Wise Faces Fresh Scrutiny From Proxy Adviser Over Move to US

Wise Plc is facing additional scrutiny over its decision to shift its primary listing to the US from proxy advisory firm Glass Lewis & Co. just days after the fintech giant’s co-founder publicly criticized the move.

While Glass Lewis continues to support the company’s overall proposal, it is concerned that the vote on July 28 to approve the plan also requires shareholders to approve extending the dual-class shareholder structure that was introduced during the company’s 2021 direct listing, according to an updated report from the advisory firm. If the company stayed in the UK, that structure was due to be sunsetted next year.