Indirect shareholders have money invested through a managed fund (this could be your pension).
The [fund manager] then purchases shares using money from the fund - money you contributed. This makes them the legal owner of those shares, and effectively the 'direct' shareholder.
This makes you an 'indirect shareholder', because it's technically your money that the fund manager used to buy the shares.
This also means that your fund manager holds the legal right to the shareholder vote instead of you. Of course, since it's your money, you should have a say, and that's why we built Tumelo!