Isabel Fernández Torres

Control-Enhanced Mechanisms in Spain: Non-Voting Shares, Loyalty Shares, and the Implementation of the Directive on Multiple Voting Rights

This article analyzes the legal framework governing control-enhanced mechanisms under the Spanish Companies Act (Ley de Sociedades de Capital [LSC]) and examines the practical experience of Spanish public companies. As a general rule, the governing principle is proportionality, meaning that the law presumes a correlati...