If your definition of insto's is those who hold shares as...

If your definition of insto's is those who hold shares as nominees, does that mean that they exercise the beneficial owners' voting rights themselves, or do the beneficial owners exercise their own voting rights? For example, Milford owns its shares via HSBC nominees, but they don't cede their voting power to them. I assume it's the same with individuals. Shares are held by nominees not just on behalf of funds such as Milford, but on behalf of individual shareholders as well. But if individual shareholders invest in shares via a nominee company, and retain their power to direct the nominee company how to vote their shareholding, then it is the same as if they held shares in their own name. Have you analyzed the percentage of Neuren shares that are held by what I would have considered to be institutional investors, such as managed funds and others who invest on behalf of others, rather than merely passive nominees?