- Board of Directors
- Corporate Governance Advisory Council
- Markets Advisory Council
- CII Staff
- Press Releases
Council of Institutional Investors Says Lyft’s Planned Dual-Class Structure is Harmful to Investors Media Advisory
CII Spring Conference, March 4-6, Washington, D.C.
CII Statement on Share Buybacks CII Research and Education Fund Publishes
Guide to Disclosure of Board Evaluation Processes
Investor Group Applauds CommonSense Principles 2.0 CII Fall Conference, October 23-25, New York City Leading Investor Group Responds to President’s Tweet on Quarterly Financial Reporting Investor Group Responds to Wall Street Journal Editorial CII Applauds Shareholder Protections in House Bill CII Elects New Board, Names Florida SBA Executive
Director & CIO Ashbel Williams Chair
New Report Details Practical Steps Corporate Boards Can Take to Combat Sexual Harassment CII Applauds SEC Commissioner Jackson's Call for Listing Standards to Require Sunsets on Dual-Class Stock CII Spring Conference, March 12-14, Washington. D.C. CII Announces Advisory Council Members for 2018 CII Report Highlights Risks Associated with a Common Chinese Corporate Structure Institutional Investors Oppose Stitch Fix Dual-Class Structure but Welcome Sunset Provision Uber’s Governance — Investor Response Do Not Disadvantage US Investors on Research,
CII Asks SEC
CII Fall Conference, September 13-15, San Diego CII Welcomes S&P Dow Jones’ Decision to Ban New Multi-Class Companies from Key Stock Indexes CII Applauds FTSE Russell Decision to Set Voting Rights
Minimum for Inclusion on Indexes
Investor Group Urges Blue Apron to Ditch No-Vote Shares Institutional Investors Dismayed by House Passage of
Financial CHOICE Act
CII, Institutional Investors with $4+ Trillion in Assets Oppose
Anti-Shareholder Provisions of the CHOICE Act
Council of Institutional Investors Executive Director Ken Bertsch Testifies on the Financial CHOICE Act Institutional Investors Oppose Key Provisions
of the Financial CHOICE Act
- CII in the News
- Governance & Financial Information
- Join & Support
- Contact Us
CII Welcomes S&P Dow Jones’ Decision to Ban New Multi-Class Companies from Key Stock Indexes
Washington, D.C., Aug.1, 2017 — The Council of Institutional Investors (CII) welcomes S&P Dow Jones’ decision to ban new multi-class companies from its key U.S. stock indexes. The move means that Snap Inc. and other new companies with share classes that have differential or no voting rights will be barred from inclusion in the S&P 500, S&P MidCap 400 and S&P SmallCap 600.
“This is a huge win for investors and a blow to companies that deny shareholders any say in how the company is run,” said Ken Bertsch, CII’s executive director.
“Multi-class structures, especially those with non-voting shares, rob shareholders of the power to press for change when something goes wrong, which happens sooner or later at most if not all companies,” Bertsch explained. “Shareholders at such companies have no say in electing the directors who are supposed to oversee management.”
S&P’s move is more far-reaching than FTSE Russell’s July 26 preliminary decision to bar Snap and companies with virtually zero voting rights in the hands of public shareholders from inclusion in the Russell 3000 and other FTSE Russell indexes.
Click for PDF version. For media inquiries, please contact CII Editor Rosemary Lally