1、 https:/crsreports.congress.gov December 8, 2021Dual Class Stock: Background and Policy DebateWhen investors acquire the common stock of publicly traded companies, that share ownership generally entitles a shareholder to two things: (1) a financial stake in the firm and (2) the right to vote at annu
2、al and special company meetings on such things as candidates for the board of directors, potential corporate acquisitions and mergers, management proposals, and non-binding shareholder proposals aimed at changing company policy. Overall, about three-quarters of publicly traded U.S. firms reportedly
3、have shares with equal voting rights, popularly known as “one share, one vote.” The remainder have common stock that have shares with differential voting rights called multi-class stocks and dual class stock (DCS) in cases where there are two classes. Multi-class stocks and DCSs have raised concerns
4、 for some over the implications of the power disparity between founder-managers with superior voting shares and the majority shareholders with inferior ones. The most common form of DCS involves one class of shares with 10 times the voting power of the other. Some firms, however, have issued shares
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