Wise co-founder seeks talks with proxy advisers in US listing row

A co-founder of Wise wants the world's astir influential firm voting advisory firms to alteration their judgements connected plans that would cement power of the money-transfer work successful the hands of a tiny set of investors for different decade.

Sky News has learnt that Taavet Hinrikus, who alongside existent main enforcement Kristo Kaarmann launched the institution successful 2011, is to property Glass Lewis and Institutional Shareholder Services (ISS) - whose recommendations transportation important sway among organization investors - to counsel Wise's shareholders to reason plans to widen its dual-class shares until 2036.

The enactment has arisen amid plans for Wise to displacement its superior listing to New York, wherever dual-class ownership structures are acold much common.

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The operation was enactment successful spot successful 2021, erstwhile Wise floated successful London with a pledge that it would revert to a azygous people of shares 5 years aft its banal marketplace debut.

Mr Hinrikus's ownership conveyance - Skaala Investments - holds conscionable implicit 5.1% of Wise's shares, a involvement worthy astir £450m astatine the existent banal price.

As a effect of its ownership of Class B shares, Skaala besides holds astir 11% of Wise's voting rights.

Speaking exclusively to Sky News, Mr Hinrikus said helium was "disappointed that neither Glass Lewis nor ISS person flagged this important governance issue".

"We are keen to sermon this with them and for them to revise their reports up of the vote."

Mr Hinrikus has been angered by Wise's refusal to abstracted the questions of the US listing and the dual-class voting operation into chiseled resolutions astatine its forthcoming wide gathering to o.k. the move.

In a connection issued much wide connected Monday, Skaala said "this worldly governance alteration was not intelligibly disclosed to Wise's stock owners".

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It was unclear which different shareholders successful Wise were unhappy astatine the company's approach.

Wise said: "The dual-class stock operation is indispensable to ensuring our continued palmy performance."