I wish PG would go into the details of structuring a board control. Perhaps that's an essay for a another day.
Some context:
Founder of Magna International, Frank Stronach, who started his business some 30 years ago made a lot headlines this past summer due to the sale of his "special" founder-class shares. I found it remarkable that even though the company is public, he still had majority interest over the board due to his share structure. EDIT: Every 1 of his B shares converted to 100 Common Stock (and he had over 700 Class B shares, before he decided to give up control and convert)
Wikipidia explains:
Stronach, who is currently the non-executive chairman of
Magna International, holds multiple-voting shares of the
company, which gives him majority voting power over
issues brought to shareholder vote. Although he controls
the voting power among Magna's shareholders, Stronach
owns only 4% of Magna's equity.
Some context: Founder of Magna International, Frank Stronach, who started his business some 30 years ago made a lot headlines this past summer due to the sale of his "special" founder-class shares. I found it remarkable that even though the company is public, he still had majority interest over the board due to his share structure. EDIT: Every 1 of his B shares converted to 100 Common Stock (and he had over 700 Class B shares, before he decided to give up control and convert)
Wikipidia explains: