Stock exchanges want dual-class listings, and so do big tech companies. But not all experts are convinced of the benefits.
Are dual-class shares on the agenda for UK stock markets? Some media outlets certainly seem to think so. Indeed, the Financial Times last week reiterated its belief that UK government has been discussing the possibility of allowing a dual-class capital structure. The paper's leader writers have even written an editorial backing its exploration. This week shareholders struck back. In an article for the FT George Dallas, policy director for the International Corporate Governance Network (ICGN), spelled out why it would be a bad idea. Dallas argued that dual-class shares—share structures that allow some shares more voting rights than others—would “water down” the voice of shareholders at a time when a recently revamped Steward