Voting Rights (Shares)
The power each share carries to participate in corporate decisions, ranging from one-vote-per-share to non-voting classes.
What is Voting Rights?
Voting rights in corporate governance refer to the power granted to shareholders to participate in key company decisions through shareholder votes, typically proportional to shares held. Standard common shares carry one vote per share. Companies may issue multiple share classes with differentiated voting power: "super-voting" shares (e.g., 10 votes per share) allow founders or insiders to retain control; non-voting shares provide economic ownership without governance rights. Voting rights are exercised at shareholder meetings to elect directors, approve major transactions, ratify auditors, and vote on shareholder proposals. Governance advocates generally oppose structures that decouple economic ownership from voting power, as they can reduce board accountability.
Example
Berkshire Hathaway's two-class share structure illustrates differentiated voting rights: Class A shares (BRK.A) each carry one vote and trade above $600,000, while Class B shares (BRK.B) carry 1/10,000th of a Class A vote per share. This structure allows Warren Buffett to maintain proportional voting influence while enabling retail investors to participate through the far more affordable Class B shares.