The majority of shareholders voted for a resolution that will give CEO and founder Tobi Lütke, his family and affiliates 40 per cent of the Ottawa-based company’s voting power. Shareholders also voted for a share split that will give investors nine additional shares for every one they own. (The Logic)

Talking point: The founder share adds to Lütke’s existing 33.9 per cent control of the firm. To maintain it, he has to be an executive, board member or consultant at Shopify and his family has to retain at least 30 per cent of their current stock holdings. Some corporate governance experts have raised concerns about the concentration of power. Last month, leading shareholder advisory firms ISS and Glass Lewis recommended voting against the resolution, arguing it wouldn’t be good for minority shareholders. The California Public Employees’ Retirement System also said it would vote against it. During the annual meeting Tuesday, chief financial officer Amy Shapero highlighted that the stock split makes shares more affordable and “diversifies our ownership base, which is expected to benefit all shareholders.” Shopify’s stock closed up more than five per cent Tuesday.