Several of the world’s biggest money managers will push for a ban on dual-class shares, as part of a slew of corporate-governance practices they agreed to endorse. The campaign, announced Tuesday, will turn up the heat on many U.S. companies at a time of increased shareholder activism. The coalition’s 16 members manage more than $17 trillion in assets. The...
A coalition of some of the world’s largest asset managers is to campaign for a ban on dual-class shares as part of efforts to improve corporate governance. The move comes after an investigation by the Guardian revealed that more than half of FTSE 100 companies have at least one person who holds both UK and non-EU citizenship. The group manages a total of over $17tn in assets. The move comes at a time when shareholder activism is increasing. Dual-class shares tend to grant super voting power to specific shareholders, prompting complaints that they limit the power of shareholders in general. The group has also called for board members to be elected annually by shareholders.