Fairness between shareholders:respect of the “one share – one vote” principle
The shareholders community has long promoted the principle of proportionality between capital and voting rights (“one share – one vote”) and the principle of neutrality of the directors of listed companies during takeover bid periods. In France, the Florange law of March 2014 reversed these principles by making double voting rights, for registered shareholders for two years, the common law regime and authorizing the board, in case of takeover bid, to make any decision to defeat the offer.
The argument for multiple voting rights, which is shareholder loyalty, is unfounded because it does not interest individual shareholders, whereas professional investors do not benefit it for technical reasons. Only a shareholder wanting to keep control without dilution or take control of a company without paying the price wishes to use the multiple voting rights.