Google and many others use Super Voting Shares
Guess Google doesn't have any partners?
Many, many companies use Super Voting Shares to maintain control and avoid hostile take overs.
DEAL PROFESSOR APRIL 13, 2012, 9:17 AM 11 Comments
New Share Class Gives Google Founders Tighter Control
BY STEVEN M. DAVIDOFF
Google's founders, Sergey Brin, left, and Larry Page, center, with Eric E. Schmidt, the company's executive chairman.
Matthew Staver/Bloomberg News
Google’s founders, Sergey Brin, left, and Larry Page, center, with Eric E. Schmidt, the company’s executive chairman.
Google may have the motto “don’t be evil.” But it is certainly not a democracy.
On Thursday, Google’s co-founders, Sergey Brin and Larry Page, announced that the Internet giant would be revamping its corporate structure. The company is creating a class of nonvoting shares that will be issued for employee stock incentive plans, acquisitions and other stock sales.
The move will allow Mr. Brin and Mr. Page to keep a tight grip on the company.
Google is proposing to have three classes of stock. Mr. Brin and Mr. Page will control the super-voting Class B stock, which have 10 votes per share and provide the two co-founders with voting control over Google. The Class B shares are convertible into the current publicly traded Class A shares, which have one vote per share and trade under the symbol Goog.
Now, Google is planning to add a separate nonvoting stock called Class C shares, which will trade publicly under a separate ticker. According to Google, Class C will have all the same rights as Class A shares including the rights to dividends, if and when Google ever pays them.
Google is doing this is so that founders can maintain control of the company.
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