Multi-Voting Shares as Tool to Prevent Business Splitting

The article analyzes the impact of artificial business splitting on key stakeholders. Special attention was paid to the role of stockholders as important concerned parties who can prevent splitting scheme realization. The authors study potential of multi-voting shares as a corporate tool of counteraction against business splitting and investigate grounds of different groups of investors – retail and of three categories of institutional (venture) – in preventing such schemes. Limits of using multi-voting shares for these targets were identified. A conclusion was made that on the current stage multi-voting shares should be considered as a promising tool to prevent business splitting on corporate level, as they can foster issuer tax discipline maintenance.

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