Nicolai Tangen, CEO of Norges Bank Investment Management, warns that the fundamental bargain between shareholders and companies is being eroded. He notes that 60% of jurisdictions now allow unequal voting rights, and in the US, 36% of 2026 listings had dual-class shares. As a long-term investor in over 7,000 companies, Tangen emphasizes that strong shareholder rights are essential for trust, liquidity, and fair valuations. He highlights four key concerns: diluted voting power, weakened reporting requirements, reduced protection against unfair payouts, and narrowing access to courts. While supporting market competition, he argues against a race to the bottom in investor protections.

The article underscores how these changes, though seemingly minor individually, collectively undermine the foundation of market integrity. Tangen calls for balanced regulation that encourages listings without sacrificing shareholder accountability. He stresses that healthy markets benefit all stakeholders, including savers, pensioners, and businesses seeking capital. The piece serves as a cautionary call to preserve the rights that sustain long-term investment and market trust.