Maria Lucia Passador

Game of Votes: Loyalty Shares and the New Battleground for Corporate Control

This paper explores the adoption and impact of loyalty shares ‒ also known as tenure voting or time-phased voting shares ‒ as a mechanism to counteract short-termism in European corporate governance, with a particular focus on the Italian market. By diverging from the traditional ‘one share, one vote’ principle, loyalt...