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Most Shopify Investors Opposed CEO Power Gain, Glass Lewis Says

  • Lutke was granted ‘founder share’ with special voting rights
  • Proposal would have been defeated without director’s votes: GL
Shopify Inc. Headquarters As Company's Third-Quarter Sales Beat Estimates

Photographer: Kevin Van Paassen/Bloomberg

Shopify Inc.’s plan to enhance Chief Executive Officer Tobi Lutke’s power was likely opposed by most of the company’s shareholders -- yet it passed anyway because of a single influential director, according to investor advisory firm Glass Lewis & Co.

Shopify said last week that shareholders voted 54% in favor of a board proposal to grant Lutke a “founder share” with special voting rights at the company’s June 7 annual meeting.