Forum Home Page [see Broadridge note below]

 The Shareholder ForumTM`

Fair Investor Access

This public program was initiated in collaboration with The Conference Board Task Force on Corporate/Investor Engagement and with Thomson Reuters support of communication technologies. The Forum is providing continuing reports of the issues that concern this program's participants, as summarized  in the January 5, 2015 Forum Report of Conclusions.

"Fair Access" Home Page

"Fair Access" Program Reference


Related Projects 2012-2019

For graphed analyses of company and related industry returns, see

Returns on Corporate Capital

See also analyses of

Shareholder Support Rankings



For a news report of the announcement below, see


Source: Moxy Vote LLC, July 10, 2012 announcement



Unfortunately, Moxy Vote is closing its doors.


Moxy Vote




Dear Friends of Moxy Vote,

It is with great disappointment today that I announce the closing of Moxy Vote. Our last day of business will be July 31, 2012. At this time, we want to thank all of our clients, friends and business partners that have supported us since our launch in 2009. Although we accomplished a great deal, we leave with a sense of disappointment at not being able to fully realize our vision for Moxy Vote. While we hope to revive Moxy Vote at some point in the future, we must first focus on regulatory change if Moxy Vote, or any individual investor-focused proxy voting platform, is to succeed.

It is important for us to state that we did not arrive at this decision easily. We recognize that this step is disruptive to our employees, clients and business partners who had committed time and energy to building relationships with us. We entered into many of these relationships with great uncertainty around our product offering and value proposition, and we are forever grateful to all those who took a chance on us. We are not a group of people who walk away from a challenge and appreciate the trust offered to us by many. Moxy Vote fought hard to make its business model a success. In fact, we invested over $4.5 million dollars in our operations since inception – all to advance a mission of engaging individual investors and improving proxy voting. Although the Moxy Vote website,, will be shut down on July 31, 2012, we plan to continue to engage regulators and policy makers in an effort to blaze a trail for future "Moxy Votes."

It seems appropriate at this time to explain our rationale for closing. The simple answer is that we were unable to make any tangible progress on several key barriers to our success. These obstacles have been known for some time. In fact, we documented them very clearly nearly two years ago in our response to the Securities and Exchange Commission's request for public comment on its publication entitled Concept Release on the U.S. Proxy System. For those that are interested, our comments can be read here.

In summary, our efforts thus far lead us to conclude that there are two primary obstacles that will prevent any individual investor-focused proxy voting websites from being successful. They are the following:

  1. Individual shareholders have no legal grounds to compel their brokers to deliver ballots electronically to internet voting platforms. And, unfortunately, many brokerage firms have stated clearly to us that they will send them only when required to do so by regulators.

  2. Proxy distribution/collection agents are presently charging significant fees to internet voting platforms for vote collection – a fee that should be paid by public companies and one that proves substantially more burdensome to individual voters than institutional voters.

We have been working diligently on our business model since 2007 and the same two issues that were identified in our early analysis are still present. The unfortunate conclusion we have recently made is that the mere existence of our site and growth in our user-base is not expediting regulatory change. Rather, it appears that regulatory change can be achieved only through steady plodding over a period of many years. We appreciate the assistance given by many individuals at the U.S. Securities and Exchange Commission, the New York Stock Exchange and the Financial Industry Regulatory Authority in helping us to reach this conclusion. It's not sustainable for Moxy Vote to keep its operations alive while it seeks resolution on these issues, given that both must be addressed to generate the user growth needed to achieve profitability. We are disappointed that we were not able to resolve these issues.

One issue that is noticeably absent from our list is individual investor apathy. For many years, one of the leading arguments for the lack of meaningful participation from individual investors is that they simply do not care. While this statement may have been true historically (and for many good reasons!), the internet is revolutionizing citizen and investor engagement. The internet has enabled individuals to unite and thereby wield enormous influence. For example, one doesn't have to look further than the social activism efforts facilitated by and, among others, to realize that citizen engagement is broad and effective. Moxy Vote brought this same concept to investor engagement and proxy voting. For example, below are a few of Moxy Vote's accomplishments:

  • 197,000 subscribers to Moxy Vote's content e-mails

  • 56 leading advocate organizations posting voting advice on

  • 30,000,000 shares voted (intelligently!) using this advice through

  • 64 "Letters to Management" sent by Moxy Vote readers

  • 275,000 signatures, in aggregate, on the Letters to Management

In summary, we should not blame the individual investors. The investors are ready to engage when the policy makers are ready to give them a fair opportunity.

I want to conclude by reiterating that we are not giving up the fight for individual investors. We plan to continue to engage regulators and policy makers to ensure that individual investors are given the same opportunities as institutional investors. Moreover, given our success in certain areas, we are actively engaged in discussions with outside firms that have shown an interest in continuing various aspects of our service. Many areas of our business model showed positive results but, given our focus on improving proxy voting as a key area of engagement, we do not desire to pursue these other opportunities.

We encourage the rest of you to continue with your own efforts and to share these key issues with policy makers if given the opportunity. Moreover, if we can be of assistance in helping you overcome similar obstacles, please let us know. Progress is being made, albeit more slowly than many of us would like, and we can all look forward to continued improvements in the future.

Best regards on behalf of the entire Moxy Vote Team,

Mark F. Schlegel
Co-Founder, Moxy Vote LLC



© Copyright 2012 Moxy Vote LLC
19 S Darlington St.
West Chester, PA 19382



This Forum program was open, free of charge, to anyone concerned with investor interests in the development of marketplace standards for expanded access to information for securities valuation and shareholder voting decisions. As stated in the posted Conditions of Participation, the purpose of this public Forum's program was to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant was expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

This Forum program was initiated in 2012 in collaboration with The Conference Board and with Thomson Reuters support of communication technologies to address issues and objectives defined by participants in the 2010 "E-Meetings" program relevant to broad public interests in marketplace practices. The website is being maintained to provide continuing reports of the issues addressed in the program, as summarized in the January 5, 2015 Forum Report of Conclusions.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.