🔔TOPICS FOR OUR LEGAL ENGLISH CLASSES
🔔What Is A Golden Share?
A golden share is a type of share that gives its shareholder veto power over changes to the company’s charter. It holds special voting rights, giving its holder the ability to block another shareholder from taking more than a ratio of ordinary shares.
💥Ordinary shares are equal to other ordinary shares in profits and voting rights. These shares also have the ability to block a takeover or acquisition by another company.
💥Golden shares can be issued by public companies or governments. One of these shares controls at least 51% of voting rights. In the case of a company, it can only issue golden shares after passing special resolutions and changing its memorandum and articles of association. This document governs or dictates a company’s relationship with outside businesses.
💥Golden shares were most popular during the 1980s when the British government began privatizing companies and wished to retain control over them. Governments in other parts of Europe and the Soviet Union also followed suit.
💥Golden shares have been predominantly used in the United Kingdom. Other countries, including Brazil, use golden shares to keep control over state-run entities. The European Union, on the other hand, has mostly banned the use of golden shares by companies and governments. While the EU permits governments to protect vital services, it does not allow golden shares, calling them unjustified and disproportionate to the interests of the company and economy.
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