We all get proxy statements from time to time to vote on issues with a company. Some people will say if a company is naked shorted then how come there is never an over vote in the number of shares. Why is the number of votes always the same or lower than the total amount to be voted?

Let me explain:

1. The Proxy has a series of numbers in a box somewhere on the proxy. In that box is the actual number of shares that were delivered to your account. If it matches the number of shares that is in your stock account then all shares were deliverd to you. If the proxy number is different (always lower) then the difference is a naked short number that has not been delivered to your account even though your brokergae account shows the correct number of shares.

2. The numbers of votes that are voted are only the number that is on the proxy statement and not what is in your account. Thus the vote is always the exact number of shares or less and never an over vote.