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| UPDATED: 2006-05-19 |
 The Bricklayer's Failed Gambit 
By: Nathan Weinberg 2006-05-19 Last week, a bricklayer's pension fund, owning about $1.7 million of the $110 billion of Google stock... ...or something like .001% of all shares, tried to demand that Google get rid of its dual-class stock structure, which gives all of the decision-making power to the big three, CEO Eric Schmidt and founder Larry Page and Sergey Brin. Under this dual-class structure, the big three are the only owners of Class B stock, giving them ten votes per share, compared to everyone else's Class A and one vote per share. Obviously, the proposal was voted down when put to the test at last week's shareholder meeting, since the Class B stock makes up over two-thirds of the voting power. It's very hard to get the people holding all the cards to vote to take their own power away. Still, given that most of the things the shareholders complained/whined about in the Q&A session, I'm not so sure they should be given the reins. Add to | DiggThis | Yahoo! My Web Technorati: bricklayer View All Articles by Nathan Weinberg About the Author: Nathan Weinberg writes the popular InsideGoogle blog, offering the latest news and insights about Google and search engines. Visit the InsideGoogle blog. |
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