What happens to all the unused votes when shares are held in street name?

Question

Suppose there is an upcoming shareholder vote. If my shares are held in street name, and I decide not to participate in the vote, what will happen to the votes that I don't cast? Can my broker use my shares to vote in any way they want?

Bob Baerker · Answer

There is (was?) a NYSE rule that allows brokers to vote in some routine matters when holding shares in street name and shareholders fail to vote. A non routine matter would be something like a merger or acquisition.
Another factor in this is that the company requires enough shares voting in order to have a quorum and broker voting facilitates this.
I offer no specifics and suggest that you google for details.

What happens to all the unused votes when shares are held in street name?

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