Business
Wise Shareholders Approve US Listing Amid Controversial Vote

Shareholders of Wise have overwhelmingly approved a plan to move the company’s listing from London to New York, despite significant controversy surrounding the conditions of the vote. The proposal received strong backing, with nearly 91% of class A shares and 84.5% of class B shares voting in favor of the special resolution.
Controversial Dual-Class Share Structure
The move to relocate Wise’s listing is accompanied by the contentious decision to extend the company’s dual-class share structure until 2036. When Wise went public in London in 2021, it implemented this structure to ensure control remained in the hands of a small group of investors. Originally, this arrangement was set to expire in 2026, but the recent vote tied its extension to the transition to a New York listing.
Co-founder Taavet Hinrikus, who holds over 5% of the company through his investment vehicle, Skaala Investments OÜ, criticized the “all or nothing” nature of the vote. He argued that the proposal forced shareholders to choose between supporting the listing move and maintaining the dual-class structure. This sentiment was echoed by Pirc, a proxy advisory firm that lobbied against the resolution.
Management’s Response
Despite the backlash, Wise’s management expressed satisfaction with the outcome. David Wells, chair of Wise, stated, “We’re pleased that our owners have overwhelmingly approved the proposal, giving us a strong mandate to proceed.” This approval marks a significant step for Wise as it seeks to enhance its market presence in the United States.
The decision to relocate the listing is seen as a strategy to tap into a larger investor base and increase visibility in one of the world’s leading financial markets. As Wise prepares for this transition, the focus will be on navigating the complexities associated with the dual-class share structure while ensuring shareholder interests remain a priority.
In summary, Wise’s shareholder vote reflects a decisive move towards a New York listing, albeit with ongoing debates over governance structures. The next steps for Wise will involve implementing the transition and addressing the concerns raised during this voting process.
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