An ESOP denies employees the right to participate in votes by shareholders even if the stock is registered on a national exchange.

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An ESOP, or Employee Stock Ownership Plan, is a retirement plan that allows employees to own company stock. While employees do not have the right to vote on all matters at a shareholders' meeting, they are entitled to vote on certain matters such as the adoption of the ESOP itself, the election of trustees, and major corporate transactions that would affect the ESOP. Additionally, if the company's stock is registered on a national exchange, employees may have the right to vote on other matters as well.

An ESOP Denies Employees the Right to Participate in Votes