The Ibrox manager has gifted his vote at Thursday's annual general meeting to the Calderwood Rangers Supporters Club in his home town of East Kilbride.
The club's all-time record scorer owns one million shares - giving him a stake of just less than two per cent.
But he has now handed the voting rights to the supporters group, who are set to cast the ballot in favour of boardroom change.
The club's five current PLC directors - chairman David Somers, chief executive Wallace, James Easdale, Norman Crighton and the under-fire finance director Brian Stockbridge - all face a re-election vote.
Meanwhile, former oldco Rangers director Paul Murray is joined by former club chairman Malcolm Murray plus allies Scott Murdoch and Alex Wilson in seeking a place on the board.
But Wallace says McCoist still has the backing of the current regime - even though his agreement with the fans is a threat to their survival.
He told several newspapers: "I have told (Ally) that he has that support - that unanimous support from the existing board.
"It's an interesting one. If you look at Alistair's position, he was here as a player for 15 years. He has been here as coach and manager for nearly seven years. The one consistent thing through all those years has been the support of the fans.
"His desire is to do the best thing for the club. And I think the rationale in his proxy going to his local supporters group is that if anyone has the best interests of the club at heart, that supporters group does.
'I have no issue with him doing that. I knew that was what he was going to do because we had talked about it in recent days. I think it goes to demonstrate the significance of the supporter base and what they provide."