Chapter 6 Common Stocks Where: n= minimum number of shares that must be owned d= number of directors the stockholder wants to be certain of electing s= number of shares outstanding D= number of directors to be elected In summary, the cumulative voting system gives minority stockholders the right to have some representation on the board of directors, provided that the number of shares owned is sufficiently largeChapter 6 Common Stocks Where: n= minimum number of shares that must be owned; d= number of directors the stockholder wants to be certain of electing; s= number of shares outstanding D= number of directors to be elected In summary, the cumulative voting system gives minority stockholders the right to have some representation on the board of directors, provided that the number of shares owned is sufficiently large