Can the brokerage vote my shares if I don't vote?

From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Can the brokerage vote my shares if I don't vote?
Date: Tue, 8 Dec 1998 00:39:56 -0500 (EST)

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One of the Waterhouse Securities' customer rep. told me this:  For securities
registered in "street name", if I don't vote my shares, THEORETICALLY (under
SEC rules) the brokerage house can vote my shares.

Does any one know whether this is true or false?

[It seems to me that the brokerage house is a nominee owner; and as such they
shouldn't be able to vote unless they are directed to do so by the
beneficially owner.]

TIA

Chen



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