Accessing the Shareholder List
Every company trading publicly in the U.S. contracts a Transfer Agent to maintain their ledger, a live representation of investor ownership data. Each year before the annual general meeting, a snapshot of the list is taken to record who is eligible to cast votes. This shareholder list can be reviewed by any investor in the company and this article reviews how to get an appointment to see the list in person.
​​
​In 2020, as a response to COVID, Delaware (the most popular state for incorporation) created a law that public companies who host "virtual only" shareholder meetings online must provide the shareholder list for viewing on the day of the annual meeting while the meeting is taking place. That law was rescinded in 2022, but many public companies still make the list accessible during virtual meetings. For those that still do, and use Broadridge to host their annual meeting, this page will detail how to access the list. Broadridge is a Transfer Agent that is also contracted out to host these meetings and leads that market.
​
If the shareholder list is available for viewing, you will be able to view it starting 15 minutes before the meeting starts until the meeting ends. If the company's meeting is 5 minutes, that only gives you 20 minutes to view it. If the meeting lasts 60 minutes, that would give you 75 minutes total. You may want to check and see how long the previous year's meeting ran so that you have an estimate for how long you will be able to view the list.
Step by Step
1) Check the proxy statement to see if the shareholder list will be available for viewing during the meeting. Proxies are filed 6 to 8 weeks before the annual meeting and often includes if the list will be available, though some issuers include the list even if it's not included in the proxy. You can also email the investor relations department to check, however, they are not obligated to respond to emails.
2) Find the date and time for your company's annual meeting.
3) Check to make sure Broadridge is hosting the meeting by visiting this directory. The company will not appear on this page until after the proxy has been filed.
4) Find your "control number" for accessing the meeting. This should be emailed (or mailed) to you by the company, their transfer agent, or your broker. If you do not have your control number, reach out to your broker and ask for it. You can only receive the control number if you held shares on the record date displayed in the proxy statement. Keep in mind that some brokers (like Robinhood) suggest the investor makes the request for their control number at least 10 days before the meeting.
5) Check and read through the Broadridge terms of use.
6) OPTIONAL - Search the issuer's last 10-K to find out how many "record holders" the company has. This will give you an idea of how big the list will be compared to how much time you will have to view it. Many issuers just have a few hundred record holders, and others have hundreds of thousands. "Record holders" may also be called "holders of record", shareholders of record" or other similar phrases. Issuers are required to disclose this information in 10-Ks, though the exact phrase does vary.
Picture Guide
After the proxy is filed and if your company is using Broadridge to facilitate the virtual meeting, they will appear in the online directory. On the day and time of the meeting, click to join.
Enter your personal information. Remember to have your control number ready ahead of time!
​
Once you are in, scroll down past the meeting stream and click on 'registered shareholders list', highlighted in red.
You will be prompted for more information about yourself, which will be used to confirm that you are a shareholder of record.
​
The 'reason' field at the bottom is because you must provide a 'germane' reason when viewing; a relevant reason to see the list. A common example reason could be in order to "check the accuracy of your ownership position".
After hitting the submit button, do not close the window! A new link will appear for you to view the list.
The shareholder list will include name and known address information, along with # of shares held, of investors and custodians holding directly.
List sizes vary greatly, and can be estimated ahead of time by looking at the record holder disclosure on 10-K reports.
The shareholder list should be "a complete list of the stockholders entitled to vote at the meeting", but it will not include the names and information of investors holding in a brokerage account. This is because, technically, those investors are not the owners of those shares - and so while they are able to cast a vote, they must do it through a proxy vote through that broker. You also won't see any brokerages listed; all DTC member brokers are going to have their allotted shares pooled and labeled under Cede and Co, the central nominee for all shares held at all brokers. In order for the list to be compliant, Cede and Co should be included and will very likely be the largest individual account. If it is not present, you may need to reach out to your company's investor relations team or to their general counsel / corporate secretary.