Statutory Voting

The procedure of voting for a company's directors in which each shareholder is entitled to one vote per share. This is sometimes known as straight voting.

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For example, if you owned 100 shares, you would have 100 votes.

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One-share, one-vote rule that governs voting procedures in most corporations. Shareholders may cast one vote per share either for or against each nominee for the board of directors, but may not give more than one vote to one nominee. The result of statutory voting is that, in effect, those who control over 50% of the shares control the company by ensuring that the majority of the board will represent their interests. Compare with Cumulative Voting. See also Proportional Representation.