Conflicts of interest: the global fight over dual-class shares
Dual-class shares are causing friction between institutional shareholders and stock exchanges across the globe, and big tech firms are the driving force behind it. How will it all pan out? And how will it affect corporate governance?
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There is a quiet battle underway in corporate governance that rages from New York all the way to the Far East. The battleground? Dual-class shares.
Can’t remember the stories about dual-class shares? You’re probably not alone. The issue is technical and somewhat esoteric. But debate over this special brand of shares, or what is sometimes referred to as weighted voting rights, represents not only a faultline between a collection of big institutional shareholders on one side, and exchanges around the world on the other.
It also represents a rupture between traditional listed business and the dominant big new technology firms where founde
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