Final answer:
The proxy department of a broker-dealer is responsible for acting as a go-between for securities registered in street name, distributing reports to beneficial owners, and enabling proxy voting, but not for casting proxy votes on non-routine items.
Step-by-step explanation:
A proxy department of a broker-dealer is responsible for a variety of tasks related to shareholders who have their securities registered in "street name," which means the securities are registered in the name of the brokerage firm instead of the individual who owns them. The responsibilities of this department typically include acting as a go-between for securities registered in street name, distributing annual reports and other materials to beneficial owners, and enabling beneficial owners to vote by proxy.
However, the one action that the proxy department of a broker-dealer is not responsible for is casting proxy votes for stock registered in street name on non-routine items. Non-routine items usually require direct action or voting by the beneficial owners themselves because they often involve significant changes to the company's structure or operations such as mergers, acquisitions, or issues that could significantly affect the future of the company.