Wise shareholders have voted in favour of the fintech's plan to shift its primary listing from London to the US.
Shareholders overwhelmingly backed the move despite controversy over Wise's decision to tie the vote to an extension of the money transfer company's dual-class share structure.
When it floated in London in 2021, Wise put in place the dual-class share structure that effectively ensures that a small number of investors control the company. That structure was set to end in 2026 but the vote on moving the listing to New York included a resolution to extend the duel-class share until 2036.
Wise's co-founder Taavet Hinrikus, who owns over five per cent of the firm via his Skaala Investments OÜ vehicle, criticised the "all or nothing" vote while proxy advisory firms Pirc lobbied against the proposal.
Nevertheless, almost 91% of class A shares and 84.5% of class B shares voted in favour of the special resolution.
“We’re pleased that our owners have overwhelmingly approved the proposal, giving us a strong mandate to proceed,” says David Wells, chair, Wise.