Asset Management

BlackRock and Calpers want exchanges to clamp down on dual-class shares

Big investors want companies to end unequal voting rights within seven years of going public

BlackRock, the California Public Employees’ Retirement System and other large asset managers are turning up the heat in their campaign to limit the use of dual-class shares. Their new target: stock exchanges.

A group that represents a number of big investors submitted petitions Wednesday asking the New York Stock Exchange and Nasdaq to require companies with different share classes to get rid of unequal voting rights within seven years of going public.

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