[graeham]

I think the incentives of different investor types should be considered.

If you're a speculative investor and plan to own for <1 month or so, who cares about voting rights.

If you're a long term investor, say >2 years, non-voting shares means the company doesn't have to burn itself for quarterly or annual results.

Activist investors won't like it (but there's not really that many of them).

Will probably work well as long as things are going well for the company. If things go badly, management will need to be very self-aware or the recourse will be a large discount to the share price.