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The remaining 77,75% is spread to the rest of the stockholders. We should mention here that no one of the rest of the stockholders has more than 5% of Minoan’s stocks.
Each of the members of the board holds less than 5% of Minoan stocks. Hence, the power of the board does not come from the stockholdings. The power of the board comes from the fact that Minoan Lines is widely dispersed, which means that it is not easy for the stockholders to put pressure on the managers so as to alter their management ways. This does not mean that the board does not take into consideration what stockholders want...
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