I will be interested in the answer to this question too. Thanks for asking it. The annual report almost always declares how many shares the directors hold. Other than that, anyone who buys on the open market does not have to declare their position until they exceed 10% of the outstanding shares. Recently, Rouseau tried to gain control of Noront in a proxy fight. When they did this they had to declare their position and they claimed 9.2%. This is as much as I can help. I have learned this through reading over the years, so it should be checked for accuracy. Second hand information, like this, isn't always true.