Originally Posted by
orbitmic
Actually, the state has 17.6% of the shares, and in fairness, because of the double voting rights, that means 35% of the voting rights. To play devil's advocate for a minute, it is admittedly not unusual for such a dominant voter to play a dominant role in nominations (especially considering that most of the rest is highly fractioned).
That's not really
fair 
There are quite a few shareholders who have been registered for over two years and therefore hold double voting rights. This include long-time financial investors. It is hard to know how many 17.6% double votes translate into as a percentage of total voting rights. Assuming conservatively that 50% of the shares have double voting right (it's probably more currently), that means that the State owns 35.2/150=23.5% of the voting rights..
It is the major shareholder, but not a dominant one.
The problem though is that most of the other major shareholders are either the employee's stock ownership plan or asset managers (on behalf of their clients) who might not get heavily involved in management.
One of the major task of JMJ will be to confront SNPL who believes that they are now running the airline. AdJ tried and lost.