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I was wondering what happens if a shareholder of a publicly listed company does not exercise his or her right to vote.

I would be tempted to answer "nothing" but I am sure you guys know better.

Clarification: I'm asking what the consequences are for the shareholder, not for his missed vote

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It's not included. All votes for and against are counted and the proposal action. Non voters are not counted.

Few decisions by company due to regulations or individual policy need a minimum number of valid votes. Often the number of shares held by individuals is too small for it to matter.

Edit: There is no obligation to vote. No penalty or fines for individual share holders.

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