Railpen's Response on European Parliament and of the Council on multiple-vote share structures
As a responsible investor, we recognise our duty to act as an engaged steward of our assets. We thoughtfully and intelligently exercise our voting rights – alongside constructive engagement with portfolio companies – to support the Trustee’s objective of enhancing the long-term investment return for its beneficiaries.
Differential voting rights dilute the ability of independent shareholders – including Railpen and
others in the responsible investment community with a long-term perspective – to effectively
hold companies to account. We believe it is a fundamental tenet for any financial market or
system which seeks to promote long-term corporate success that shareholder voting rights are
directly linked to the shareholder’s economic stake. We therefore believe that any steps to
further enable multiple-vote share structures (MVSS) would run counter to the rest of the
European Commission’s laudable and very welcome work to support investors as effective
stewards of their assets.
Railpen Response European Parliament Council Multiple Vote Share Structures 20230328 March 2023
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