Under a system of statutory voting, how many votes does a common stockholder have for each vacancy on the board of directors?

Under a system of statutory voting, a common stockholder has one vote for each share owned for each vacancy on the board of directors. This means that if a stockholder owns 100 shares and there are two vacancies, they would have 100 votes to allocate for each of the two positions, resulting in a total of 200 votes distributed across those vacancies. Statutory voting is designed to maintain a one-to-one vote ratio, allowing shareholders to vote in proportion to their ownership in the company. This method ensures that larger shareholders have a proportional influence in the election of directors, consistent with their investment stake in the company.