Boston Fishery has been expenencing decining earnings but has just announced a 50 percent salary uncrease foI its top executives. A dissident group of sharehoklers wants to oust the existing board of ditectors There are currently 15 directors and 33,000 shares of stock outstanding Mr. Bass, the oresident of the company, has the full support of the existing board. The dissident shareholders contre Oxies for 16,001 shares Mr. Bass is worried about losing his job. 1. Under cumukative voling procedures, how many directors can the dissident sharehokders elect w e proxies they now hold? (Round down the final answer to the nearest whole number.) mber of directors How many directors coukd they elect under majority rukle with these proxies?
Boston Fishery has been expenencing decining earnings but has just announced a 50 percent salary uncrease foI its top executives. A dissident group of sharehoklers wants to oust the existing board of ditectors There are currently 15 directors and 33,000 shares of stock outstanding Mr. Bass, the oresident of the company, has the full support of the existing board. The dissident shareholders contre Oxies for 16,001 shares Mr. Bass is worried about losing his job. 1. Under cumukative voling procedures, how many directors can the dissident sharehokders elect w e proxies they now hold? (Round down the final answer to the nearest whole number.) mber of directors How many directors coukd they elect under majority rukle with these proxies?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Boston Fishery has been experiencing decining earnings but has just announced a 50 percent salary
increase for its top execulives. A dissident group of sharehoklers wants to oust the exisling board of
directors There are currently 15 directors and 33,O00 shares of stock outstanding. Mr. Bass, the
president of the company, has the full support of the existing board. The dissident shateholders control
proxies for 16,001 shares Mr. Bass is worried about losing his job.
a-1. Under cumukative voling procedures, how many directors can the dissident shareholders elect with
the proxies they now hold? (Round down the final answer to the nearest whole number.)
Number of directors
a-2. How many directors could they elect under majority rule with these proxies?
O One
O Two
O Three
O Four
O None
b. How many shares (or proxies) are needed to elect eight directors under cumulative voling?
Number of shares
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