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[FT] French companies fight back against Florange double-vote law

Some of France’s largest companies are preparing a rebellion to counteract a law passed by the country’s socialist government to automatically award double voting rights to long-term shareholders. Investors, and sometimes management, are trying to overturn the implementation of the legislation at a number of upcoming annual meetings, fighting to maintain the “one share one vote” system.

The campaign is being led by PhiTrust and has the backing of 19 institutional investors in countries from Germany to the UK and Switzerland that manage €2,300bn in assets.

 

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