Is, I believe, proposing to vote all uninstructed shares to mirror vote with the voting shares? Which I believe means that in situations that require a majority of all outstanding shares to vote in favor – mergers, charter amendments, and the like – nonvotes would no longer be “no” votes, and a majority of voting shares would be able to swing it.

https://www.txse.com/filings/sr-txse-2026-008.pdf

Photo of Ann Lipton Ann Lipton

Ann M. Lipton is a Professor of Law and Laurence W. DeMuth Chair of Business Law at the University of Colorado Law School.  An experienced securities and corporate litigator who has handled class actions involving some of the world’s largest companies, she joined…

Ann M. Lipton is a Professor of Law and Laurence W. DeMuth Chair of Business Law at the University of Colorado Law School.  An experienced securities and corporate litigator who has handled class actions involving some of the world’s largest companies, she joined the Tulane Law faculty in 2015 after two years as a visiting assistant professor at Duke University School of Law.

As a scholar, Lipton explores corporate governance, the relationships between corporations and investors, and the role of corporations in society.  Read more.

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