Your institution has a security out on loan when a proxy record date is announced. To maintain your right to vote, you should:

To maintain your right to vote when your institution has a security out on loan at the time a proxy record date is announced, recalling the loan before the record date is crucial. This action ensures that the securities are back in your possession, allowing you to exercise your voting rights associated with those securities. When a proxy record date is set, only the holders of the securities on that date are entitled to vote on shareholder matters. If the securities remain on loan, the lending institution forfeits its voting rights because the borrower would hold the voting power during the relevant period.

Options like advising the borrower of the lender's rights or notifying DTCC about transferring the voting rights do not effectively guarantee that the lender retains its voting rights by the record date. Similarly, submitting a substitute proxy card doesn't address the core issue of effectively regaining possession of the shares needed to vote. Thus, recalling the loan before the record date is the correct choice to uphold your institution's voting rights.