Revolut—Revolut proposed removing board oversight and raising CEO Storonsky's stock-backed borrowing limit fivefold to $250M
In mid-August 2026, Revolut circulated a proposal to shareholders to increase co-founder and CEO Nik Storonsky's personal borrowing limit against his roughly 29% stake (worth an estimated $33 billion at the company's $115 billion valuation) from $50 million to $250 million. The proposal, internally codenamed 'Project Shasta,' would also remove the existing requirement for board approval of larger share pledges, eliminate proportional limits on how much stock can be pledged as collateral, and expand the share classes eligible to be pledged. Storonsky is the only person at Revolut to whom the pledge provisions apply. Revolut said it 'routinely updates its articles' to reflect the company's growth; governance commentators noted the removal of board approval and proportional limits was the more significant change, particularly given Storonsky simultaneously serves as CEO.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.572 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.57)
Evidence (1 signal)
Irish Times: Revolut to let Nik Storonsky borrow up to $250m against his stake
Reporting on a proposal circulated to Revolut shareholders that would raise CEO Nik Storonsky's share-backed borrowing cap from $50m to $250m and remove board-approval requirements for larger pledges, citing Financial Times sourcing.