The draft statute defines controlling shareholder as someone who, among other things, owns at least 1/3 of the issuer's voting power. Presumably the drafters intend that someone who owns less than 1/3 of the voting stock is not a controlling shareholder and accordingly owes no fiduciary duties to the entity or the other shareholders. But why not say so? What is to stop a court from saying that somebody who owns 20% of the stock and is a superstar CEO is a controller with fiduciary duties? Granted, a fair reading of the statute suggests that the legislative intent is to preclude such cases. But I'm a belts and suspenders guy. So why not explicitly say somebody who owns less than 1/3 is not a controlling shareholder and owes no fiduciary duties to the entity or the other shareholders?