Multiple Voting Shares in Germany

In this article, I examine the reintroduction of multiple voting shares (MVS) in German stock corporation law. I trace their historical development, from widespread use in the Weimar Republic to their near-total prohibition from 1937 onward. I then analyse the cautious 2023 reform that lifted the ban, allowing MVS under a highly restrictive regime. Finally, I argue that while the new rules mark a significant shift, their practical impact may be limited without further liberalisation.