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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sg-smu-ink.sol_research-56662022-02-08T01:39:46Z The case against the implementation of loyalty shares in Spain Aurelio GURREA-MARTINEZ, 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. 2019-07-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/sol_research/3708 https://ink.library.smu.edu.sg/context/sol_research/article/5666/viewcontent/the_case.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Yong Pung How School Of Law eng Institutional Knowledge at Singapore Management University Controlling shareholders Corporate governance Entrenchment Loyalty shares Short-termism Business Organizations Law |
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Controlling shareholders Corporate governance Entrenchment Loyalty shares Short-termism Business Organizations Law Aurelio GURREA-MARTINEZ, The case against the implementation of loyalty shares in Spain |
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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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Aurelio GURREA-MARTINEZ, |
author_facet |
Aurelio GURREA-MARTINEZ, |
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Aurelio GURREA-MARTINEZ, |
title |
The case against the implementation of loyalty shares in Spain |
title_short |
The case against the implementation of loyalty shares in Spain |
title_full |
The case against the implementation of loyalty shares in Spain |
title_fullStr |
The case against the implementation of loyalty shares in Spain |
title_full_unstemmed |
The case against the implementation of loyalty shares in Spain |
title_sort |
case against the implementation of loyalty shares in spain |
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Institutional Knowledge at Singapore Management University |
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2019 |
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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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