Yes, I think it is significant. This is the point. It is not just dollars and cents. The issue also becomes one of the possible manipulation of decisions that would be made by the board. If it looks like an issue that has to be dealt with and they find that they are not winning it with 9 directors, they can quickly appoint two more who they know will be in favour of their position.
In the House of Commons on November 30th, 1998. See this statement in context.