t get a voting option on the remuneration package, when electing member’s in my Super company!  

Maybe,  I could instruct my super on how I want them to vote as my representative when the vote in other companies.

Radicool Views