> Shareholders don't have voting rights, how can they pressure Google to do anything?
Shareholders do have voting rights at present. The problem is that Google Class B shares carry 10x the voting rights of Class A shares. Thus, even an overwhelming majority of market cap would still be unable to outvote the insiders.
Google is in the process of introducing a nonvoting C share class. This innovation was passed despite a mere 12% support among Google's Class A shares, because the insiders voted all of their Class B shares in favor. From now on, new shares created through stock options will no longer dilute insider control of the company.
Right, my mistake. Not sure why I was thinking they didn't get to vote at all right now, but still, yes owning a share of Class A doesn't entitle you to very much right now.
Shareholders do have voting rights at present. The problem is that Google Class B shares carry 10x the voting rights of Class A shares. Thus, even an overwhelming majority of market cap would still be unable to outvote the insiders.
Google is in the process of introducing a nonvoting C share class. This innovation was passed despite a mere 12% support among Google's Class A shares, because the insiders voted all of their Class B shares in favor. From now on, new shares created through stock options will no longer dilute insider control of the company.