“Making directors irremovable, for any length of time, will damage British innovation and damage corporate governance” says Oxford law expert.

Despite City enthusiasm for dual-class shares, corporate governance is largely unworkable without equal treatment for all shareholders.

Those opposed to dual-class shares for premium listed companies are likely to argue against the stocks’ inclusion in UK mainstream indexes.

Swedish academics warn that measures proposed by the Hill Review won’t be effective—and may hinder the benefits of dual-class shares.

The report recommends pushing ahead with dual-class shares on the London Stock Exchange, with a consultation on the proposals to follow.