A group of major institutional investors is seeking to have social media and technology company Snap acquired by index providers S&P Dow Jones Indices and MSCI due to the company ’s sale of non - voting shares from stock benchmarks . Snap completed a $ 3.4bn initial public offering last week . Concerns have been raised about the company ’s Class A shares as they carry no voting rights , excluding shareholders from determining company governance and pay and benefits .
A group of major institutional investors is seeking to have social media and technology company Snap banned by index providers S&P Dow Jones Indices and MSCI due to the company’s sale of non-voting shares from stock benchmarks. Snap saw a $3.4bn initial public offering last week. Concerns have been raised about the company’s Class A shares as they carry no voting rights, excluding shareholders from influencing company strategy and pay and remuneration.