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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Wise co-founder seeks talks with proxy advisers in US listing row
A co-founder of Wise wants the world's most influential corporate voting advisory firms to change their judgements on plans that would cement control of the money-transfer service in the hands of a small band of investors for another decade.
·United Kingdom
Read Full ArticleWise Co-Founder Slams Fintech’s Plans to Move Listing to US
An investment vehicle owned by the co-founder of Wise Plc urged fellow shareholders to vote against the company shifting its primary listing out of London, arguing the move lacks transparency about important changes to governance.
·United States
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Total News Sources16
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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