If they did disagree, the company's size and large shareholder base would make it extremely difficult for him to gain enough influence to force change.

"Yet again, the board appears to be manipulating its shareholder base to its own ends."

Most Fortune 100 companies have a widely distributed shareholder base.

"Our sense is that we got a majority of the individual shareholder base."

And the trend toward an international shareholder base continues.

The decision by Fidelity to take such steps indicates the relative wealth of its shareholder base.

And fund companies increase their fees if there is a smaller shareholder base over which to spread costs.

We have never forced anyone to adopt a particular status, or a particular shareholder base.

The shareholder base is over 12 million, among the largest in the world.

"At the same time, we recognize that a significant portion of our shareholder base is focused on return of capital in the short term."