In this article, I
examine the current legal framework for multiple- and loyalty voting shares
under Spanish corporate law. I first outline the key differences between public
and private companies regarding voting structures. I then analyse recent
reforms, including the 2021 introduction of loyalty shares and the expected
impact of Directive 2024/2810/EU. Finally, I argue that while Spain remains
cautious, the evolving regime offers increased flexibility for founders and
Small- and Medium-sized Enterprises (SMEs), provided appropriate safeguards are
in place..