Ride sharing startup Lyft’s move to the public market, has rekindled the issue of shareholder voting rights. Lyft’s plan for dual-class voting shares has caught the attention of pension funds, which suggests that investors should be aware that corporate governance is not a one-man one-vote democracy. Lyft co-founders will receive 20 votes per share while … Continued
CBS’s lawsuit against National Amusements, its controlling shareholder is, among other things, a challenge to dual-class stock structures. National Amusements controls almost 80% of the voting stock in CBS, but actually owns only 10%. Dual-class stock structures are already under fire from regulators, index providers and the courts. Here at Sigma, we have consistently voted … Continued
Ford Motor Company recently fired its CEO, Mark Fields. Its decision to do so was based on the stock’s poor price performance and belief that the company was not agile enough in addressing structural changes occurring in the auto industry. Personally, I have no opinion as to whether Mark Fields was the source of the … Continued
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