Since individual investors generally vote with management, some incumbent managements might survive when they would have been ousted.

Bond funds outsold stock funds 3-to-1 last year, as investors voted for current income.

But investors can vote only for a director or withhold votes.

They dived from 49p to an all-time low of 40p as investors voted with their feet.

And investors in general voted with their feet, driving the stock price down 11 percent in a day.

He said that the notion that dissatisfied investors should simply vote with their feet was an anachronism.

"We urge investors to vote against this value-destroying proposal," he said on his Web site, Webb-site.com.

The proposal, which would allow investors to vote on executive pay, will now go to a recount.

Shortly thereafter the investors voted 5-1 to remove Lucas as president.

The stock regained the ground it lost on Friday, when investors sold after the mechanics voted to reject the first set of terms.