In this article, we
analyse the legal framework for loyalty voting shares (LVS) in Belgium and the
implications of the EU Directive on Multiple Voting Shares (MVS). We evaluate
the limited uptake and practical use of LVS, highlighting their function as a
control-enhancing tool for insiders. Based on proposals by a working group
within the Belgian Centre for Company Law, we present a policy framework to
implement MVS in Belgium, including safeguards for minority shareholders, a
1:20 maximum voting ratio, and the possibility of midstream adoption. We
conclude that MVS provide a more flexible and effective governance mechanism
than LVS to stimulate long-term ownership and listing activity in Belgium.