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Being a shareholder is kind of a weak claim to authority when anybody can be anyway, isn´t it? If he picked up a couple of NOK stock is he able to be taken expo
by jawee 16y ago
Being a shareholder is kind of a weak claim to authority when anybody can be anyway, isn´t it? If he picked up a couple of NOK stock is he able to be taken exponentially more seriously?
- Frazzydee 16y agoThey didn't even need to be a shareholder. Shareholders with voting shares have the right to attend shareholders meetings and vote in the board of directors. In such large corporations, shareholders usually appoint a proxyholder who attends the meeting and votes on the shareholder's behalf. My understanding was that Nokia Plan B was basically soliciting such proxies by asking shareholders to give their votes to them for the purpose of replacing the board. Corporate law usually doesn't require a proxyholder to be a shareholder, so they actually didn't even need such a (weak) claim to authority. As a side note, soliciting proxies usually requires following proper corporate law procedure by sending prescribed materials. Nokia Plan B just had a website, which was an early indication this was a fake.
- jarek 16y agoThe beauty of the hoax was that in this situation, fake plan and real, well-intentioned but ill-conceived plan are basically indistinguishable.