In this article, I
examine the development of multiple voting rights in French company law, with a
focus on listed companies. I first outline the traditional loyalty share system
and its gradual consolidation following the Florange Act. I then analyse the
2024 reform allowing multiple voting shares (MVS) at the time of listing. Finally,
I argue that despite this significant innovation, loyalty shares will likely
remain the dominant mechanism due to the restrictive conditions attached to
multiple voting rights.