CII, Investors Say "No" to Snap’s "No-Vote" Shares
The Council of Institutional Investors February 3 sent a letter
to the founders and chairman-designate of Snap Inc. urging them to reconsider plans to take the company public with shares that have no voting power. The letter was co-signed by 18 of CII members and other institutional investors.
“We are concerned that Snap Inc. plans to go public with a structure denying outside shareholders any voice in the company, and request to meet with you to discuss our concerns,” Ken Bertsch, CII’s executive director, said in the letter. ”We strongly urge Snap to reconsider the proposed structure, and instead go to market with a single-class voting structure.”
CII Report on Proxy Access Bylaws at U.S. Companies Finds Consensus on Key Provisions
The Council of Institutional Investors February 2 published a report
on proxy access bylaw provisions adopted by 347 U.S. public companies. The report shows that a high percentage of the bylaws incorporate similar key provisions. The report analyzes data collected by the law firm of Covington & Burling on access bylaws adopted by 2016.