Which of the following responsibilities does a proxy department NOT have?

The correct answer highlights that managing company mergers and acquisitions is not a responsibility of a proxy department. A proxy department primarily focuses on handling the voting rights associated with shares, especially those held in street name, which is a service that allows brokers to hold securities on behalf of their clients.

The function of acting as a go-between for securities registered in street name, casting proxy votes, and distributing annual reports are all integral to the role of a proxy department. They ensure that beneficial owners can participate in the decision-making process of companies they have invested in, which includes facilitating communication and the flow of information between the company and its shareholders. However, overseeing mergers and acquisitions involves strategic planning and corporate finance decisions that fall outside the scope of proxy management responsibilities. This task typically involves higher-level management teams or a dedicated mergers and acquisitions department, where more complex analytical and financial assessments are necessary.