Which of the following describes 'common shares'?

Common shares are characterized by providing voting rights to shareholders, which allows them to have a say in corporate governance, such as electing the board of directors and making significant corporate decisions. In addition to these voting rights, common shares confer a residual claim on the company's assets, meaning that after all debts and obligations have been settled, common shareholders are entitled to the remaining assets of the company. This structure inherently ties common shares to the fundamental concept of ownership in a corporation, allowing shareholders to benefit from its growth and profitability through dividends and appreciation in share value, albeit after other obligations are met.

The other options describe attributes that do not align with the nature of common shares. Shares that provide no voting rights would typically refer to preferred shares, which prioritize dividends and asset claims over voting. Shares exclusively offered to institutional investors are not representative of common shares, as common shares can be offered widely to retail and institutional investors alike. Finally, shares that guarantee fixed dividends are characteristic of preferred shares, as common shares do not offer fixed dividends and instead may or may not pay out dividends based on the corporation's profitability and board decisions.