Amec supports CII’s petition to NYSE and NASDAQ about Sunset Clauses

In December, the Association of Capital Market Investors – Amec – published a letter supporting the Council of Institutional Investors (CII) as to the petition the council filed with the US Stock Exchanges asking that their listing standards require that companies with dual class structures collapse to one-share, one-vote within 7 years after IPO or conduct a voting process of each class of shareholders on a separate basis, in compliance with the One share, One vote principle.
Like Amec, the CII has a clear policy in favor of a single class of shares, with equal voting power for all shareholders. Nevertheless, given the reality of some start-ups and tech companies, both entities understand that may be exceptions, provided the companies have future plans to migrate to the one share one vote structure. The sunset clause, within the agreed 7-year period, seems to be an effective way to reach this objective.
Click here to access Amec letter to Nasdaq.
Click here to access Amec letter to the NYSE.
The related documents are available at the following links:
Announcement of CII petitions
CII letter to NYSE
CII letter to NASDAQ
ICGN Letter to NYSE
ICGN Letter to NASDAQ