Influencing corporate governance for the better.

The Investor Coalition for Equal Votes (ICEV) was formed in 2022 to advocate for one share, one vote structures
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What we do

The Investor Coalition for Equal Votes (ICEV) challenges the entrenched and material issue of dual-class share structures (DCSS), which deny independent investors a fair and proportionate voice.

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Our recommendations

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Companies...
List with equal voting rights at initial public offering (IPO) or adopt a time-based sunset clause for any DCSS of no more than seven years from the date of the IPO.
Company advisers...
Ensure their clients fully understand both the institutional investor perspective and the risks of listing with DCSS.
Stock exchanges and index providers...
To adjust their rules to uphold basic governance standards and discourage or prohibit the use of DCSS.
Investors...
Proactively, vocally campaign for what is a vital investor protection and fundamental tenet of shareholder capitalism.
Policymakers and regulators...
Recognise the consequences of DCSS for everyday savers and prevent companies from listing with these structures.  

What we stand for

Unequal voting rights are an increasingly important issue for the capital markets of several jurisdictions.

We encourage companies to list with a one share, one vote structure to support better long-term financial performance in the interests of individual savers and for the capital markets as a whole.

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Become a member

Our members are typically institutional investors as well as investor-governed, non-profit organisations.

Our collective concern is around the detrimental impact of unequal voting rights on shareholder democracy and long-term financial performance. Together, we are influencing a critical shift in how companies enter the public market – which is ideally with a one share, one vote structure.



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What makes us different

ICEV thinks laterally and intentionally about what the key opportunities for influence really are.

We engage with policymakers and financial market participants as well as companies (and their advisers) before they list – when they’re still open to conversations about capital structure.

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ICEV report 'Voting on voting rights – How the world’s largest investors sanction companies with unequal voting rights’

In a report published in November 2024, ICEV presents the range of approaches taken by investors with respect to voting on companies with dual-class share structures.

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ICEV calls on Tesla to uphold equal voting rights (June 2024)

ICEV statement signatories ask Tesla to commit to proportionate voting rights, in light of recent comments from their CEO regarding dual-class share structures and the findings from the January Delaware Court of Chancery around the current Tesla board.

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In the news
September 18, 2024
ICEV mentioned in Environmental Finance: The 2024 AGM season showed us the power of a vote
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In the news
May 1, 2023
ICEV mentioned in Financial Times: S&P criticised by pension funds over dual-class shares decision
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In the news
May 1, 2023
ICEV mentioned in Pensions & Investments: Investors push back on S&P Global decision allowing dual-class shares
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