Babaoriley, thank for your explanations.

If I understand you correctly, it boils down to the point that management has more insight than shareholders. Yes, that's for sure. I agree.

However, I am not so sure that an association would automatically oppose a management recommendation. I think it will go the usual way we do watch and influence day by day here on this forum: We or at least some of us voice our opinions, amend and correct each other, and by this process a set of one or more common conclusions emerges. Regarding your example of a tender, there will inevitably be two groups of shareholders: one opposing the management's recommendation, one endorsing it. I am not sure whether management would like to know how large each group is, but I can imagine it does. And if we'd have some organisational and technical structures in place, we could provide such numbers.

You said that large shareholders usually want to be heard only in order to oppose management, and you suggest we should not be like a large shareholder. Yes, I agree. However, keeping our mouths shut does feel right either ...

Andrea ("Powered by POET")