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Snapchat and good corporate governance

The company couldn’t have held its IPO in the UK—but that’s not such a bad thing

By Stephen Martin  

A billboard in Times Square in New York advertises the photo app Snapchat ©Richard B. Levine/SIPA USA/PA Images

Snap, the parent company of messaging app Snapchat, caused a stir when it listed on the New York Stock Exchange on 2nd March, with shares jumping 50 per cent in value in the first two days. But the founders of Snapchat, Evan Spiegel and Bobby Murphy, have kept a firm grip on decision-making by offering only non-voting shares to investors in their initial public offering (IPO). In the UK, this is considered to…

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