It's not just the number of shares held by the board, it's that proxy votes fall to the Chair by default, most shareholders don't feel their vote counts because they don't hold enough shares (but the combined number of people holding only a few shares adds up significantly). Shareholders also have to be present to vote, and the meeting is held during business hours and is not very accessible.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-36
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