“NO VOTE” campaign is a low-cost tool used by activist investors seeking management and strategy changes at public companies.

It is also referred to as “withhold vote” campaigns.

Even though it is not as effective as proxy contests, the “NO VOTE” campaign puts pressure on a board and could help in effecting desired change.

If the shareholder fails to submit his/her nomination before the deadline to nominate, the “NO VOTE” campaign can be an effective tool to express discontent.