Google 2011 Annual Report Download - page 21

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Having the fl exibility to use stock without diluting our structure will help ensure
we are set up for success for decades to come.
In November 2009, Sergey and I published plans to sell a modest percentage of our
overall stock, ending in 2015. We are currently halfway through those plans and we
don’t expect any changes to that, certainly not as the result of this new potential class.
We both remain very much committed to Google for the long term.
It’s important to bear in mind that this proposal will only have an effect on
governance over the very long term. In fact, there’s no particular urgency to make
these changes now—we don’t have an unusually big acquisition planned, in case
you were wondering. It’s just that since we know what we want to do, there’s no
reason to delay the decision. Also note that there will be no immediate change in
votes, because everyone will still have the same number. In addition, Eric, Sergey
and I have all agreed to “stapling” arrangements so that, above set thresholds, if our
economic interest in Google were to decline, our votes would as well. We also have
provisions to ensure all shareholders are treated fairly from an economic perspective.
CONCLUSION
We have always managed Google for the long term, investing heavily in the big bets
we hope will make a signifi cant difference in the world. Some of these bets have
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