The shareholders of fintech group Wise have voted overwhelmingly in favour of approving plans to move its primary public listing to the US, despite a controversy surrounding the vote.
The resolution passed with 90.58% of Class A shares and 84.55% of Class B shares voting in favour.
“We’re pleased that our owners have overwhelmingly approved the proposal, giving us a strong mandate to proceed,” said Wise chair David Wells.
“We appreciate the extensive engagement with our owners. With this high level of support, our focus is firmly on moving forward, further accelerating our mission of money without borders and creating long-term value for our owners as we progress to moving trillions.”
There was some controversy surrounding the vote as a number of interested parties, most notably Wise co-founder and former chief executive Taavet Hinrikus, expressed concern over the structure of the vote.
Through Skaala Investments OÜ, a major shareholder of Wise owned by Hinrikus, he said he was “deeply troubled” that the vote included a resolution to extend the company’s dual-class voting structure for 10 years – it was originally set to expire in 2026.
He argued that this was a significant decision that should be treated entirely separately to the US listing, which he is in favour of.
Last week proxy advisory firm PIRC echoed Hinrikus’ concerns, urging shareholders to vote against the proposal because of the inclusion of the share class resolution, while other advisories Glass Lewis and ISS shared similar concerns without advocating against the vote.
Despite concerns the vote and all of its special resolutions were approved. The scheme is currently expected to become effective in the second quarter of 2026.
Register for Free
Bookmark your favorite posts, get daily updates, and enjoy an ad-reduced experience.
Already have an account? Log in
