Flightless bird

摘要

Allbirds has exemplary eco-friendly credentials as a maker of woollen trainers with a clear commitment to minimise the carbon footprint of its products, including through a partnership with industry titan adidas. It is also a public benefit corporation and accredited as a B Corp by B Lab, so the decision to employ a dual-class share structure when the company completes its circa US$500m Nasdaq IPO is somewhat jarring. The company, whose sneakers are cushioned by sugar-cane refuse and favoured by former US President Barack Obama, is proposing to sell Class A shares that each carry one vote to the public while its founders remain insulated from the distraction of new shareholders through super-voting B shares, which carry 10-times the weight.