A NEW APPROACH TO THE REGULATION OF MULTIPLE VOTING SHARES
DOI:
https://doi.org/10.30925/zpfsr.46.1.4Keywords:
Directive on Multiple-Vote Share Structures, multiple voting shares, multiple-vote share structures, Multilateral Trading Facility, small and medium-sized enterprises (SMEs).Abstract
The paper analyses the provisions of the Directive on Multiple-Vote Share Structures, which must be transposed into national law by the Member States by 5 December, 2026. The author provides an overview of the solutions adopted in German, French and Italian law that allow the issuance of multiple voting shares. Germany’s departure from the long-standing principle of proportionality by authorising the issuance of multiple voting shares in 2023 came as a surprise to other EU member states, as it was seen as an example of an uncompromising ban on multiple-vote share structures. The Italian legislator authorised the issuance of multiple voting shares in 2014 and the French legislator in 2019. Due to developments in the capital market, both the Italian and French legislators amended the legal framework in 2024 to allow the use of multiple voting shares to a greater extent. Croatian legislation prohibits the issuance of multiple voting shares. This position will change with the transposition of the Directive on Multiple-Vote Share Structures into national law, representing a signifi cant change in Croatian company law.
Additional Files
Published
Issue
Section
License
Copyright (c) 2025 Antonija Zubović
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Collected Papers is an open access journal. Journal does not charge article processing charges (APC) to authors. It is licensed under CC BY-NC licence 4.0.
Collected Papers of the Law Faculty of the University of Rijeka" is an Open Access journal. Users are allowed to read, download, copy, redistribute, print, search and link to material, and alter, transform, or build upon the material, or use them for any other lawful purpose as long as they attribute the source in an appropriate manner according to the CC BY licence.
The papers published in "Collected Papers of the Law Faculty of the University of Rijeka" can be deposited and self-archived in the institutional and thematic repositories providing the link to the journal's web pages and HRČAK.
Upon acceptance of the manuscript for publication by this journal, the author can publish same manuscript in other journals only with the permission of the Editorial Board (secondary publication). A repeated publication should contain a notice as to where the manuscript was originally published.
