Multiple voting rights

In most cases, multiple voting rights were granted between 1920 and 1923 - a period of high inflation - to prevent outside capital from gradually taking over the issuing company. Since 1998, they have been banned by the German law regulating supervision and transparency in the corporate sector (Gesetz zur Kontrolle und Transparenz im Unternehmensbereich). Existing multiple voting rights will expire during a five-year transition phase and be compensated in accordance with their value. However, the highest office responsible for the economy in each German Bundesland is authorized to grant multiple voting rights if such an action is considered necessary to protect the interests of the economy as a whole.

Regulations on multiple voting rights are contained in the Stock Corporation Act, section 12, para. 2, no. 1.