Large Silicon Valley public companies, like Facebook, Zynga, Linkedin and Groupon, are increasignly diminishing shareholder voting rights.
The goal is to give control of the company to the founding shareholders over public shareholders and even directors.
Why? Because it dominates the idea of the visionary chief executive –Steve Jobs, Mark Zuckenberg or Larry Page style. More and more public companies appear to be run as privates ones without significant input from boards and shareholders.
Critics say that the number of visionary chieftains who made incredibly bad decisions is legion. A board can serve as a check on executives and prevent abuse.
Is this a trend that will spread to the corporate world?
(The NYT writes about it.)