2023 Stockholder List Summary
There were many interesting findings from the stock list, and perhaps the most significant was the fact that one-third of all accounts were enrolled in the DirectStock plan - representing a minimum of 22 million shares. This was concerning because of a May 2023 update by Computershare’s President of Global Capital Markets, Paul Conn, who said: “Typically, we would hold somewhere between ten and twenty percent of the shares that underpin the plan through our broker at DTC” (see video below).
While 10–20% is typical, no guidance was given for minimums, maximums or for atypical stocks. Computershare decides what percentage of shares are held in OE and how often that percentage changes. The individual investors noted that there was no way to tell if some of the seemingly “Pure DRS” accounts were enrolled in DRIP or had sell limits set, so the 33% accounts in DirectStock (>22 million shares) is the bare minimum.