Wise Turned to US as Some Investors Questioned Dual Shares (1)

Wise Plc’s plan to shift its primary listing out of London gathered momentum after some existing shareholders rebuffed a proposal that would have allowed Chief Executive Officer Kristo Käärmann to keep his so-called golden shares for many more years, according to people familiar with the matter.

In late 2024, Wise’s board began consulting with shareholders on a plan that would allow the company to preserve in London the dual-class share structure that gives Käärmann de facto voting control in the company, the people said, asking not to be identified discussing non-public information.

Some shareholders — including co-founder Taavet Hinrikus ...