The efficiency of shareholder engagement does NOT depend on...

The efficiency of shareholder engagement does not depend on the amount of security in free float because the free float refers to the proportion of shares that are available for trading by the public, excluding locked-in shares held by insiders or large shareholders. While the free float can impact a company's stock liquidity and market dynamics, it is not a direct determinant of how effective engagement strategies will be.

Engagement efficiency primarily hinges on how well the stakeholders can communicate and influence the company's decisions, which is more closely related to factors like the scale of ownership and collective initiatives, the quality of the engagement dialogue, and the awareness of possible sanctions such as divestment. These elements directly affect the ability of shareholders to make an impact through dialogue and negotiations with company management, making them pivotal to the success of engagement efforts.