One share, one vote has long been a pillar of corporate governance in the UK. Britain is one of the few markets that has consistently rejected multiple share classes on the grounds that they give certain investors voting rights that are disproportionate to their economic interest. A big part of London’s appeal has been in offering a “gold standard” when it comes to listings. So the news that the government has been sounding out the investment industry about relaxing its position on the use of dual-class share structures will not go down well in governance circles.

The argument being put forward by British policymakers is that London needs to consider how it can remain one of the pre-eminent markets on which to list in a post-Brexit world. Luring technology start-ups away from New York or Hong Kong will be vital. At a time when the number of publicly-quoted companies is already shrinking, it is an argument that deserves consideration. The world is changing.

The US, which embraced the practice in the midst of the takeover battles of the 1980s, has since become the destination of choice for technology companies. Companies there such as Facebook, Snap and Lyft have all but eroded the concept of one vote, one share. Hong Kong, which refused to bend its rules on dual-class shares five years ago and as a result lost Alibaba, the Chinese internet company, to New York, has changed tack. It issued new guidelines last year that allow for dual-class shares in certain circumstances. Singapore, too, has introduced new rules. In Europe, the Spanish government is consulting on changes that could include double-voting shares for long-term shareholders.