Commissioner Jackson's Take On Perpetual Dual-Class Stock

Law360 (March 1, 2018, 11:53 AM EST) -- In a speech at the University of California, Berkeley School of Law on Feb. 15, new SEC commissioner and Columbia Law School professor Robert J. Jackson Jr. passionately expressed what he sees as an age-old class struggle between corporate founders and Main Street investors in the context of perpetual dual-class share structures among newly public companies. Dual-class share structures involve companies that have provided in their certificate of incorporation for at least two classes of authorized common stock: one called subordinate voting shares (e.g., one vote per share), and the other called multiple voting or supervoting shares (e.g., 10 votes per...

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