ICEV Report 2023: Undermining the Shareholder Voice - The rise and risks of unequal voting rights

In this report, the Investor Coalition for Equal Votes (ICEV) – chaired by Railpen and the Council of Institutional Investors (CII) – finds that unequal voting rights (or dual-class share structures) do not deliver financial advantages over the long-term, confer unjustified privileges to company insiders and insulate managements and boards from the views of independent investors, all of which can ultimately impact outcomes for beneficiaries.