> Vanguard, for example, has just had its range of further investment limited arbitrarily. As I understand vanguards structure, they have no beneficial ownersh

> Vanguard, for example, has just had its range of further investment limited arbitrarily. As I understand vanguards structure, they have no beneficial ownership of any company and therefore never trigger the poison pill. > Who does this benefit besides the board? This benefits anyone who is concerned that a rich person will buy 50%+1 of a company and use their equity to make decisions they are opposed to. Now if a rich person accumulate 20%, the other shareholders can dilute that rich person. That means the rich person has to convince other shareholders that decision is correct.