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  "notes": "Uses a contrast-based argument to frame the dual-class structure as a governance failure.",
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      "text": "Voting Power of Insiders vs. Economic Interest",
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      "text": "% of Companies with Dual-Class Shares with Unequal Voting",
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      "text": "Peloton maintains a dual-class voting structure... As a result, Peloton insiders control more than 75% of the voting power... Only 8% of companies in the S&P 500 have dual-class share structures... This structure will continue to impair accountability",
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      "text": "(1) Source: ISS Report... (2) Source: FactSet...",
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      "text": "The voting power of Peloton's insiders is vastly disproportionate to their economic interest in the Company",
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      "text": "DUAL-CLASS STRUCTURE LIMITS ACCOUNTABILITY TO SHAREHOLDERS",
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