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U.S. investor group urges halt to dual-class structures in IPOs
March 23, 2016 9:36 AM EDTBy Ross Kerber
BOSTON (Reuters) - An influential group representing top U.S. pension funds on Wednesday urged companies that go public to stop using a maneuver that gives insiders extra control and makes other investors second-class corporate citizens.
Members of the Council of Institutional Investors voted to adopt a new policy that all investors in initial public offerings have equal voting rights among their shares, an official of the group said. They are concerned that dual-class share structures with unequal rights make management less accountable.
When executives use dual-class structures, "Basically you have insulated yourself... More
