Ukraine’s National Securities and Stock Market Commission has outlined a proposal to introduce shares with multiple voting rights, allowing founders to raise equity while retaining strategic control. Commission member Maksym Libanov presented the approach at the 19th Corporate Law Conference organized by the Ukrainian Bar Association. The work forms part of company law alignment under EU accession Chapter 6 and aligns with corporate governance and shareholder protection priorities discussed with the EU Delegation in October.

The proposed option would cover all joint stock companies, whether existing or newly established and whether or not their shares are admitted to trading. Special classes of ordinary shares could carry up to 10 votes per share. Creating such a class would require existing shareholders’ approval, and company charters would have to specify its duration or conditions for the enhanced voting rights to expire, such as a change of owner. Minority shareholders would exercise protective rights, including bringing derivative actions, based on their capital holdings rather than voting power. Implementation would require amendments to the laws on joint stock companies and the depository system.

The commission is also revising the National Corporate Governance Code, adopted in 2020, taking account of recommendations from international partners. Libanov invited the legal community to discuss the revised code, with approval sought in time for companies to begin applying it in 2027.

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