# kaal:claim:1908473-031

**Claim.** German corporate law permits increases in voting rights only in very limited circumstances, such as grandfathered multiple voting shares, so the proposed voting rights increase would require statutory reform in Germany.

**Type.** condition  **Support.** argued

**Holds when.**

- Höchststimmrechte were banned for listed German corporations in 1998
- France and the United Kingdom by contrast permit multiple votes per share

**Source quote.**

> German corporate law allows an increase in voting rights only in very limited circumstances, such as grandfathering provisions for shares with multiple voting rights that were created before the enactment of the Corporations Act

**From.** Wulf A. Kaal, Christoph Henkel, *Contingent Capital with Sequential Triggers* (2011), IV.B.2.a. Law of EU Member States, page 39

**Cite as.** Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473

**Verify.** sha256 of source PDF `9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Henkel%20-%202011%20-%20Contingent%20Capital%20with%20Sequential%20Triggers.pdf

**Topics.** governance-design, law-and-legal-systems

**Keywords.** german-corporate-law, voting-rights, comparative-law, legal-barriers

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