Google Inc. (Alphabet Inc.) | Equal shareholder voting at Google Inc. (Alphabet Inc.)
How other organisations have declared their voting intentions
Organisation name | Declared voting intentions | Rationale |
---|---|---|
Rothschild & co Asset Management | For | |
EdenTree Investment Management Ltd | For | Alphabet's multi class structure, whereby common shareholders carry less than half of the voting rights while bearing significantly more of the economic risk, has been destructive to the shareholder experience in recent years. When the company went public in 2004, Larry Page and Sergey Brin shared in their Founder's IPO Letter that this structure would enable them to pursue their long term vision for the company without short-term pressure. After 20 years and no sunset-clause, we believe the benefits of this structure have long since expired. In the letter, they also state "if opportunities arrive that might cause us to sacrifice short term results but are in the best long term interest of our shareholders, we will take those opportunities." Yet in contrast to this commitment, the concentration of voting powers has resulted in a decision-making process that discounts the long-term interests of common shareholders in favour of those belonging to affiliated individuals. The extent of this agency imbalance may suggest the board's fiduciary duty does not fully extend to the heterogeneous interests of common shareholders, further evidenced by failures to implement proposals with majority support from unaffiliated voters. |
Kutxabank Gestion SGIIC SAU. | For |
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