Slim’s America Movil Plans Just One Share Type in Governance Nod

Mexican billionaire Carlos Slim’s telecommunications giant America Movil SAB proposed eliminating shares with controlling voting rights to embrace better corporate governance standards demanded by a growing number of funds.

America Movil is proposing to consolidate the controlling Class A and AA stocks, as well as the L shares, which have limited voting rights, into a new Class B stock so that all investors have full rights, the company said Tuesday in a filing with the Mexican stock exchange. Shareholders will vote on Dec. 20.

“The reclassification will facilitate access to and understanding of our capital stock with different index ...