The parent company of Snapchat is planning to offer shares with no voting power in its IPO. That would keep control of the company in the hands of its two founders. Voteless shares are becoming a trend in tech. But some big pension funds that have often played a role in corporate governance aren’t happy about Snap’s plan. They say it could weaken shareholders’ ability to keep management accountable. But there’s also another view of voteless shares — that it can allow tech entrepreneurs the freedom to focus on long-term goals instead of shareholder demand for short-term profits.
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