if you speak to McGrath Nichol they say they have no say in the...

if you speak to McGrath Nichol they say they have no say in the sale of the mine because the board of the mining company decides what happens, not them.

can someone explain to me how a 76% shareholder of a company has no say in what the board of that company does? who exactly do they answer to if it's not the majority shareholder?

i would compare what's happenning to my business being sold and the staff deciding the sale price while I sit on the sideline hoping they make a good decision despite having no vested interest in the result.

i just cannot fathom how any of this is legal?