A co-founder of Wise wants the most influential voting consulting firms in the world to change their judgments on the plans which cement the control of the money transfer service in the hands of a small group of investors for another decade.
Sky News has learned that Taavet Hinrikus, who, alongside the current director general, Kristo Kaarmann, launched the company in 2011, is the lewis press glass and institutional shareholders (ISS) – whose recommendations have an important meaning among institutional investors – to advise Wise shareholders to oppose plans to extend its double class actions until 2036.
The row appeared in the middle of wise plans to move its main list in New York, where double -class property structures are much more common.
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The structure was implemented in 2021, when Wise floated in London with a commitment that it would return to a single class of shares five years after her start on the stock market.
The ownership vehicle of Mr. Hinrikus – Skala Investments – holds just over 5.1% of Wise shares, a participation of approximately 450 million pounds Sterling in the current share.
Due to its ownership of class B shares, Skala also holds around 11% of Wise voting rights.
Speaking exclusively at Sky News, Hinrikus said he was “disappointed that neither Glass Lewis nor ISS have reported this important governance problem”.
“We want to discuss it with them and for them to revise their reports before the vote.”
Mr. Hinrikus was irritated by Wise’s refusal to separate questions from the United States’s list and the double-class voting structure in separate resolutions at his next general meeting to approve this decision.
In a statement published Monday, Skaala said: “This change in material governance has not been clearly disclosed to Wise action owners”.
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We did not know what other Wise shareholders were unhappy with the approach of the company.
Wise said: “The double -class sharing structure is essential to ensure our successful performance.”