To achieve this, the foreign parent creates a special class of voting shares (usually supervoting
preferred shares), all of which are held by a trustee pursuant to a voting trust agreement.
Risk of unwanted M&A activity is minimized for companies with dual class share structures with supervoting
The Sulzberger family holds supervoting
stock allowing them to elect nine of the New York Times' 13 directors.
Thus, one can deviate from the one-share, one-vote default setting by issuing supervoting
shares or shares with no voting rights.
CDC Corporation will continue to hold supervoting
Class B Common Shares of CDC Software which will have twenty votes per share.
Christopher Bancroft, a Dow Jones board member who owns an investment firm in Texas and has 19 per cent of the company's supervoting