Frank is very skeptical about smaller shareholders doing much to change things at the companies that he owns. Honestly, I am with him. It doesn't seem that people are willing to do much to rock the boat; after all, they are the people that help to make up the collective "Mr. Market" who tends to get frazzled by the slightest of changes. As an example, I thought that Sardar Biglari had a great case against Cracker Barrel, but, he didn't get anywhere close to getting 1 seat, which made up less than 1/10th of the board! And this is a guy that has what can only be described as a fantastic track record for making things happen.
I am skeptical that much will happen in the future, and I think that Ben Graham sums up my thoughts pretty well (he almost always seems to do my thinking for me!):
"the only way to inspire the average American shareholder to take any independently intelligent action would be by exploding a firecracker under him."
Disclosure/Disclaimer: I have no financial position or interest in any regard, to any of the entities mentioned. This is not advice of any kind. Always do a ton of your own research before contemplating doing anything that I say, do, write, or so much as think about.