Institutional investors speak out against Snapchat

As mentioned in Amec’s March newsletter, the Council of Institutional Investors called upon the world’s leading indices to not include Snap in their respective indices. According to CII, non-voting shares are not real shares, reason why they should not be included in the benchmarks – what would force investors to buy them, mainly the passives or the closet indexers.
The letters published by CII can be read here and here. The FTSE Russell has already answered positively about making a public consultation about it. Additionally, the CII sent a testimonial to SEC about the matter that can be accessed here. The Investment Association, from the United Kingdom, developed a similar independent measure and its viewpoint is available here.