Being a shareholder is kind of a weak claim to authority when anybody can be anyway, isn´t it? If he picked up a couple of NOK stock is he able to be taken exponentially more seriously?
Shareholders with voting shares have the right to attend shareholders meetings and vote in the board of directors. In such large corporations, shareholders usually appoint a proxyholder who attends the meeting and votes on the shareholder's behalf.
My understanding was that Nokia Plan B was basically soliciting such proxies by asking shareholders to give their votes to them for the purpose of replacing the board.
Corporate law usually doesn't require a proxyholder to be a shareholder, so they actually didn't even need such a (weak) claim to authority.
As a side note, soliciting proxies usually requires following proper corporate law procedure by sending prescribed materials. Nokia Plan B just had a website, which was an early indication this was a fake.
Frazzydee|15 years ago
Shareholders with voting shares have the right to attend shareholders meetings and vote in the board of directors. In such large corporations, shareholders usually appoint a proxyholder who attends the meeting and votes on the shareholder's behalf.
My understanding was that Nokia Plan B was basically soliciting such proxies by asking shareholders to give their votes to them for the purpose of replacing the board.
Corporate law usually doesn't require a proxyholder to be a shareholder, so they actually didn't even need such a (weak) claim to authority.
As a side note, soliciting proxies usually requires following proper corporate law procedure by sending prescribed materials. Nokia Plan B just had a website, which was an early indication this was a fake.
jarek|15 years ago