Last week's IPO of hot messaging-app purveyor Snap (NYSE: SNAP) was a runaway success for many investors. Others, however, are not happy about how it was effected, and are taking their grievance to the owners of the most influential stock indexes.

The Council of Institutional Investors (CII), a group that represents a number of investment funds and other active stock buyers, is lobbying S&P Global (NYSE: SPGI) unit S&P Dow Jones Indices and MSCI (NYSE: MSCI) to exclude Snap from their indexes.

These investors are uncomfortable with the fact that the Snap stock distributed in the IPO carries no voting rights for their shareholders. This prevents those investors from influencing matters such as the company's strategic direction, and its executive compensation packages.

Last month, CII sent Snap a letter requesting that the company reconsider its plan to sell only non-voting shares. In response, Snap Chairman Michael Lynton quoted his company's S-1 IPO registration form saying that such a structure, "which prolongs our ability to remain a founder-led company, will maximize our ability to create stockholder value."

In an interview with Reuters, CII Deputy Director Amy Borrus said of Snap, "They're tapping public markets but giving public shareholders no say."

"What we would like to see at the least is for the indexes to exclude new no-vote companies," Borrus said in the interview.

Meetings with both companies have been set for later this week. S&P runs the S&P 500, arguably the most influential large-cap stock index on the U.S. market. MSCI operates a host of popular indexes that track the world's debt and equity markets.

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Eric Volkman has no position in any stocks mentioned.

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