Loyalty Shares and Multiple-Voting Shares: Legal Developments in France

In this article, I examine the development of multiple voting rights in French company law, with a focus on listed companies. I first outline the traditional loyalty share system and its gradual consolidation following the Florange Act. I then analyse the 2024 reform allowing multiple voting shares (MVS) at the time of listing. Finally, I argue that despite this significant innovation, loyalty shares will likely remain the dominant mechanism due to the restrictive conditions attached to multiple voting rights.