Robert T. Wearing has written:

'Voluntary shareholding disclosures and the assessment of shareholding dispersion in U.K. quoted companies'

The Board of Directors. Even if it's a shareholding corporation, the shareholders operate through the Board.

A company is, in fact, the property of the shareholder although the ownership is circumscribed by the quantum of the shareholding. This is also a myth because the company is run by the Directors on the Board, most of whom possess sizable shareholding, and an ordinary shareholder's voice is seldom heard.

The shareholders require information on the value of their investment and income that is derived from their shareholding.