If the 'one share, one vote' rule under Resolution 3 is passed, it hands top shareholders effective control over every vote — regardless of how the rest of us vote. According to CalBank's 2025 Annual Report, the top 5 shareholders alone (SSNIT – 34.76%, Ges Occ Pension – 17.42%, Arise B.V. – 15.35%, Petra Advantage – 12.26%, and Scgn/Petra Advantage – 8.15%) together control about 88% of all 4,233,901,522 shares. The Top 20 shareholders hold 95.47%, leaving just 4.5% ('Others') for everyone else — likely thousands of retail investors.
With voting strictly tied to share count, and combined with Resolution 2's mandatory poll voting (removing show-of-hands), retail shareholders' votes become mathematically irrelevant to the outcome. The decision is effectively made before the meeting even starts — voting becomes a formality rather than a real say.
I'd encourage all shareholders to revisit Resolutions 2 and 3 carefully before the AGM.
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