The Long-Term Stock Exchange Comes to Life

> The LTSE is designed to remove the short-term pressures that plague today’s public markets and reorient companies and investors around long-term thinking. Through brand new listing standards, software tools, and advocacy, we’re reinventing the public company experience with novel approaches to executive compensation, shareholder voting, disclosure practices, board and stakeholder policies, and community governance.

In the linked WSJ article, that explains this quite a bit better than the medium blogpost. Basically, it appears that the main thing is that the voting power of shares win increase with the time the shares are owen. (Though there's talk of opting in to this process.) There's also going to be a prohibition on companies giving quarterly earnings guidance.

It seems like it's intended to reward founders and long-term employees of startups by privileging them over the more retail class of investor, and people with short-term goals, like activist investors. (But this is a mixed thing - it's more accountable than a setup with multiple stock classes where the founders retain all control.)

EDIT: Random thought: I wonder how this exchange would handle shorting stock, when it comes to the tenure requirement.

Have you found any reference to how they would handle short selling or derivatives? What if my ownership is of negative duration (naked short), how would that affect the average against which the seniority is measured (clearly I would have no title to voting). It has to be a relative measure since otherwise if everybody just bought the stock everybody’s rights would be 0 and nobody could vote to control the company.

How would they handle options? How would they handle ownership by means of intermediate vehicles (e.g. trust funds) that have themselves changed hands?

And what of options and other derivatives? What of trust funds and other intermediate vehicles of ownership that might themselves have (perhaps partially) changed hands?