CitizenSnap

Governance

For us, living up to our value of being kind means going beyond what’s simply required to ensure that we stay responsible to our communities, partners, employees, and investors. We maintain a corporate governance structure that empowers us to drive positive impact in all that we do, and contributes to our culture of transparency, honesty, and kindness.

Board and Committees

In 2023, our Board of Directors consisted of two Executive Officers and eight independent Directors, with a non-executive and independent Chairperson. Four of our Directors identified as female and three identified as BIPOC. Each of our three standing Board committees — the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee — is chaired by and composed of independent Directors. 

Learn more about our Board and committees.


Stock and Voting Structure

Snap has three classes of common stock. Class A common stock is non-voting and is listed on the NYSE as our only class of publicly-traded stock. Holders of our Class B and C common stock are entitled to one vote and 10 votes per share, respectively, and must convert their voting shares into Class A common stock in order to sell them on the NYSE. As a result of the Class C common stock they hold, our co-founders — Chief Executive Officer Evan Spiegel and Chief Technology Officer Bobby Murphy — currently have majority voting control over matters submitted to our stockholders for approval.

We recognize that this type of founder control is not typically favored by proxy advisors and certain institutional investor associations. However, we believe our corporate governance structure helps us withstand the short-term pressures of the quarterly earnings cycle so we can pursue our long-term vision.

Tax Strategy

At Snap, we view tax not just as a legal obligation, but as a way to appropriately support the communities where we operate — in other words, we view it as part of our overall corporate mission. We understand that our tax strategy is an important element of earning the trust of our customers, business partners, governments, and the public. We want the way we pay our taxes to follow the commercial substance of our business — we don’t want tax considerations pushing our business to do things it wouldn’t normally do. 

We don’t and won’t operate in tax havens, and do not have any stateless income that is not subject to tax. Our profits are fully subject to tax in jurisdictions where we have substantive business operations. For the year ended December 31, 2023, our total tax contribution was approximately $1.1 billion.

Data Governance

Transparently reporting accurate data is core to upholding Snap’s integrity. We take a layered approach to governing the data that we report to the public and utilize in our business decisions. 

Snap is committed to accuracy and completeness in all public statements that characterize Snap’s finances, user metrics, performance metrics, advertising metrics, and other company data, including the data used in our Diversity Annual Report, Transparency Report, and this CitizenSnap Report. It is a corporate policy that all public statements using Snap data go through a rigorous controls and checks process.