Core Points - The article outlines the cumulative voting system implemented by Shanghai Yachuang Electronics Group Co., Ltd to protect the interests of minority shareholders and regulate corporate governance [2][4] - The cumulative voting system allows shareholders to allocate their voting rights in a flexible manner during the election of directors, enhancing shareholder participation [4][5] Group 1: General Principles - The cumulative voting system is established to maintain the interests of minority shareholders and to standardize the election of directors [2][4] - Shareholders can concentrate their voting rights on one candidate or distribute them among multiple candidates when electing two or more directors [4][5] - The term of directors elected through this system does not implement staggered terms, meaning that any director elected to fill a vacancy will serve only for the remainder of the current term [4][5] Group 2: Voting Principles - Each shareholder's voting rights during the election of directors are calculated as the number of shares held multiplied by the number of directors to be elected [5][6] - Shareholders can vote for a maximum number of candidates equal to the number of directors to be elected [5][6] - Votes cast in excess of a shareholder's total voting rights will be deemed invalid, while votes less than the total will be considered valid, with the difference treated as a waiver of voting rights [5][6] Group 3: Election Principles - Directors are elected based on the total votes received, with candidates ranked from highest to lowest votes, requiring a majority of the voting rights present at the meeting to be elected [7][8] - In cases of tied votes among candidates, specific procedures are outlined to resolve the tie and ensure that the required number of directors is elected [8][9] Group 4: Special Procedures - The company must clearly state the use of the cumulative voting system in the notice of the shareholders' meeting [9] - Shareholders must receive or have access to the established voting system prior to the election [9] - The election process allows for both personal and proxy voting by shareholders [9]
雅创电子: 累积投票制度 2025.8