LOL.... less than 50% took action on the directors proposals. The participation level on director proposals was less than 50%.
When there is an election and 80% vote for the local representative but only 50% vote for the town councilman on the same ballot, they don't say that the participation level for the town council was 80%.
i guess this is along the lines of that "definition" of risk as once tried to be explained. There's one definition and then there's the rest of the world's definition.