Reflected in the governance structure, individual and industry corporate members will have voting rights consistent with Bitcoin Foundation Articles and Bylaws.

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This past November the Sandridge board changed corporate bylaws requiring a majority of shares outstanding rather than a simple majority of shares voting to enact a change in corporate governance.

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Second, they were more valuable even though many had onerous provisions in their corporate charters that gave family members voting rights in excess of their economic ownership.

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Grundfest thinks that in the near future, individual directors will face more scrutiny from the press, and shareholders will use their voting power to influence corporate governance rather than shell out millions of dollars to litigate or wage proxy campaigns.

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Brazil's market for so-called growth stocks, the novomercado, does not allow such non-voting shares and sets high standards for corporate governance.

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In Silicon Valley, it has become popular to find creative ways to shield management and corporate founders from shareholder pressures, either by creating super-voting stock or trying to avoid the stock market all together.

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Normal corporate governance such as prevails in the United States would entitle Yahoo to a voting interest in approving actions as vital to Alibaba as this one.

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