阿里巴巴课件

阿里巴巴合伙人制度对我国公司法的影响

一.阿里巴巴赴港上市始末（刘祥勇何华）

二.阿里巴巴转向美国上市（刘航奇夏帮银）

三.阿里巴巴招股说明书解读（陈虹学林愿）

四.双重股权制度的内容和优势（李修远宋俊毅）五.对我国公司法的启示（王莉王豪）一阿里巴巴香阿里巴巴香港上市始末港上市始末

1、2007年11月6日，对于阿里巴巴来说，是一个新的发展起点。其B2B业务成功在香港主板上市，开盘价30港元。2、2012年2月，阿里巴巴集团正式向其子公司B2B董事会提出私有化邀约，并于6月20日下午从香港联交所撤销上市地位。马云则回应称，只有着眼于未来才能有美好明天。局部的小调整已经没有办法对B2B进行根本性的完善。将阿里巴巴私有化可让阿里集团免于承受拥有上市子公司所需面临的压力，能够制定对客户最有利的长远规划。此时马云已开始着手为阿里巴巴的上市做准备，3、2013年7月23日，有传闻称阿里巴巴集团已经聘请高盛作为上市保荐人，并向港交所递交上市申请。阿里巴巴集团首席执行官陆兆禧与香港媒体见面时表示，阿里集团一直为上市做充分准备，但目前仍没有具体时间表。上市地点也尚未确定，香港和美国均是很好的选择。4、2013年8月18日，据《华尔街日报》报道称，阿里巴巴正与港交所就所有权一事进行商谈，正在探讨以“创新的方式”确保阿里巴巴的主要所有者对公司有着一定控制。5、2013年9月2日，据香港《南华早报》报道称，香港证监会将否决任何会被视为给予阿里巴巴豁免，令其无须遵守现行上市规定的改变。该表态被解读为基本否决了阿里在港上市的可能性。6、2013年9月10日，阿里集团董事局主席马云以内部邮件形式主动披露了“合伙人制度”，其中不乏有关坚持合伙人制度的“强硬”表达。7、2013年10月10日，阿里对IPO相关事宜作出公开表态，CEO陆兆禧对外表示，“我们决定不选择在香港上市。”阿里至此退出香港上市。WhychooseHongkong

First,culturalfactors.AseniormanagementoftheAlibabawantstopassa"culturalperspective"inHongkongalone,accordingtoabankerfamiliarwiththematter".Incontrast,theHongkongmarketandthemainlandmarketbloodChinacloserculturalsimilarities,buttheHongkongstockmarket"Chinafactors"moreandmoreconcentrated,theAlibabaininvestorrelations,maybemorehandy.Inaddition,relatedtoChina'se-commerce,Internetbankingandotherareas,inHongkonglistedmaybemoreinlinewiththeinterestsofthestateandshareholders.Twoisregulatoryissues.Inthepasttwoyears,theUnitedStateshasbeenlistedinthestockmarketwastroubledbyregulatoryissues.Accordingtobankers,theAlibabagroupdoesnotwanttogototheU.S.marketisoneofthemainreasons,inordertoavoidaheavyburdenontheregulatoryandaccountingstandards.OnebankerpointedoutthatthisisadignityforalargeChineseenterprises,AlibabaisreluctanttosubmitsomuchinternalinformationtotheU.S.regulatoryauthoritiestoreview.WhyquitHongkong

"AlibabawanttobelistedinHongkong,butunfortunately,Hongkongdoesnotsupportthepartnersystem,whichmeansthatifAlilistedinHongkong,Mawilllosecontrol.So,theAlibabacanonlychoosetogototheUnitedStatesmarket."Industryanalysis."ForanywillberegardedasexemptiontotheAlibaba,whichdoesnotneedtocomplywiththelistingruleschange,theCommissionwillberejected,includingallowingAlibabatotakethepartnershipproposallisted."HongkongSecuritiesRegulatoryCommissionandtheHongKongStockExchangeListingCommitteehadalreadymadeitclearthatthecompanywillnotprovideanexemptionforanycompany,becausethecurrentlistingsysteminHongkong,notallowedtogivespecialtreatmenttocertainshareholders.二阿里巴巴转向美国上市AlibabalistedintheUS1.ReviewInMarch2014,AlibabagroupsaiditwillbegintheprocessoffilingforaninitialpublicofferingintheUSOn6May2014,AlibabaGroupfiledregistrationdocumentstogopublicintheUSinwhatmaybeoneofthebiggestinitialpublicofferingsinAmericanhistory.On5September2014,thegroup—inaregulatoryfilingwiththeUSSecuritiesandExchangeCommission—setaUS$60-to$66-per-sharepricerangeforitsscheduledinitialpublicoffering(IPO),thefinalpriceofwhichwouldbedeterminedafteraninternationalroadshowtogaugetheinvestorinterestinAlibabasharestoshareholders.On18September2014,Alibaba'sIPOpricedatUS$68,raisingUS$21.8billionforthecompanyandinvestors.AlibabawasthebiggestUSIPOinhistory.On19September2014,Alibaba'sshares(BABA)begantradingontheNYSEatanopeningpriceof$92.70at11:55amEST.On22September2014,Alibaba'sunderwritersannouncedtheirconfirmationthattheyhadexercisedagreenshoeoptiontosell15%moresharesthanoriginallyplanned,boostingthetotalamountoftheIPOto$25billionCommentfromChinaDailyAlibabaGroupHoldingLtd,China'slargeste-commercevendor,hasofficiallyconfirmeditwillholdaninitialpublicofferingintheUnitedStates,thecompanyhasannounced.Thedecisionwill"makeAlibabaamoreglobalcompanyandenhancethecompany’stransparency,aswellasallowthecompanytocontinuetopursueourlong-termvisionandideals,"accordingtoacompanystatementsentonSundaytoChinaDaily.Itdidnotspecifywhichbourseitwillchoosetofloatitsshares,orgiveadetailedtimetable.

HongKongregulatorsrejectedAlibaba‘sIPObecauseofthefirm’sspecialrequesttokeepashareholderstructurewhichwouldhaveallowedagroupoftopmanagersandfounderstonominateandcontrolthecompany‘sboardofdirectors.Alibabasaidthat,shouldcircumstancespermitinthefuture,itwillworktowardstowardextendingitspublicstatusinChina’scapitalmarketinordertoshareitsgrowthwiththeChinesepeople.ThecompanyalsoexpressedgratitudetowardsthoseinHongKongwhohavesupportedAlibabaGroup,includingtheHongKongStockExchange,whichshutthedooronapotentiallistinglastSeptember.“WerespecttheviewpointsandpoliciesofHongKongandwillcontinuetopaycloseattentiontoandsupporttheprocessofinnovationanddevelopmentofHongKong,”thestatementadded.

Theuniquerequirementwentagainsttheexchange’sone-share-one-voteprinciple.ThestatementputsanendtorampantrumorsaboutAlibaba’schoiceoflistingvenue.Forexample,thefirm'srecentpurchaseofastakeinaHongKong-listedcompanypromptedspeculationthatAlibabamightusethedealtogopublic.AnalystspolledbyReutershaveputAlibaba'smarketvalueataround$140billionandthevalueoftheIPOat$15billion.Ifsuccessful,itwillgopublicintheworld'sbiggestlistingsinceFacebookInc'sdebutin2012.Theannouncementcamejusttwodaysaftermicro-bloggingserviceSinaWeibofiledtoraise$500millionviaaUSIPO.Alibabaholds18percentofSinaWeibo'sshares.2、TheDifferentIPOStandards

ofUSandChina1.Cost:There’snodoubtthatcomparedwithaUSstockmarket,adomesticstockmarketforIPOusuallycostsaChinesecorporationlessmoney.Sincemostofthecorporation’sleadersarefamiliarwiththedomesticlanguageandculturalbackground.Soitwon’ttaketoomuchtimetodoresearch,tofindcompetentlawyersandaccountants,ortobargainwithunderwriters（承销商）.Besides,thesubsequentregularcostislowerinChina.BecausetheChinaSecuritiesRegulatoryCommission(CSRC)（中国证监会）

haslowerrequirementsofcompanies’financialtransparency（透明度）,meaningthatcompaniesdon’thavetopaytoomuchtoensurethattheyperfectlymeetallthelegalrequirements.Bycontrast,Americanlistedcorporationsmaysufferalotinthisaspect.2.BasicRequirements:ThoughIPOinChinacostsless,therearehigherbasicrequirementsforIPOcompanies.Forexample,theCSRCrequiresalltheIPOcompaniesregister（注册）inChina.ButAlibabaregisteredinCaymanIslands（开曼群岛）.Inaddition,inChina,IPOcompaniesarealsorequiredtoachieveanetprofitofmorethan3000millionRMBforthethreeconsecutive（连续的）

yearsbeforeIPO.WhileAlibaba,likeotherdevelopingInternetcompanies,remainsahugedeficit（

赤字）.Onthecontrary,therearenosuchstrictbasicrequirementsinUSandAlibabacaneasilymeetmostofitsIPOstandards.MotivationAnalysisofAlibabaNYSEIPO1.VIEstructrueisdiffculttogopublicinmainlandChinaAlibabaGroupHoldingLimitedisaCaymanIslandsholdingcompanyestablishedonJune28,1999,andweconductourbusinessinChinathroughoursubsidiariesandvariableinterestentities.DuetoPRClegalrestrictionsonforeignownershipandinvestmentin,amongotherareas,value-addedtelecommunicationsservices,whichincludetheoperationsofInternetcontentproviders,orICPs,we,similartoallotherentitieswithforeign-incorporatedholdingcompanystructuresoperatinginourindustryinChina,operateourInternetbusinessesandotherbusinessesinwhichforeigninvestmentisrestrictedorprohibitedinthePRCthroughwholly-foreignownedenterprises,majority-ownedentitiesandvariableinterestentities.Therelevantvariableinterestentities,whichareincorporatedinthePRCand100%ownedbyPRCcitizensorbyPRCentitiesownedbyPRCcitizens,whereapplicable,holdtheICPlicensesandotherregulatedlicensesandoperateourInternetbusinessesandotherbusinessesinwhichforeigninvestmentisrestrictedorprohibited.Specifically,ourvariableinterestentitiesthatarematerialtoourbusinessareZhejiangTaobaoNetworkCo.,Ltd.,ZhejiangTmallNetworkCo.,Ltd.,HangzhouAlibabaAdvertisingCo.,Ltd.,HangzhouAliTechnologyCo.Ltd.andAlibabaCloudComputingLtd.EachofthesevariableinterestentitiesotherthanZhejiangTaobaoNetworkCo.,Ltd.is80%-ownedbyJackMa,ourleadfounder,executivechairmanandoneofourprincipalshareholders,and20%-ownedbySimonXie,oneofourfoundersandavicepresidentonourChinainvestmentteam.ZhejiangTaobaoNetworkCo.,Ltd.is90%-ownedbyJackMaand10%-ownedbySimonXie.Wehaveenteredintocertaincontractualarrangements,asdescribedinmoredetailbelow,whichcollectivelyenableustoexerciseeffectivecontroloverthevariableinterestentitiesandrealizesubstantiallyalloftheeconomicrisksandbenefitsarisingfrom,thevariableinterestentities.Asaresult,weincludethefinancialresultsofeachofthevariableinterestentitiesinourconsolidatedfinancialstatementsinaccordancewithU.S.GAAPasiftheywereourwholly-ownedsubsidiaries.OtherthantheICPlicensesandotherlicensesandapprovalsforbusinessesinwhichforeignownershipisrestrictedorprohibitedheldbyourvariableinterestentities,weholdourmaterialassetsin,andconductourmaterialoperationsthrough,ourwholly-foreignownedandmajority-ownedenterprises,whichprimarilyprovidetechnologyandotherservicestoourcustomers.Wegeneratethesignificantmajorityofourrevenuedirectlythroughourwholly-foreignownedenterprises,whichdirectlycapturetheprofitsandassociatedcashflowfromoperationswithouthavingtorelyoncontractualarrangementstotransfersuchcashflowfromthevariableinterestentitiestothewholly-foreignownedenterprises.案例一：你是中国公民，在国内创立了一家企业A，业务很好，想去上市（为了融资、为了退出）。但是无法达到上交所和深交所的要求，即使达到要求，对漫长的审批也无望。于是想到海外（香港、美国等）更容易上市、方便融资和退出的市场去IPO。但你这家私人企业，要去海外上市，也需要中国证监会等部门审批的，以“防止国内资产外流”。你又一次倒在审批的高墙下。这时，有一位聪明绝顶的会计，想出个办法：在海外成立一家壳公司B，B（或者通过其在国内设立的全资子公司C）与内资的公司A签订一份几十年的协议，将A所有债务和权益都转给B，B以此在海外成功上市。史称新浪模式，也就是VIE模式（可变利益实体VariableInterestEntities）。目前在海外上市的绝大多数中国企业，都采用该模式，包括新浪、百度、腾讯、阿里巴巴(1688)等。案例二：你作为中国公民，在中国创立一家公司A，申领了各种许可证。一些行业对外资进入有限制甚至被禁止，比如新闻网站、网络游戏、在线视频、在线支付等，但对你这内资公司来说，都不是问题。后来，想找点融资。发现极少有人民币基金（因为外汇管制的问题），而且很难和他们谈。但美元基金又不能直接投你的内资公司。于是，你在海外注册了一家公司B，基金将美元投给B（你和基金都拥有B的股权），B再到国内注册成立一家外资全资子公司C。然后，A和C之间，签订一份几十年的协议，A的所有债务、权益全部由C承担和享有。也就是典型的VIE结构。以上两个案例，并非独立，有交叉，可能从创立企业、融资、领取各种牌照、到海外上市，各环节均涉及VIE。2.ThesharerepurchaseagreementwithYahooIn2005,YahoocompletedastrategicinvestmentinourcompanywhichresultedinYahooowningapproximately40%ofourcompanyonafully-dilutedbasisatthattime.Inconnectionwiththeconsummationofthestrategicinvestment,YahooinvestedatotalofUS$1,000millionincashandcontributedYahooChinatoAlibabaGroup.Specifically,YahoopurchasedUS$570millioninordinarysharesfromcertainshareholdersandUS$70millioninnewlyissuedordinarysharesfromus.Inconjunctionwiththestrategicinvestment,YahooalsopurchasedaportionofSoftBank’ssharesintheTaobaopredecessorentityforanaggregateamountofUS$360million,whichYahoosubsequentlyexchangedforourordinaryshares.Inconnectionwiththesetransactions,SoftBankexchangeditsremainingstakeintheTaobaopredecessorentityforourordinarysharesandreinvestedUS$180millioninconvertiblebondsinourcompanywhichweresubsequentlyconvertedintoourordinaryshares.In2012,weenteredintoasharerepurchaseagreementwithYahoopursuanttowhichwerepurchased523millionofoursharesfromYahooforUS$7,082million,andwerestructuredtheYahooTIPLAforalumpsumpaymenttoYahooofUS$550million.Inthesametransaction,weenteredintoanagreementthatrequiresYahoo,inconnectionwithaqualifiedinitialpublicofferingofourshares(suchasthisoffering),atourelection,toeitherselltousorincludeinsuchqualifiedinitialpublicoffering,anadditional261.5millionofourordinaryshares,whichwelateramendedto208millionshares.WeenteredintothesharerepurchasearrangementswithYahootoenableYahootocarryoutamulti-stagedivestitureofitsholdingsinourordinarysharesovertime,balancingnear-termliquiditywiththeopportunitytoparticipateinthepotentialvalueappreciationofourcompany,whilealsoprovidinguswithadegreeofcertaintyandpredictabilityinmanagingsuchdivestitureandrelatedtransition.Inaddition,therepurchaseandcancellationoftheseordinarysharesprovidedaccretioninthepercentageownershipofallremainingshareholders.InconnectionwithYahoo’sproposedstagedexitfromitsinvestmentinourcompany,weandYahooalsonegotiatedanamendmenttotheYahooTIPLAwhichgaveusatransitionallicensetocontinuetooperateYahoo!ChinaundertheYahoobrandforuptofouryears.2005年8月，雅虎以10亿美元加上雅虎中国的全部资产兑换阿里巴巴集团39%普通股，并获得35%投票权。交易完成后，雅虎成为阿里巴巴集团最大的股东，并获得其董事会四个席位中的一席。马云及持股高管丧失大股东地位，持股比例下降至31.7%。雅虎入股阿里巴巴后，此前风险投资商（如富达基金等）开始大规模退出。截至阿里巴巴集团B2C业务上市前，其他风险投资商基本“被清场”，阿里集团进入马云、雅虎、软银的“三足鼎立”时代。截至2007年阿里巴巴B2B业务上市前，阿里集团的持股比例为雅虎43%，软银29.3%，管理层和员工等持股比例为27.7%。从2010年开始，阿里巴巴集团与第一大股东雅虎之间的关系就已经开始紧张。在当年5月份，阿里巴巴集团首席财务官蔡崇信表示“只要雅虎愿意，阿里巴巴愿意回收其所持有的阿里巴巴全部股份”。同年9月12日，雅虎发言人表示将维持阿里巴巴39%的持股不变。2012年5月，阿里以71亿美元价格回购雅虎所持20%股份。阿里集团给出的公告显示，阿里集团回购雅虎所持43%股份的一半。同时协议，如未来阿里集团进行IPO，阿里巴巴集团有权在IPO之际回购雅虎剩余持有股份的50%。

“雅虎完全受制于资本市场，已经没有Vision，也没有战略。这是我们试图收回控制权的原因。而从长远来看，阿里也需要更加健康、平衡和可持续的股权结构。”回购方案敲定之后，阿里集团总参谋长曾鸣分析说：“尽管我们一直没有太多分歧，但你不知道它在什么时候迫于什么样的压力做什么样的事。”收回控制权，这个在阿里集团内部被称为“LongMarch”（长征）的计划最终得以达成。当然，阿里集团也需要为此付出巨额的资金—以63亿美元现金和不超过8亿美元新增阿里集团优先股回购20%的股权。这还只是第一步，倘若马云和管理层需要回购更多的股权，他们需要在2016年之前，将阿里推向IPO，融资毛收入不低于30亿美元，需要较回购雅虎股价溢价110%，并且由雅虎选择其中一家IPO承销商。3.AlibabaPartnership阿里巴巴合伙人制度对同股同权的挑战。合伙人制度虽然看起来没双层股权制那么清晰易懂，但核心实质仍然是创始人、管理层拥有更大的决定权。创始人团队选拔合伙人，一年一选，合伙人决定董事会成员，董事会决定战略决策委员会成员，后者决定发展战略；董事会再决定执行管理层，后者通过战略管理执行委员会进行日常管理。这样，仅仅持有阿里10%股权的创始人管理层，就能层层把控住整个集团。所以港交所拒绝了阿里巴巴，而阿里巴巴只能寻求在允许双重股权的美国上市。三ALIBABAPARTNERSHIP阿里巴巴合伙人制度

SinceourfoundersfirstgatheredinJackMa’sapartmentin1999,theyandourmanagementhaveactedinthespiritofpartnership.Weviewourcultureasfundamentaltooursuccessandourabilitytoserveourcustomers,developouremployeesanddeliverlong-termvaluetoourshareholders.InJuly2010,inordertopreservethisspiritofpartnershipandtoensurethesustainabilityofourmission,visionandvalues,wedecidedtoformalizeourpartnershipasLakesidePartners,namedaftertheLakesideGardensresidentialcommunitywhereJackandourotherfoundersstartedourcompany.WerefertothepartnershipastheAlibabaPartnership..Briefintriduction

Webelievethatourpartnershipapproachhashelpedustobettermanageourbusiness,withthepeernatureofthepartnershipenablingseniormanagerstocollaborateandoverridebureaucracyandhierarchy.TheAlibabaPartnershipcurrentlyhas30memberscomprisedof24membersofourmanagement,fivemembersofmanagementofSmallandMicroFinancialServicesCompanyandonememberofmanagementofChinaSmartLogistics.TwopartnerswhoaremembersofourmanagementarealsomembersofmanagementofSmallandMicroFinancialServicesCompany.ThenumberofpartnersinAlibabaPartnershipisnotfixedandmaychangefromtimetotimeduetotheelectionofnewpartners,theretirementofpartnersandthedepartureofpartnersforotherreasons.

Ourpartnershipisadynamicbodythatrejuvenatesitselfthroughadmissionofnewpartnerseachyear,whichwebelieveenhancesourexcellence,innovationandsustainability.Unlikedual-classownershipstructuresthatemployahigh-voteclassofsharestoconcentratecontrolinafewfounders,ourapproachisdesignedtoembodythevisionofalargegroupofmanagementpartners.Thisstructureisoursolutionforpreservingthecultureshapedbyourfounderswhileatthesametimeaccountingforthefactthatfounderswillinevitablyretirefromthecompany.Consistentwithourpartnershipapproach,allpartnershipvotesaremadeonaone-partner-one-votebasis.NominationandElectionofPartners

TheAlibabaPartnershipelectsnewpartnersannuallyafteranominationprocesswherebyexistingpartnersproposecandidatestothepartnershipcommittee,orthepartnershipcommittee,asdescribedbelow.Thepartnershipcommitteereviewsthenominationsanddetermineswhetherthenominationofacandidatewillbeproposedtotheentirepartnershipforelection.Electionofnewpartnersrequirestheapprovalofatleast75%ofallofthepartners.Tobeeligibleforelection,apartnercandidatemusthavedemonstratedthefollowingattributes:ahighstandardofpersonalcharacterandintegrityhaveasignificantrelationshipsuchasSmallandMicroFinancialServicesCompanyfornotlessthanfiveyears;atrackrecordofcontributiontothebusinessofAlibabaGroup;andbeinga“culturecarrier”whoshowsaconsistentcommitmentto,andtraitsandactionsconsonantwith,ourmission,visionandvalues

WebelievethecriteriaandprocesstheAlibabaPartnershipapplicabletotheelectionofnewpartners,asdescribedabove,promoteaccountabilityamongthepartnersaswellastoourcustomers,employeesandshareholders.Inordertoaligntheinterestsofpartnerswiththeinterestsofourshareholders,werequirethateachpartnermaintainameaningfullevelofequityinterestsinourcompanyduringsuchindividual’stenureasapartner.Sinceapartnernomineemusthavebeenouremployeeoranemployeeofoneofourrelatedcompaniesoraffiliatesforatleastfiveyears,asofthetimeheorshebecomesapartner,heorshewilltypicallyalreadyownorhavebeenawardedapersonallymeaningfullevelofequityinterestinourcompanythroughourequityincentiveandsharepurchaseplans.DutiesofPartners

Themaindutyofpartnersintheircapacityaspartnersistoembodyandpromoteourmission,visionandvalues.Weexpectpartnerstobeevangelistsforourmission,visionandvalues,bothwithinourorganizationandexternallytocustomers,businesspartnersandotherparticipantsinourecosystem.四、双重股权制度的内容和优势

宋俊毅李修远Thefirstquestion:WhatAreDual-ClassShares？WhentheInternetcompanyGooglewentpublic,alotofinvestorswereupsetthatitissuedasecondclassofsharestoensurethatthefirm'sfoundersandtopexecutivesmaintainedcontrol.EachoftheClassBsharesreservedforGoogleinsiderswouldcarry10votes,whileordinaryClassAsharessoldtothepublicwouldgetjustonevote.Designedtogivespecificshareholdersvotingcontrol,unequalvotingsharesareprimarilycreatedtosatisfyownerswhodon'twanttogiveupcontrol,butdowantthepublicequitymarkettoprovidefinancing.Inmostcases,thesesuper-votingsharesarenotpubliclytradedandcompanyfoundersandtheirfamiliesaremostcommonlythecontrollinggroupsindual-classcompanies.Thesecondquestion:WhoListsThem？TheNewYorkStockExchangeallowsU.S.companiestolistdual-classvotingshares.Oncesharesarelisted,however,companiescannotreducethevotingrightsoftheexistingsharesorissueanewclassofsuperiorvotingshares.Manycompanieslistdual-classshares.Ford'sdual-classstockstructure,forinstance,allowstheFordfamilytocontrol40%ofshareholdervotingpowerwithonlyabout4%ofthetotalequityinthecompany.BerkshireHathawayInc.,whichhasWarrenBuffettasamajorityshareholder,offersaBsharewith1/30ththeinterestofitsA-classshares,but1/200thofthevotingpower.EchostarCommunicationsdemonstratestheextremepowerthatcanbehadthroughdual-classshares:founderandCEOCharlieErgenhasabout5%ofthecompany'sstock,buthissuper-votingclass-Asharesgivehimawhopping90%ofthevote.Thethirdquestion:GoodorBad？It'seasytodislikecompanieswithdual-classsharestructures,buttheideabehindithasitsdefenders.TheysaythatthepracticeinsulatesmanagersfromWallStreet'sshort-termmindset.Foundersoftenhavealongertermvisionthaninvestorsfocusedonthemostrecentquarterlyfigures.Sincestockthatprovidesextravotingrightsoftencannotbetraded,itensuresthecompanywillhaveasetofloyalinvestorsduringroughpatches.Inthesecases,companyperformancemaybenefitfromtheexistenceofdual-classshares.Withthatsaid,thereareplentyofreasonstodisliketheseshares.Theycanbeseenasdownrightunfair.Theycreateaninferiorclassofshareholdersandhandoverpowertoaselectfew,whoarethenallowedtopassthefinancialriskontoothers.Withfewconstraintsplaceduponthem,managersholdingsuper-classstockcanspinoutofcontrol.Familiesandseniormanagerscanentrenchthemselvesintotheoperationsofthecompany,regardlessoftheirabilitiesandperformance.Finally,dual-classstructuresmayallowmanagementtomakebaddecisionswithfewconsequences.HollingerInternationalpresentsagoodexampleofthenegativeeffectsofdual-classshares.FormerCEOConradBlackcontrolledallofthecompany'sclass-Bshares,whichgavehim30%oftheequityand73%ofthevotingpower.Heranthecompanyasifhewerethesoleowner,exactinghugemanagementfees,consultingpayments