Having spent two decades at the investment bank Goldman Sachs, David Schwimmer knows about the power of financial innovation. The chief executive of the London Stock Exchange Group (Lseg) — which he pronounces “L-seg” — worries that tech entrepreneurs are deterred from listing their companies in London by the market’s traditional “one share, one vote” system.
Schwimmer says that many would prefer the dual-class share structure common in America, which allows founders to retain more control. That has tended to be frowned upon by corporate governance watchers here because it gives more power to bosses and less to independent shareholders.
“There is a narrative that a dual-class share structure is, by definition, some kind of evil corruption of corporate governance. I think it’s important to