How many shares are needed to elect four directors

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Question - DEF Bank is composed of 11 Board of Directors. The total outstanding shares are 53,255 with a par value of P100. Its authorized capital stock is 10 million, 75% are common shares. All the preference shares are subscribed of which 70% are paid. All of the outstanding shares will vote, either personally or thru proxy. All other classes of shares are deprived of the right to vote except common shares.

Required -

a. How many shares are needed to elect 4 directors?

b. If X wants to have control of the board how many votes will be required?

c. How many independent director/s is/are necessary? If independent director/s is/are necessary? What is the minimum number of shares needed?

Reference no: EM132764806

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