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If active funds do better than lazy ones, shareholder activism will get a boost.
A spokesman for Smiths said the company did not comment on non-disclosable shareholdings but added: "We welcome all shareholders and any active interest a shareholder wishes to take in the business.
It requires active shareholder engagement.
"This debate shows we've taken a great step forward in building an active shareholder culture".
But for every active shareholder who votes for change, thousands of passive ones remain disengaged.
He now has a business worth several million pounds and I am a minority, but active, shareholder".
Separately, eBay also announced that it had entered into a standstill agreement with Carl Icahn, currently eBay's largest active shareholder.
"Nonetheless," Elodie Le Rol said by email, "the Groupe Bollore carries out it duty to be vigilant, and is an active shareholder and administrator of Socfin".
Being investors in the steel industry you would expect any active shareholder to look at what is going on in the broader market.
The company ultimately accepted the offer, Mr. Stadler said, but in the meantime, the BZ Group was simply trading like any active shareholder.
Since Mr Ricke's departure the share price has climbed back close to Blackstone's purchase price of €14.The third active shareholder is Laxey Partners, a British hedge fund.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com