Remember that CGI's voting shares are divided into two classes: Class A subordinate shares, which are entitled to one vote each, and Class B shares, which are entitled to ten votes each. As at December 4, 2023, 43.80% and 56.20% of the aggregate voting rights were attached to the outstanding Class A subordinate voting shares and Class B shares,
respectively. Since the Company's management recommended voting against our shareholder proposal last year, it is reasonable to believe that all the votes cast in favor of our proposal came from Class A subordinate shares. It is therefore possible to estimate that nearly 40% of holders of subordinate shares supported our proposal. While we understand that the virtual component of annual meetings enables us to reach certain shareholders who are unable to attend in person, we believe that the hybrid format, with an in-person meeting, enables more direct exchanges with management and directors. At a time when in-person contact is becoming increasingly rare, and where direct communication is increasingly valuable, we feel that the suggested hybrid format is the most appropriate. It should be noted that the [Canadian Securities Administrators] CSA has recently revised its guidelines to encourage issuers to hold their annual meetings both virtually and in person1, and that the Canadian Coalition for Good Governance2 advises against holding such meetings strictly virtually, as this format can limit the expression of the voice of shareholders. Also, one of the new criteria to be used to assess the good governance of organizations by The Globe and Mail, in its annual Board Games, will be to favor hybrid meetings, with no points awarded to companies that hold their meetings solely in person or solely virtually.