Russell United has 28,500 shares of stock outstanding and has two open seats on its board of directors.Each share of common stock is granted one vote. How many additional votes are required to guaranteea seat on the board if the company were to use straight voting rather than cumulative voting?

In straight voting, each shareholder is entitled to cast one vote per share for each seat being…

Answered: Russell United has 28,500 shares of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Russell United has 28,500 shares of stock outstanding and has two open seats on its board of directors. Each share of common stock is granted one vote. How many additional votes are required to guarantee a seat on the board if the company were to use straight voting rather than cumulative voting?