Snap to be excluded from S & P 500 index
The S&P 500.SPX will begin next Tuesday to exclude from the index companies that issue multiple classes of shares. This would include Snap Inc (SNAP.N) that recently decided to issue shares with no voting rights.
|The decision will not apply to existing components of the index that already had several classes of shares such as Alphabet parent of Google (GOOGL.O) and Berkshire Hathaway Inc (BRKa.N). The S&P said in a statement: "Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues."|