web ~ Dispositive power is the power to sell or otherwise transfer the shares; power to vote is exactly what it sounds like. This comes up often when you have an asset manager who may have the power to buy and sell shares, but not necessarily the power to vote the shares. 13G filings are all about alerting the world to the acquisition of a potentially influential block of shares by a person or group, and to whether or not the person or persons who “control” that block intend to try to take control of the company. The difference between the power to vote the shares and the power to tender or sell them in a change of control transaction may be important. When a fund acquires a block of shares that triggers a 13G filing, there may be a difference between the fund manager’s ability to vote the shares and the fund manager’s ability to sell them. It depends on what is in the asset management agreement.