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FTSE Russell to exclude Snap from stock indexes

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FTSE Russell to exclude Snap from stock indexes

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NEW YORK (Reuters) – FTSE Russell CEO Mark Makepeace said on Wednesday the index provider plans to exclude Snap Inc from its widely followed stock indexes because of the Snapchat owner’s unusual share structure that denies voting rights to investors. Russell said it plans to require constituents of its indexes to have more than 5 percent of the company’s voting rights in the hands of unrestricted shareholders. Russell also said it plans to seek further feedback from clients.

(Reporting by Ross Kerber; editing by Grant McCool)
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