Snap的首次公开发行(IPO)是美国首次发行毫无投票权的股票。该公司联合创始人——首席执行官艾文?斯皮格尔(Evan Spiegel)和首席技术官鲍比?墨菲(Bobby Murphy)——对于他们的意图并不隐晦,他们在招股说明书中明确表示,无意在可预见的未来支付现金股息。
Yet pricing of shares in the lossmaking company is expected to value it at up to $18.5bn, which was last week revised down in updated regulatory filings from $22.2bn.
然而预计这家亏损公司的估值将高达185亿美元,这一数字还是在最新监管申报文件中从222亿美元下修的。
By any standard Snap’s governance arrangements are flawed and its directors minimally accountable. Anne Simpson, a leading governance expert at the California pension fund Calpers, dubs this “a banana republic approach” to corporate governance.
无论按照什么标准,Snap的治理安排都是存在缺陷的,其董事承担的责任微乎其微。加州公务员退休基金(CalPERS)的领先治理专家安妮?辛普森(Anne Simpson)称其为公司治理的“香蕉共和国战略”。
Yet the decision to prevent outside shareholders from exercising control rights over the company is also symptomatic of a deeper problem with modern corporate governance, as are the tiered voting structures that prevail at other tech companies such as Google, Facebook and Alibaba. Modern corporate governance practice sits uncomfortably with the business models employed in the more advanced sectors of the global economy. Taken together with changes in the structure of ownership, this has drastically weakened the accountability of management to shareholders.
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