In advising our clients, we consider all relevant voting constituencies, including institutional, retail (both registered and street-name), insider, employee and any other groups unique to the client. Each of these groups typically demonstrates unique voting participation rates, and prefers particular outreach tactics and vote response channels. Regarding messaging, we typically do not advocate "different messages" for segmented audiences, but rather, emphasize particular aspects of the issue or transaction that are most relevant to each unique constituency.
Since employee and retail audiences often have different interests and vote at a lower rate than do institutional investors, often the greatest opportunity to influence the overall vote outcome is to increase the participation of these groups. We employ tried and true programs for maximizing the vote from such "friendly" audiences.