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Fintech Giant’s Billionaire Cofounders Spar Over U.S. Listing Plan

UNITED KINGDOM, JUL 21 – Co-founder Taavet Hinrikus urges shareholders to reject bundled proposals extending dual-class voting rights for 10 years, citing governance risks and shareholder democracy concerns.

  • On Friday, August 30, 2024, Wise faces a shareholder vote, sparking a rebellion led by co-founder Taavet Hinrikus over the US listing and governance changes.
  • Skaala Investments OU said shareholders were promised this would expire in July 2026, and Taavet Hinrikus expressed concern over governance changes, highlighting a broken promise and opposition.
  • Proxy advisers ISS and Glass Lewis recommended backing the plan, demonstrating support from influential governance voices, Wise said.
  • Wise’s board asserted, `the dual-class share structure is essential to ensuring our continued successful performance and safeguarding our focus on executing our strategy`, while Kristo Kaarmann rebutted the claims in a blog post.
  • This move indicates a long-term challenge for the London Stock Market, as 88 companies exited the UK main market last year, further weakening its prospects.
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Stockhead broke the news in on Monday, July 21, 2025.
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