Controversy over dual-class share status 

The one share, one vote policy adopted by listed companies helps the investors to hold executives of the company accountable for their actions, but in the past few decades, the public market has been under pressure over the controlling dual-status structure, 

That was first introduced in the 1980s when the founders and executives of the company had disproportionate voting rights, and such a trend is accelerating in tech firms. 

From 1980 to 1985, only 2.4 per cent of 1,150 companies had a dual-class structure,   but from 1996 to 2000 - 2,295 firms were listed, and 9.1 per cent had a dual structure. 

Google owns three Classes -  A, B, and C where one of the classes holds 60 per cent of the rights held by three people, and the other class has zero power in the company's administration and decision-making. 

Snap was another firm listed in 2017 at the NYSE with no voting options. 

Analysts widely scrutinize dual-status shares, and it has become almost a daily topic for investors and fund managers studying the IPO offerings of firms like Lyft Inc. 

And Uber, Airbnb, Pinterest, and Slack. The entry to the public market offered by these companies in March 2019 had voting rights structured to keep control in the hands of the founder team, which resulted in campaigns by investors to discourage it. 

The low voting rights given to public investors and higher to the company's founders contrast the offerings of a single class of common stock, where the active investors choose the director.    

Several firms hold such a structure. Berkshire Hathaway's Warren Buffet said he has maintained it in his firm to protect the company from short-term activities. However, he has been supporting the campaigns by investors to eliminate duality. 

A 2018 study found issuers with unequal voting rights outperformed over ten years as it provides them with strong management and strength to hold the team and work along. Still, investors feel such status makes it impossible for the management to feel accountable for their actions. 

Companies can go public with a single category where a few institutional investors select the directors. In contrast, in the case of dual structure, the directors are elected by the people working for the company and those creating the company. 

They have a broader understanding of corporate purpose and needs. Institutional investors are backed by large governance where they can, at the time of the company's board meeting, where their ensurandir voice is heard on such occasions. 

However, retail investors are at higher risk, which does not mean it is completely bad for them, but some experts say such stocks should be discounted for retail buyers against the loss of voting.