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Snap backlash, Facebook capitulation won’t stop founder-friendly stock structures

Though it might seem as if the investor community is turning against dual-class share structures, there are still tough opponents who continue to argue for a founder-led approach.

FTSE Russell and S&P Dow Jones have both issued new rules that exclude companies that have limited to no voting rights with various restrictions, a major move against those types of corporate structures by two powerful agencies. The moves were spurred by Snap Inc.’s SNAP, -0.51% initial public offering, in which it did not give any voting rights to new investors, and shareholder advocates who insist an investment should entitle shareholders to equal voting power.

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