Close this search box.

Table of Contents

Non-Objecting Beneficial Owner (NOBO)


A Non-Objecting Beneficial Owner (NOBO) is a shareholder who gives their broker or bank permission to release their name and address to the companies or issuers in which they own securities. This allows the companies or issuers to communicate directly with the shareholder. It’s the opposite of an Objecting Beneficial Owner (OBO), a shareholder who doesn’t allow their contact information to be shared.


Non-Objecting Beneficial Owner (NOBO)Phonetics:Non-Objecting: /nɒn əbˈdʒɛktɪŋ/Beneficial: /ˌbɛnəˈfɪʃ(ə)l/Owner: /ˈoʊnər/NOBO: /ˈnoʊboʊ/

Key Takeaways

  1. Ownership Structure: A Non-Objecting Beneficial Owner, or NOBO, refers to an investor who holds shares of a public company through a broker and allows their name and other information to be shared with the companies in which they hold an investment. This type of ownership structure contrasts with an Objecting Beneficial Owner (OBO) who prefers to keep their information anonymous.
  2. Communication Preferences: The decision to become a NOBO offers companies the opportunity to communicate directly with their shareholders. As a result, these shareholders are typically more involved in shareholder meetings and have a greater understanding of the company’s operations and financial health.
  3. Investor Relations: Being a NOBO can potentially influence a company’s investor relations strategy. Companies may decide to use the information provided by these investors to enhance their relations and communication. This direct line of communication can lead to the development of investor relations materials that better meet the needs and expectations of this key stakeholder group.


The term Non-Objecting Beneficial Owner (NOBO) is essential in business/finance as it refers to a beneficial owner of a company’s securities who does not object to the company knowing their identity. This term is particularly important in the context of shareholder communications and rights. When these individuals permit their brokers to release their names to the companies in which they own stock, the company can directly communicate with them about annual reports, proxy statements, or other relevant matters. This access facilitates a more direct relationship between a company and its shareholders, potentially improving corporate governance and transparency. It can also have an impact on shareholder voting, thus influencing the company’s strategic decisions.


The term Non-Objecting Beneficial Owner (NOBO) plays a vital role in the direct communication between companies issuing securities and their shareholders. Often, shares of a public company are not held directly by the shareholders but instead, are held by a broker or bank. When these shareholders do not object to the release of their contact information, they are referred to as non-objecting beneficial owners or NOBOs. Access to such information allows companies to communicate directly with their shareholders, this line of communication is crucial during important voting or corporate decision-making processes.Having NOBO lists can benefit companies in multiple ways. For one, it can enhance corporate governance by making it feasible for companies to approach shareholders for present vote solicitation directly, particularly on critical matters such as mergers or acquisitions. Moreover, companies can use NOBO lists to gauge shareholder sentiment or attitudes towards specific company policies or strategic decisions. Therefore, the Privacy Act calls for shareholder’s permission before their contact information is disclosed to the companies, respecting the privacy rights of shareholders while providing companies the chance to connect directly with shareholders who are willing.


1. Apple Inc.: Let’s say you own shares in Apple Inc. through a brokerage firm like Fidelity. While Apple Inc. may not have your personal contact information, if you are a non-objecting beneficial owner (NOBO), Apple Inc. can request it from Fidelity to communicate directly with you. This can be about common shareholder matters including election of Board members or other shareholder votes.2. Alphabet Inc. (Google’s parent company): If you hold Alphabet Inc’s shares, you may be registered as a NOBO. They may approach the brokerage firm or bank where you hold your shares to get your contact details and consult you directly about important corporate decisions or events like merger proposals or change in corporate leadership.3. Amazon Inc.: When you invest in Amazon Inc. through a broker like Charles Schwab, as a NOBO, Amazon can request your details from Charles Schwab. This can allow Amazon to directly send you their financial reports, giving you a detailed review of the company’s performances. It can also facilitate direct voting which otherwise would be done through a proxy (broker). Remember, a Non-Objecting Beneficial Owner is a shareholder who holds shares through a broker or other nominee and who gives permission to that broker to release their name and address to the company whose shares they hold. This allows the company to communicate directly with their shareholders. However, the specifics can vary based on the company’s policies and individual investor agreements.

Frequently Asked Questions(FAQ)

What is a Non-Objecting Beneficial Owner (NOBO)?

A Non-Objecting Beneficial Owner (NOBO) is a shareholder who gives permission to a brokerage firm to release their name and address to the companies or issuers of securities they hold.

How is a NOBO different from an Objecting Beneficial Owner (OBO)?

Unlike a NOBO, an Objecting Beneficial Owner (OBO) doesn’t allow their brokerage firm to share their contact details or identity with the companies or issuers of the securities they own.

Why would someone want to be a NOBO?

Being a NOBO allows a shareholder to receive direct communication from the companies whose stock they own, including annual and quarterly reports, proxies for voting, and other relevant information.

How does one become a NOBO?

The process varies depending on the brokerage firm, but generally, a client must sign a consent form allowing the firm to release their contact details and holdings to the securities issuers.

What kind of information can a company receive about a NOBO?

Typically, the brokerage firm can release the shareholder’s name, address, and the amount of stock they hold in the company.

How does being a NOBO affect voting rights?

Being a NOBO has no direct impact on a shareholder’s voting rights. However, it does allow the shareholder to receive proxies directly from the issuing corporation, streamlining the voting process.

Can NOBO status be changed?

Yes, shareholders can change their status between NOBO and OBO by contacting their brokerage firm and completing a new consent form. However, the procedure and possible fees may vary depending on the firm.

Related Finance Terms

Sources for More Information

About Our Editorial Process

At Due, we are dedicated to providing simple money and retirement advice that can make a big impact in your life. Our team closely follows market shifts and deeply understands how to build REAL wealth. All of our articles undergo thorough editing and review by financial experts, ensuring you get reliable and credible money advice.

We partner with leading publications, such as Nasdaq, The Globe and Mail, Entrepreneur, and more, to provide insights on retirement, current markets, and more.

We also host a financial glossary of over 7000 money/investing terms to help you learn more about how to take control of your finances.

View our editorial process

About Our Journalists

Our journalists are not just trusted, certified financial advisers. They are experienced and leading influencers in the financial realm, trusted by millions to provide advice about money. We handpick the best of the best, so you get advice from real experts. Our goal is to educate and inform, NOT to be a ‘stock-picker’ or ‘market-caller.’ 

Why listen to what we have to say?

While Due does not know how to predict the market in the short-term, our team of experts DOES know how you can make smart financial decisions to plan for retirement in the long-term.

View our expert review board

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More