At-large cumulative voting
makes it much more difficult to effectuate negative preferences in voting.
Moreover, in an NCS firm, cumulative voting
may impede a challenger's ability to quickly replace the incumbent board by giving minority shareholders (who may be aligned with the incumbents) the ability to elect some board members.
Voting rights scholar Lani Guinier and Supreme Court Justice Clarence Thomas have promoted cumulative voting
as a color-blind means of fair minority representation.
For minorities seeking to elect someone from their community to the board, cumulative voting
certainly was a success.
If the rights of minority shareholders are to be strengthened, it will also be essential to implement new procedures, such as cumulative voting
Abner Mikva, the former Congressman and federal judge who got his political start in Chicago with cumulative voting
and three-seat districts, has observed that this system "helped us synthesize some of our differences, made us realize that even though we were different from the downstaters, different from the suburbanites, we had a lot in common that held us together as a single state.
More specifically, it examines the impact of the percentage of stock owned by managers, employees, and institutional investors on the level of support for three popular shareholder proposals: to repeal classified boards, to redeem or require a shareholder vote on "poison pills," and to adopt cumulative voting
(See Table 1 for description of proposals).
For example, in a double-member district under cumulative voting
, voters can cast their two votes as follows: twice for one candidate, once each for two candidates, once for one candidate only, or abstain.
In 1995, the Chicago Tribune editorialized in support of cumulative voting
's return, noting that "Many partisans and political independents have looked back wistfully at the era of cumulative voting
8) Nevertheless, cumulative voting
schemes permit the same number of whites, Ku Klux Klan members, plumbers, and Brooklyn Dodger fans to elect the "authentic"(9) representatives of their choice.
The three types of proportional representation allowed by the McKinney bill--preference voting, cumulative voting
, and limited voting--also offer something for proponents of third parties and independent politics.
They not only want to guide you in dividend policy, but are ready to discuss or argue about your policies on diversity, the environment, advertising media, global politics, cumulative voting
, and your salary.