No Substitution

No Substitution

Within the text on a proxy card are the words: "The shareholder appoints certain people (collectively, the proxy committee) with full power of substitution to vote the shares." If the security holder strikes out this phrase, the proxy cannot be voted if there is a change in the designated proxy committee.

No Substitution

A situation in which a shareholder gives his/her proxy to a proxy committee but states that he/she will withdraw proxy if there is a change in the makeup of the proxy committee. Most of the time, when a shareholder gives proxy to a committee, he/she automatically agrees to let the committee vote for him/her regardless of who actually sits on it. If the shareholder wishes to withdraw this permission, he/she must expressly state so; this is called a no substitution situation.
References in periodicals archive ?
In contrast to the current setup that assumes no substitution among items, the class of CES indexes imposes a positive degree of substitution among all items, and alternative CES indexes would impose different degrees of substitutability.
Garvey was limping heavily and I had no substitutions,'' Osiander said.
Meridian Calibration Adaptor Part Number: 096-3438 No Substitutions.