Multiple Voting Shares/Units in Spain

In this article, I examine the current legal framework for multiple- and loyalty voting shares under Spanish corporate law. I first outline the key differences between public and private companies regarding voting structures. I then analyse recent reforms, including the 2021 introduction of loyalty shares and the expected impact of Directive 2024/2810/EU. Finally, I argue that while Spain remains cautious, the evolving regime offers increased flexibility for founders and Small- and Medium-sized Enterprises (SMEs), provided appropriate safeguards are in place.