> every employee is best served by entirely optimizing only their own utility.

but this would still remain the case in the scheme proposed.

Even suppose those employee-class shares get a voting right, they would want to maximize their own benefits: such as higher dividend payout. As for why - imagine if there's a decision between long term investment in plant & equipment, vs paying out dividend today. An employee who might not wish to stay will vote to get the dividend, as their "share" is going to be gone by the time the long term investment pays off.

So the only way to align employee and owners, is to have employees own regular shares.