April 21, 2022 | Editor: Henry Hofman
Shopify plans to approve Founder’s share
Shopify will seek shareholder approval at the June 7 AGM for the creation of a new class of share – Founder’s share – for its chief executive and founder Tobi Lutke. The company’s current share structure comprises two classes of shares, Class A with one vote per share, and Class B with 10 votes per share. Class B shareholders currently control around 51% of the total voting power. Under the proposed share structure, the Founder’s share will grant CEO Lutke a variable number of shares that combined with the existing Class B share voting power held by Lutke and his affiliates will amount to 40% of the total voting power. The Founder share will expire when Lutke no longer serves as executive, director, or consultant, or when he and his affiliates no longer own combined class A and class B shares representing at least 30% of the Class B currently owned. Shopify’s board also plans to seek shareholder approval for a 10-for-1 split of Class A and Class B shares.
Shopify | Bloomberg|
Volkswagen rejects proposal on climate lobbying reporting
TotalEnergies pressured to set Paris Agreement-aligned targets
Shareholders representing around 0.8% of ownership, filed a resolution requesting TotalEnergies include environmental targets aligned with the Paris Agreement in its annual reporting. Shareholders are asking the company to set and publish short- and long-term quantitative targets aimed at reducing GHG emissions to align to the 1.5C target set for 2030. The reports should include the board’s strategies and policies for achieving the targets, as well as past-year’s progress on the issues. At its May AGM, TotalEnergies will submit for consultative vote its first progress report on sustainability and climate, presenting its transformation strategy and climate commitments.
Reuters| MN.nl| TotalEnergies |
California judge declares diversity mandate unconstitutional
Governance in Brief – May 25, 2022
Woodside shareholders approve BHP deal Woodside Petroleum’s 2022 AGM has approved the company’s merger with BHP Group’s petroleum business. The merged entity will change its name to Woodside Energy Group Ltd. and will be one of the world’s largest fossil fuel energy producers.
Governance in Brief – May 19, 2022
Moderna’s new CFO leaves after just one day in office Moderna has announced the departure of its newly appointed CFO Jorge Gomez, one day after his official instatement. His departure comes after his former employer, Dentsply Sirona, announced an internal probe into its recent quarterly financial reporting, and in particular the way it accounted for sales incentives.
Governance in Brief – May 12, 2022
TotalEnergies faces shareholder pressure to boost climate targets A group of TotalEnergies shareholders has requested that the firm tighten its greenhouse gas reduction targets to better align its climate strategy with the Paris Agreement. The proponents contend that the proposal would make Total the first oil and gas firm to align its 2030 targets with the agreement’s 1.5°C goal.