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Capital-actions à classe multiple : MSCI critique

Dans cet article de Bloomberg du 6 novembre 2017 « MSCI Extends Review of Whether to Ban Multiple-Class Stocks », la légitimité d’un capital-actions se trouve à nouveau au cœur de la discussion… discussion lancée cette fois par MSCI.

 

MSCI Inc., whose indexes guide the investment of about $11 trillion in assets, delayed a decision on whether companies that deprive public shareholders of voting rights should be barred from its benchmarks.

The company also broadened its investigation to consider “a discussion on the treatment of all types of unequal voting structures,” according to a statement Thursday.

(…) In its statement Thursday, MSCI noted such concerns. MSCI has been reviewing what to do since June. During that process, a minority of firms that voiced opinions “were strongly against the exclusion of non-voting shares from equity benchmarks and expressed concerns that this would result in equity benchmarks that less clearly represent the overall opportunity set,” the New York-based company said.

(…) MSCI temporarily banned companies with “unequal voting structures” from being added to two broad benchmarks: the MSCI ACWI Investable Market Index and MSCI US Investable Market 2500 Index. Current members won’t be bumped from the indexes, however.

 

À la prochaine…

Ivan Tchotourian