The case against the implementation of loyalty shares in Spain
The Spanish Ministry of Economy has recently released a new bill that, among other aspects, proposes an amendment of the Spanish Companies Act to allow listed companies to adopt loyalty shares. These shares will confer additional voting rights to those shareholders staying in the corporation for at...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2019
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| Online Access: | https://ink.library.smu.edu.sg/sol_research/3708 https://ink.library.smu.edu.sg/context/sol_research/article/5666/viewcontent/the_case.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | The Spanish Ministry of Economy has recently released a new bill that, among other aspects, proposes an amendment of the Spanish Companies Act to allow listed companies to adopt loyalty shares. These shares will confer additional voting rights to those shareholders staying in the corporation for at least two years. For that purpose, the company only needs to approve the adoption of loyalty shares by a qualified majority. Therefore, following the Italian (rather than the French) model of loyalty shares, the adoption of loyalty shares in Spain will be done as an opt-in rule. |
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