• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

U.S. house panel considers bill curbing dual-class stock

October 1, 2021 by David Barret Leave a Comment

October 1, 2021

By Jessica DiNapoli

NEW YORK (Reuters) – A U.S. House of Representatives panel plans to discuss a draft bill requiring companies that go public with dual-class stock to sunset the structure after seven years, according to a copy of the proposed legislation published late Thursday.

Dual-class share structures, which give some stockholders more voting power, are out of favor among investors, but popular with fast-growing technology companies. U.S. investors have been pushing companies to abandon the structure for years but have stopped short of not investing in those firms.

The draft bill targets newly public companies, and would grandfather in social media companies such as Facebook Inc and Snapchat parent Snap Inc. The bill also allows for the dual-class structure to remain in place for an additional seven years if a majority of shareholders in each class approves it.

Shareholder advocacy group the Council of Institutional Investors wrote to the committee on Friday in support of the bill, along with the New York State Comptroller, which oversees $268 billion in public pension money, and the Ohio Public Employees Retirement System (OPERS), with $113 billion in assets under management.

OPERS wrote in the letter that divesting from companies with dual-class stock eliminates the “possibility of any constructive dialogue” it could have with the firms.

The bill also calls for companies to disclose the racial and ethnic diversity of their boards and executive officers. The U.S. Securities and Exchange Commission is already planning to implement a similar rule.

(Reporting by Jessica DiNapoli; Editing by Richard Chang)

Source Link U.S. house panel considers bill curbing dual-class stock

David Barret
David Barret

Related posts:

  1. Exclusive-Italy expects 2021 deficit to be below 10% of national output -source
  2. How engaged are your employees?
  3. Asian stocks tense for Fed tapering news
  4. Philippines to launch pilot plan to resume face-to-face learning

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Do Hair And Nails Really Grow Faster In Summer?
  • Wondrous And Worrying Sights: What Explorers Discovered At The Bottom Of The Great Blue Hole
  • What’s The Biggest Volcano In The World? It Depends How You’re Measuring
  • “Every Species On The Planet Self-Medicates In Some Way”: How Wild Animals Use Medicine
  • Deepest Complex Ecosystem Ever Discovered 10 Kilometers Below The Sea, 892-Kilometer “Megaflash” Lightning Sets New World Record, And Much More This Week
  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Time’s Arrow Within Glass Appears To Go Both Ways, Raising Huge Questions
  • World’s “Oldest Baby” Born From Embryo Frozen In 1994 In New World Record
  • What Can Spain’s “Tunnel Of Bones” Tell Us About The Fate Of Human Species On The Brink Of Extinction?
  • Rhino Horns Go Radioactive As Anti-Poaching Project Gets Off The Ground
  • Manta Rays Officially Get Third New Species – 15 Years After First Suspected
  • “Space Hurricanes” Are Happening At Earth’s Poles – And They Can Affect GPS Signals
  • There Is A Crucial Reason Why We Will Never See The Big Bang Directly With Our Telescopes
  • How Does An MRI Machine Work?
  • Catch A Glimpse Of One Of The World’s Rarest Sharks In Dreamy New Footage
  • A One-Shot Vaccine For HIV Might Actually Be On The Cards
  • Chikungunya Virus Is Spreading In China: As CDC Considers Travel Advisory, Here’s What To Know
  • First-Of-Its-Kind Vagus Nerve Implant Gets FDA Approval As A Therapy For Rheumatoid Arthritis
  • First Time Crystal Made Of “Exotic” Giant Atoms 1,000 times Larger Than Hydrogen
  • Prehistoric Humans Began Eating Tubers 700,000 Years Before Our Teeth Evolved To Do So
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version