In today’s capital markets, the principle of “one share, one vote” is increasingly under scrutiny. The rise of high-vote and no-vote stock has created a popular alternative for companies at the initial public offering (“IPO”) stage. According to Dealogic, approximately 14% of IPOs in the past year used some form of dual-class stock, compared to only 1% in 2005.5 Prominent companies that have adopted a separate class of high-vote stock in recent years include Alibaba, Facebook, First Data, Google (now Alphabet), Pure Storage, and Square.