Google Inc.’s latest bid to preserve the control of founders Larry Page and Sergey Brin is raising concerns among corporate-governance watchdogs, who say the new stock structure cuts shareholders out of the loop.

Google unveiled a plan yesterday that lets the company issue new shares without diluting the founders’ voting power. The stock change would create a new class of nonvoting shares that will be distributed to existing shareholders in what is effectively a 2-for-1 stock split.

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