I applaud efforts to improve corporate governance and rationalize public market function. But I believe that this initiative to "...realign investors and companies around long-term value creation (LTVC)..." is a suboptimal approach.

First, who in the game really favors LTVC? As a generalization, I would say passive investors and/or those seeking income. For these parties, guaranteed dividends might be a more effective alignment tool than titration of voting power. The dividends would also provide more incentive for them to invest.

Second, the folks who actually run the companies – CEOs and Boards – often favor the current setup. Short term metrics mean near term personal wealth. In a world where CEO tenure can be measured in quarters, why wouldn't I want to take money off the table ASAP? And lots of it. I would offer that greed (big bonuses) overcomes fear (shareholder votes) for these players. Thus, the more powerful lever is to reduce (alter) the incentives, not dilute the fear.

So perhaps a market that limits both retained earnings and executive compensation would seem a better mechanism for alignment around LTVC.