In the United States, brokers holding stock for customers on the New
York Stock Exchange follow a stock exchange of voting these shares
for directors as proposed by the management. This is not allowed in
other countries.
80% of the shares of public companies are held by brokerage firms
for their customers. When these investors do not tell the firm how to
vote their shares, 25% of these shares are voted by the brokerage
firm as the board or management recommend.
"Investors" are in reality "speculators".