Index provider FTSE Russell said on Tuesday that a majority of investors it surveyed supported its suggestion that companies should offer at least some voting rights in order to be included in its stock indexes.
FTSE Russell, part of the London Stock Exchange Group, said in a report posted on its website that respondents to the survey, which included asset managers and other stakeholders, offered comments on whether to include a voting rights threshold and if so, at what level.
FTSE Russell began the survey amid concerns about the initial public offering of Snapchat parent Snap Inc., which lacked voting rights, and said it will give a detailed outline of its proposed approach in coming weeks. The company had previously said it was leaning toward setting a minimum threshold for the percentage of voting rights given to public investors, and that most stakeholders backed the idea, but the report on Tuesday was a more formal statement of its findings. A FTSE Russell spokesman said executives were not immediately available to give more details.
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