Testimonials
“Unequal voting rights can benefit some shareholders at the expense of others. Also, such rights can effectively deter premium takeover offers. The Fund will not support proposals that allow companies to issue shares with unequal voting rights. Additionally, the Fund will support proposals for companies with unequal voting rights to adopt a recapitalisation plan for all outstanding stock to have one vote per share.
Multi-class capitalisation creates multiple classes of common stock with either superior or inferiorvoting rights to those of the existing class of stock. Multiple classifications with unequal voting rightsviolate the principle of “one share, one vote” and enable management to perpetuate itself withoutthe support of a true majority of shareholders. The Fund will not support proposals that authorisethe creation or extension of multi-class voting stock"
