Coupang founder Kim Bom-seok gets ‘super shares’

Coupang founder and CEO Kim Bom-seok can exercise 29 votes per. Stock after the company is listed on the New York Stock Exchange. It is to have stable management rights through shares in dual class.

Korea’s largest e-commerce company announced on Sunday that Kim would exclusively own Class B shares, giving him 29 times more votes per share. Shares. It is a “super stock” that differs from Class A stocks that come with one vote per share. Shares. One percent of Class B shares would give the owner 29 percent of the vote, which would help him maintain actual management rights. But the dual right is revoked when he sells, gives or inherits the share.

The dual rating gives more votes to the shares owned by a founder or CEO to support stable business operations and protect companies from hostile takeovers or speculative capital management interference. It has been a recurring theme in conversations in economic circles, but has been frustrated every time due to the controversy over corporate privileges. Some analysts believe that Kim chose the US stock exchange, not South Korea, for the dual court, which is not allowed in the Korean stock market.

According to the report, Kim received $ 14.34 million last year including annual salary of $ 886,000, shares and prices.

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