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ICEV featured in Financial Times: Reddit's IPO is a regrettable mis-step in corporate governance

In this piece for the Financial Times, ICEV Chair, Caroline Escott, discusses the high-profile Reddit IPO.

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ICEV's Chair discusses how Reddit's decision to list with dual-class share structures runs counter to its business model of "curating a democratic culture of debate".

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"In doing so, the company is contributing to a trend that undermines a fundamental tenet of good corporate governance and may potentially cause further detriment for long-term investors and the savers served by fund managers and pension funds."

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Read the Financial Times article in full

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‍Read the Financial Times article, by Caroline Escott, in full

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Read the Responsible Investor article which mentions ICEV's work to engage with Reddit: Pension fund coalition targets Reddit over unequal voting rights

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The ICEV Steering Group is the governing body of ICEV. It is responsible for making strategic decisions regarding, and oversight of, the Coalition’s activities. Asset owner members of ICEV are eligible to apply to join the Steering Group, membership of which is decided by a simple majority of existing ICEV asset owner members. ICEV’s chair is responsible for the overall management of the coalition, which includes leading the assessment of potential engagement targets, fielding ICEV member input, scheduling meetings, initiating discussion during engagements and leading on external communications. ICEV’s vice chair is responsible for ICEV member growth and retention, and for the continuity of scheduled activity in the event of the chair’s absence. ICEV members actively help the chair identify prospective engagement partners as well participate in engagements themselves, should they wish to. ICEV members may abstain from participating in any ICEV letter or engagement for any reason.

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