This new memo from Hunton & Williams: "Nonvoting Common Stock: A Legal Overview" unscrambles the increasingly used and likely not well understood "nonvoting stock" terminology - detailing the specific legal rights that accompany this class of stock with reference to federal law, Delaware corporate law, and exchange listing standards. The most significant takeaway is that the "nonvoting" terminology itself fails to convey the numerous legal nuances associated with this class of stock.
The memo addresses - with supporting references throughout - voting and notice rights and exceptions, books & records and stockholder list inspection rights, director duties, appraisal rights, and annual meeting attendance rights and related matters.
A convenient summary of voting vs. non-voting stock rights is captured in a reader-friendly table on page 6.