Wooing of listings with dual-class shares yields fuzzy gains but definite pain

Michelle Quah

Published Wed, Jul 14, 2021 · 05:50 AM

IN A bid to attract more listings and boost its competitiveness, the United Kingdom announced last week a raft of proposed changes to its listing rules, including plans to allow dual class share (DCS) structures.

That particular proposal has ignited a storm of debate in the UK, which has long held dear the principle of "one share, one vote".

It's a move that begs the question of just how far regimes will go in giving up cherished doctrines in the pursuit of business, and how other jurisdictions will respond in their struggles to keep abreast of the competition.

To recap: the proposed changes to the UK's listing rules come as part of the Financial Conduct Authority's (FCA) Primary Marke…