Although Fidelity Investments has a policy to support cumulative-voting procedures—whereby a shareholder can pool all of their votes in director elections—the record shows that Fidelity either frequently abstains from such votes or votes against it, Dow Jones reports.

With cumulative voting, if a shareholder had one vote, for instance, and there were 10 positions up for re-election, the shareholder could place their votes individually for all 10 decisions or pool all 10 votes for just one slot. It is designed to give smaller investors more influence.

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