Besides, he said, she even voted for the fee and imposed it against other delinquent shareholders while she herself was on the board.

They are expected to accuse as many as 11 former Mannesmann directors with a "breach of trust" against shareholders.

They're really just insurance policies for boards of directors to protect themselves against shareholders who sue.

"I am concerned about the procedural mechanism for majority voting, since it may work against shareholders as an effective takeover defense," he said.

Fund managers say the still-unresolved issue is yet another example of discrimination against foreign shareholders.

The whole proxy system is enormously tilted against shareholders.

In 1773 and again in 1782 Turst in his turn filed complaints against several other shareholders.

To be sure, the forces at work against shareholders demanding accountability are formidable.

Many analysts have argued that the lack of restrictions on classes of stock can result in discrimination against certain shareholders.

Instead, he said, the board may choose whom to pursue first, provided it is not acting improperly against a particular shareholder or shareholders.