The filing also contained the names of the company’s board of directors, which will include Chairman Jack Ma and Vice Chairman Joseph Tsai, Yahoo co-founder Jerry Yang and former Goldman Sachs banker J. Michael Evans.
Alibaba decided to enter into a partnership as it wanted to list itself in the US stock market and not Hong Kong as the Asian nation does not permit dual-class share structures. For its part, Alibaba has claimed that argued that its plans are not technically for two separate classes of stock, the partnership reached by the Chinese company gives it’s the chance to nominate a majority of directors of the company. This means that Alibaba will yield total control over the company’s board.
The inclusion of Yang and Evans in the board of directors is deemed as a smart move as it will allow Alibaba fulfill the listing rules applied in the US. In the US, the rules require a certain number of independent directors. The 27 partners named by the company, in addition to Ma and Tsai, also includes CEO Jonathan Lu and COO Daniel Zhang, and other corporate executives and the leaders of subsidiaries like online retailer Taobao.
Source: Delhidailynews.com
