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Google Inc. (GOOG) (GOOG)’s latest bid to preserve the control of founders Larry Page and Sergey Brin is raising concerns among corporate-governance watchdogs, who say the new stock structure cuts shareholders out of the loop. cheap beats by dre
Google unveiled a plan yesterday that lets the company issue new shares without diluting the founders’ voting power. The stock change would create a new class of nonvoting shares that will be distributed to existing shareholders in what is effectively a 2-for-1 stock split.
Page and Brin, who made no secret of their intention to hold sway over the company when it went public in 2004, aim to keep that control as Google grows larger. The latest move lets the founders issue stock to compensate workers or make acquisitions without loosening their grip. For investors, the result is a lack of input on decision making, said Charles Elson, director of the University of Delaware’s John L. Weinberg Center for Corporate Governance. dr dre headphone
“Shareholder voting rights are pretty limited in Google,” he said. “And this basically perpetuates that reality.” buy beats by dre
Together with Chairman Eric Schmidt, Google’s co-founders have about two-thirds of the company’s voting power, thanks to a dual-class stock structure that was created before its initial public offering eight years ago. The company already had one class of stock with less voting power, Class A. The new type, Class C, will have none at all.
monster cable headphone Google’s shares (GOOG) were little changed in late trading after the announcement yesterday. They had risen 2.4 percent to $651.01 at the close in New York.
