A Pension fund with a holding of over 4700 in class A Google stock, wants a change to eliminate a tow tier voting
structure. This change would funnel the control of Google from its main three executives, Brin, Page, and Schmidt.
The pension fund in question is the Bricklayers and Trowel Trades International. Google has opposed the
proposal already that would entitle one vote for each share held in the company, not being dependant on what class of
stock it is.
Googles two tier system has a Class A, which is available to public shareholders, of which
officers and directors hold 1.6% of. There is also a class B stock that is specifically held by Google insiders where
all the voting power for the company is held. 77% is held by officers and directors of the company. This system has
also caused a struggle between Wall Street and Google's management.
1. Google made its intentions on this matter clear before their IPO. These investors knew, or ought have known, before they bought the stock. And if stockholders like these really control Google, then you can say goodbye to "Do no evil" (even unofficially), innovation, and hello to ad-infested hell. Back to petty markets...
Posted at 1:20AM on Apr 14th 2006 by Mysterius