Railpen (ICEV co-founder and chair) asked questions at the AGM's of Citigroup and Wells Fargo, requesting senior executives at each company meet with ICEV in order to share views on dual-class shares.
The AGM questions noted the issuers' roles as trusted advisers to pre-IPO companies, and the importance of understanding institutional investor perspectives on dual-class share structures in this context, as well as highlighting the body of evidence demonstrating that any benefits to dual-class share structures decline only a few years after listing, and that unequal voting rights can be detrimental to long-term firm value.
The question was asked and answered at the Wells Fargo AGM, but did not get asked at the Citigroup AGM. The AGM questions were sent to each company in advance of the meeting.
