When the US ride-hailing group Lyft posted plans last week for an initial public offering that is expected to value it at up to $25bn, the first thing that came to my mind was Animal Farm.

George Orwell’s farmyard parable about communist Russia might not seem like a natural analogy for such a sublimely capitalist activity. But tucked into Lyft’s 200-plus-page registration statement were plans to give Logan Green, chief executive, and John Zimmer, president, class B shares with 20 times the voting power of everyone else. The two men, who founded Lyft in 2012, will control nearly 50 per cent of the votes, even though their economic interest is closer to 7 per cent. As Orwell put it: “All animals are equal, but some animals are more equal than others.”

Lyft likes to position itself as the kinder, more socially aware, alternative to Uber, the swashbuckling leader in the ride-hailing sector. But that didn’t stop Messrs Green and Zimmer from ignoring requests from the Council of Institutional Investors that they opt for one share, one vote, or at least put in a “sunset clause”, which would automatically reduce their voting power after seven years.