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Glossary Term: CUMULATIVE VOTING

Definition(s) for CUMULATIVE VOTING:


1. ) A method of corporate voting right for directors. Each share has as many votes as there are directors to be elected, and the holder may distribute these votes as he wishes.

2. ) A method of voting for corporate directors where shareholders multiply their number of shares by the number of directorships being voted on to cast the total for one director or a selected group of directors.  For example, a 10-shareholder normally casts 10 votes for each of 12 nominees to the board of directors. One thus has 120 votes. Under the cumulative voting principle, one may do that or may cast 120 (10x12) votes for only one nominee, 60 for two, 40 for three, or any other distribution one chooses. Cumulative voting is required in some states and is permitted in most others.



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