What percentage of voting stock ownership could make a shareholder liable for actions that violate the board's policies?

A shareholder who owns a significant percentage of voting stock may be held liable for actions that conflict with the board's policies because their ownership stake can suggest a level of influence or control over company decisions. In this case, ownership of 30% of the voting stock is substantial enough to raise potential liability issues.

When a shareholder owns 30% of a company, they are typically viewed as having considerable power in directing changes, making decisions, or influencing the management. This level of ownership may allow them to shape corporate actions and policies, which could implicate them in decisions that breach fiduciary duties or violate established policies set by the board.

Such liability generally stems from the principle that significant shareholders have a responsibility to act in the best interest of the corporation and its stakeholders. If they engage in actions that contradict the board's policies or act against the corporation's interests, their ownership stake could make them liable.

In contrast, lower percentages may not provide enough influence or control, thus lessening the likelihood of substantial liability under these circumstances. Therefore, 30% is the threshold typically recognized in corporate governance discussions regarding possible liability for violation of board policies.