Institutional investors await the outcome of consultation on the role of non-voting stock in determining membership of FTSE Russell indices, following SNAP’s decision to float without a single voting share.
Indexing company FTSE Russell is considering whether a change to its admission rules is necessary to recognise companies issuing non-voting shares.
The Wall Street Journal reports that a consultation is underway at the indexing company, which could conclude with companies having to reform their share structures if they want to retain their place in FTSE Russell's indices covering the US.
A statement from FTSE Russell in a press release said the company "intends to conduct a full market consultation to analyse and assess the impact of admitting companies that attach no voting rights to their offered share classes such as SNAP Inc. (NYSE
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