Vincent Boland: Time to challenge cult of the founder and end golden share

Dual class shares distort the marketplace, undermine the principles of shareholder capitalism, and lead to bad management

24th October, 2021
Vincent Boland: Time to challenge cult of the founder and end golden share
Matthew Moulding, founder of THG Group, has a golden share that gives him the right to veto developments he doesn’t like. Picture: John Houlihan

In the annals of miscommunication, Matthew Moulding has provided one for the ages. Moulding is the founder of THG Group, an e-commerce platform and retailer of beauty and health products – or wellness, in modern parlance. THG, based in Manchester, listed on the London stock market in September last year with a valuation of £5.4 billion.

Earlier this month, Moulding held a capital markets day. These events offer executives the opportunity to update investors outside...

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