A shareholder of Google, the company has been sued because a planned a share split, it is only in the benefit of senior executives Larry Page and Sergey Brin. Who love in spite of the demerger, namely their meerdersheidsbelang.
The case was brought by a shareholder Brockton Retirement Board that agitates against the stock split that Google mid-april announced. The company introduces a Class C share. Existing shareholders should, for each current Class A share Class C share. The big difference is that the new type, not with a voting right associated with it. That way the company can get the total number of shares increase, and the internal machtsverhoudig it unravels.
Founders Page and Brin would with this construction their majority stake from 56.3 percent to keep, writes Reuters. The executives believed that also needed; at the announcement of the demerger gave them that in this manner the less likely it is that external parties too much influence within the company.
Brockston Retirement Board finds, however crooked that the company this way to make money without the right to vote in sacrificing. According to the indictment would the founders with this construction, billions earn without anything in return. In addition, had the board members that the demerger approved first, the financial adviser should ask whether the construction be ‘fair’ was, according to the prosecutor.