Shopify Inc. shareholders will vote on whether the company should adopt a new corporate governance structure that would give its chief executive a non-transferable founder share.
If passed at Shopify's annual general meeting Tuesday morning, founder Tobi Lütke would have voting power for as long as he is at the Ottawa e-commerce software company. He, his family and affiliates would also hold 40 per cent of the company's voting power.
At least one proxy advisory firm, which compiles reports for shareholders ahead of such votes, opposes Shopify's proposal. Glass, Lewis & Co told clients last month the move limits shareholder rights and inadequately protects minority shareholder interests. If passed, Shopify director John Phillips will convert all class B shares held by Klister Credit Corp., a company the early investor owns with psychologist-wife Catherine Phillips into class A shares.
The impending votes come after Shopify shares plunged from a 52-week high of $2,228.73 in November to a low of $402 in mid-May. The stock closed at $452.54 on Monday.
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