AVIX has 6.8 million shares outstanding and the firm's charter provides for a majority voting procedure. The company has seven directors up for reelection. What is the minimum number of shares needed to ensure the election of one director?

Question

Quizplus · Accepted Answer

To ensure the election of one director with a majority voting procedure, at least 50% + 1 of the outstanding shares must be voted in favor. Therefore, the minimum number of shares needed to ensure the election of one director is (6,800,000/2) + 1 = 3,400,001 shares.

AVIX Has 6