Expanding WVR Eligibility: The Post-Reform Landscape for Growth Companies

The 2024 further expansion of WVR eligibility removed the ‘innovative’ qualifier, opening the regime to any company that demonstrates high-growth characteristics supported by objective metrics: revenue growth exceeding 30% CAGR over three years or market share gains in a recognised industry. This reform acknowledges that ‘innovation’ is an increasingly contested and narrow category that excluded many legitimate high-growth businesses in traditional sectors undergoing technology-driven transformation — a logistics company deploying AI routing, or a restaurant chain using data analytics for site selection. The reform has expanded the WVR pipeline by approximately 40% but has not led to indiscriminate adoption, as the institutional investor governance standards (ISS and Glass Lewis voting policies against unequal voting rights) remain a countervailing force. The practical advice for founders considering WVR: you will still face investor pushback, so prepare a compelling governance narrative explaining why WVR is necessary for long-term value creation, not just for founder control retention.