When one man dominates a company: The problem with Mark Zuckerberg types

It irks investors in America, and now it’s irking them in Europe too. The U.S. stock market’s permissive attitude to initial public offerings that give founders super-voting rights is the subject of an international campaign. Rightly so. The U.S. new-issues market is the de facto standard setter for the rest of the world. Undemocratic voting structures are an unwelcome export.

The “one-share, one-vote” principle is fair and gives outsiders some sway to hold management to account. True, Google parent Alphabet Inc.’s stock has thrived with dual-class shares giving its founders control. It looks like an the example of how an