If we can't vote individually, can you confirm a 'broker non-vote' on all your registered shares?

I know you are working on the process of allowing individuals to vote on their stock that they own with you. In the shorter term, ss per this broker in Sweden, can you arrange to register a ‘broker non-vote’ on all your shares being held collectively for a particular company?

Yes this is relating to GME stock.

It would be great to hear your response when considered.

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Out of interest what does the broker non vote do in this case?

With T212 they just hold an onimbus account at Interactive Brokers. So their account might show 10,000 TSLA shares on it, and I assume they just get one vote in total as if it was you or me with an account with IB.

It’s T212 database that is showing who owns how many of that 10,000.

So I assume the key issue is that T212 has thousands (10s thousands) that hold TSLA via themselves and only get one voting right :man_shrugging:

@David @Y.M

Generally, investors in stocks do their investing through brokerage accounts with intermediary entities, such as brokers and banks. The intermediaries purchase shares on behalf of their clients. When such a purchase occurs, the intermediary is listed as the record owner of the shares. This is also referred to as street name since the intermediary owns the shares on behalf of its client. The client is known as the beneficial owner of those shares.

A broker non-vote occurs when the entity holding shares in street name has not received voting instructions from the beneficial owner and either chooses not to vote those shares on a routine matter at the stockholders meeting or is not permitted to vote those shares on a non-routine matter (NYSE Regulation Rule 452 and NYSE Rule 402.08, Listed Company Manual).

So they would register the shares exist at the vote, but they have not been able to obtain instruction from the individuals in how to vote.

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Good idea. T212, can we get this organised? Would generate a fair bit of positive-vibes from your userbase, I’m sure!

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So is this just about making sure the quorum is established?

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Not from my perspective. My intention is that in the interim until T212 can provide us proper proxy voting rights then by registering a non-vote they at least are confirming the number of shares they hold on behalf of their members so accurate reporting can be done.

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This needs to be done!!! T212 you have a duty to your customers and we want our votes to be registered!!! Please do this soon!

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Seems that eToro have also implemented a temporary allowance for this requested feature.

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Hey,

That has been a hot topic recently, and we are evaluating the options to provide voting rights for GME. Yet, we are still waiting for updates, and at this point, we cannot guarantee if this will happen.

Nevertheless, we will make sure to keep you updated.

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Hi Hris,

Thanks for the reply and that is very good to hear. I know this is a sudden topic of interest that has hit a lot of different brokers on the hop. I think if this solution was offered in the short term, in time for this years AGM voting cut off, it would placate your customer base till further proxy features could be fully rolled out.

Appreciate the work you guys are doing on this.

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Hey Hris, thanks for keeping us in the loop, I know a lot of us would be very grateful if T212 could make this happen (at least the broker non-vote)!

Thanks for the update, Hris. Glad it’s on the radar. Hope you and your colleagues can get something sorted.

Thanks for working on it.

Have over a thousand shares and would like to excercise my voting rights, if possible.

eToro managed to enabled their users to vote from today! Maybe you want to put a higher priority on this issue.

I mean I have no personal interest in this, but surely if it can’t be integrated on the platform in time, some kind of Google sheet could be set up to record the votes and Trading 212 vote the majority.

It would need to be restricted. Something like you have to privately put in your investor ID, shares, and decision.

It might also be more difficult than that - how the investors position is actually reflected on the register for starters, and limitations thereof with the setup with IB.

I really would like to know how can eToro users vote without owning shares? :clown_face:

eToro does NOT sell shares only CFDs or IOU debt obligations. They will use very vague and convoluted language(even when point blank asked the question) like “you owe the value of underlying shares not the stocks” or “instruments we sell are complaint with regulatory authorities” By the way unless ou are a UK tax resident who invested more than £20K this regulatory authority is CySec :point_right: Cyprus Securities & exchange commission :trolleybus:

Here is an email I received from support couple of months ago. The question was:

hey your logged in portfolios use vague language like, “you owe the underlying asset” while public listings clearly show they are CFDs https://www.etoro.com/markets/gme Can you please clarify what is being sold here legally?

The answer:

I know people who have bought shares on eTorro, so not sure why you think they dont offer this service(buying/selling shares)?

You do own stocks with Etoro, as long as it’s not leveraged they buy the underlying asset.

“ When you open a non-leveraged BUY (long) position on a stock, you are investing in the underlying asset. The stock is purchased by eToro and recorded in our system under your name.

If you open a stock position on eToro, you are not issued a stock issuance certificate or allocated voting rights. Nonetheless, should the company issue dividends, your balance will be updated in accordance with your holdings.”

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@Dougal1984 @cavanhagan I must be mistaken then. Quoting your quote cavenhagan “You are investing in the underlying asset” is such a convoluted and dodgy way of saying that though. And even customer support avoid making such claims.

Can you please point me out to any listing here that does not say CFD? (I’m not saying there is not any, I am just probably unlucky in clicking)
https://www.etoro.com/discover/markets/stocks

edit: might be related, might not be. Just them avoiding using certain clear phrases reminded me of this Vitalik’s answer to “is he satoshi?” drama Gavin vs Vitalik, "Craig wright is probably not Satoshi" Mic drop moment - YouTube

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