US media: 'Golden Share' includes govt. veto over US steel board
US media report the government's "golden share" in US Steel after it's acquired by Nippon Steel will give the White House significant sway over the company's management.
The New York Times and The Associated Press say the government will have the authority to appoint one of US Steel's three independent board members. It will also have the right to approve or reject the other two appointments.
The New York Times says that Nippon Steel maintains the golden share will remain effective until President Donald Trump's four-year term ends.
However, in a social media post at the weekend, Commerce Secretary Howard Lutnick said the share is perpetual. This suggests the government would hold a permanent stake in US Steel.
Specific details of the acquisition agreement that will give the Japanese steelmaker control of the US company have not been announced.
Nippon Steel on Saturday announced that Trump had approved the deal. It said the agreement allows it to turn US Steel into a wholly owned subsidiary.
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