Una primera aproximación a la luz de la Propuesta de Directiva del Parlamento y del Consejo relativa a las estructuras de acciones con derechos de voto múltiple en sociedades que solicitan su admisión a cotización

Resumo

This paper is a preliminary approach to the «dual-class shares». Dual-class stock has evolved from a vehicle used in family owned companies to retain control to a capital structure for founders in tech start-ups. After briefly reviewing the history and evolution of dual-class stock, the paper describes a classical policy debate in corporate law: whether or not to implement the principle of proportionality as a general rule. Dual-class shares pose certain risks and effects that should be warned about. We intend, at this early stage, to make an initial approximation to the Proposal while awaiting how it evolves during the process.