Over the past fifteen years, the implementation of loyalty share schemes has attracted growing attention in the Netherlands. Such schemes are generally introduced to incentivize long-term shareholdership by granting additional dividend or voting rights to long-term shareholders. It is often assumed that a loyalty share scheme is permitted under Dutch law provided that all shareholders can meet the applicable criteria to access that scheme. In 2020, the Amsterdam Court of Appeal rendered its unprecedent judgment regarding Mediaset in which the implementation of a loyalty share scheme was successfully challenged. Although I would not expect the ruling to entail any ground-breaking changes for current practice, it most certainly serves as a good reminder that, when implementing loyalty shares, careful consideration must be given to the purpose to be pursued and that the modalities of the scheme must be in line with that purpose, especially if a major shareholder has a controlling interest.