Google 2011 Annual Report Download - page 17

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2012 Founders’ Letter
INTRODUCTION
Throughout our evolution, from privately held start-up to large, publicly listed
company, we have managed Google for the long term—enjoying tremendous success
as a result, especially since our IPO in 2004. Sergey and I hoped, though we did not
expect, that Google would have such signifi cant impact, and this progress has made
us even more impatient to do important things that matter in the world. Our enduring
love for Google comes from a strong desire to create technology products that enrich
millions of people’s lives in deep and meaningful ways. To fulfi ll these dreams, we
need to ensure that Google remains a successful, growing business that can generate
signifi cant returns for everyone involved.
CORPORATE STRUCTURE
When we went public, we created a dual-class voting structure. Our goal was to
maintain the freedom to focus on the long term by ensuring that the management
team, in particular Eric, Sergey and I, retained control over Google’s destiny. As
we explained in our fi rst founders’ letter:
“We are creating a corporate structure that is designed for stability over long
time horizons. By investing in Google, you are placing an unusual long term
bet on the team, especially Sergey and me, and on our innovative approach...
XV