Carlo Emanuele Pupo

Value and equality of multiple voting shares

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The Italian legislature has introduced, in 2014, both multiple-voting shares and loyalty shares. In the paper i focus on beneficial and detrimental features of the two legal institutes, which have been incorporated into an overall framework that also knows other tools to enhance control, such as not-voting shares and pyramidal groups. The essay also pays close attention to foreign legal systems and to the reasons that convince shareholders to create a position of control within the corporation and to prevent the transfer of control.


  • Voting Rights
  • Not-Voting Shares
  • Multiple-Voting Shares
  • Loyalty Shares


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