Italy and France has recently changed their legal framework to introduce or to automatically offer double voting rights to shareholders. The highly contested French law (known as the “Florange Act”) automatically offers double voting rights from 2016 onwards to shareholders of listed companies who hold shares in registered form for at least two years, unless a company opts-out and modifies its articles of association stipulating otherwise.
Thanks to the Florange Act, the France has become a European champion of non-compliance with the equal treatment of investments in shares and the voting rights.
France has become a champion of shareholder unequal treatment
Source: Expert Corporate Governance Service, Stoxx®Europe 600 Universe