A bill amending the Croatian Companies Act would introduce multiple-vote shares. The first-reading debate in Parliament concluded on 17 September 2026. The proposed mechanism would allow shares with the same nominal value to carry different numbers of votes at the general meeting.
The practical aim is to make it easier to raise capital while preserving the influence of founders or key shareholders. The proposal goes beyond the EU minimum and would make the structure available to Croatian joint-stock companies generally, including companies whose shares are not yet admitted to trading on a regulated market. The maximum voting-power ratio would be 10:1.
Such a structure requires clear safeguards. Under the bill, introducing multiple-vote shares would require a qualified majority and the consent of shareholders whose rights are affected. The enhanced voting rights would cease upon the first transfer of the relevant share. For companies whose shares are admitted to trading, the proposal sets a ten-year limit, with possible extensions for further five-year periods.
A company considering a capital increase will need to align its articles of association, the relationship between voting and economic rights, transfer rules, and the expectations of existing and new investors. The bill remains in the legislative process; the final rules will depend on the enacted text and its entry into force.