Question for the board, particularly those familiar with governance and corporate law. I was under the impression that if a shareholder didn't vote either directly or through their proxy that the blank ballots would be counted as "for" votes i.e. in favour of the nominated BOD candidate. Complacency has a price i.e. an ineffective BOD. Hence, the total of all votes, "for" plus "withheld", should equal the number of outstanding shares.

We have seen that the "withheld" votes increased by over 200% in every case and dissatisfaction with Don increased by 248% just in this past year alone.

However, when I add up the total "for" + "withheld" votes for Don it totals 132,333,321 votes and the total shares outstanding was 249,014,928, a difference of 116,681, 607. So Don's total votes = only 53.1% of outstanding shares.

There must be a simple and obvious answer. Can someone explain what I'm missing?

Thanks in advance.

All day, every day (ADED) Toinv    :)