{"id":19107,"date":"2026-04-23T14:37:24","date_gmt":"2026-04-23T14:37:24","guid":{"rendered":"https:\/\/seegman.com\/non-voting-shares-when-voting-rights-are-restored-supreme-court-ruling-440-2026\/"},"modified":"2026-04-23T14:37:25","modified_gmt":"2026-04-23T14:37:25","slug":"non-voting-shares-when-voting-rights-are-restored-supreme-court-ruling-440-2026","status":"publish","type":"post","link":"https:\/\/seegman.com\/en\/non-voting-shares-when-voting-rights-are-restored-supreme-court-ruling-440-2026\/","title":{"rendered":"Non-voting shares: when voting rights are restored (Supreme Court Ruling 440\/2026)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19107\" class=\"elementor elementor-19107 elementor-19101\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aeb57ba elementor-section-height-min-height elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"aeb57ba\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7c289b3\" data-id=\"7c289b3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66ee9c0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66ee9c0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5bfa664\" data-id=\"5bfa664\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50b0ecd elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"50b0ecd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Non-voting shares: when voting rights are restored (Supreme Court Ruling 440\/2026)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-09b7820\" data-id=\"09b7820\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4d0c1ad elementor-section-height-min-height elementor-section-items-stretch elementor-reverse-tablet elementor-section-content-top elementor-section-boxed elementor-section-height-default\" data-id=\"4d0c1ad\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2966d49\" data-id=\"2966d49\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7733ef elementor-widget elementor-widget-text-editor\" data-id=\"e7733ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><strong>Executive summary<\/strong><\/h2>\n<p>Supreme Court ruling STS 440\/2026 (20 March 2026) establishes, for the first time, a clear criterion for a very common issue in private companies: when can the holder of non-voting shares vote if they have not received the minimum dividend?<\/p>\n<p>The Court\u2019s answer is not \u201cautomatic\u201d: it depends on milestones in the annual financial cycle and the annual general meeting, and may affect the validity of resolutions if the vote was decisive.<\/p>\n<h2><strong>Starting point: the legal balance of non-voting shares<\/strong><\/h2>\n<p>Non-voting shares are based on an exchange: less political power, more economic protection (statutory minimum annual dividend).<\/p>\n<p>The Companies Act adds a balancing mechanism: if the minimum dividend cannot be paid due to a lack of distributable profits, the unpaid portion is deferred and, until it is paid, the holder regains the right to vote on an equal footing with ordinary shareholders.<\/p>\n<h2><strong>The most common practical error: confusing \u2018not yet paid\u2019 with \u2018not payable\u2019<\/strong><\/h2>\n<p>The dispute resolved by the Supreme Court is very real in practice: at a meeting held months after the creation of non-voting shares, someone argues that the shareholder can now vote because they \u2018have not yet received\u2019 the minimum dividend.<\/p>\n<p>The Court corrects this oversimplification: the restoration of voting rights requires a legal assertion that the minimum dividend has not been paid due to a lack of distributable profits (or due to a failure by the company to act at the time the accounts were due to be approved).<\/p>\n<h2><strong>The rule established by the Supreme Court: look at the company\u2019s calendar<\/strong><\/h2>\n<p>The judgment introduces a highly practical interpretation of Article 99.3 of the Companies Act:<\/p>\n<ul>\n<li>The \u201cnon-voting\u201d regime applies from the moment of creation: the shareholder does not vote at subsequent meetings by default.<\/li>\n<li>The \u201cexception\u201d (reinstatement of voting rights) does not arise simply because payment has not been received by a specific date.<\/li>\n<li>In the first financial year concerned, the restoration of the vote usually requires one of the following scenarios:<\/li>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>that the accounts are approved and it is clear that there are insufficient distributable profits, or<\/li>\n<li>that the statutory deadline for holding the ordinary general shareholders&#8217; meeting to approve the accounts has expired and the meeting is not held \/ does not approve the accounts, thereby confirming the situation of failure to pay the minimum dividend.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p><\/p>\n<h2><strong>Effect on resolutions: if the vote was decisive, there is a risk of annulment<\/strong><\/h2>\n<p>The Supreme Court applies a practical approach: if, upon \u201cwithdrawing\u201d that improper vote, the resolution fails to achieve the required majority, the resolution is vulnerable. In companies with few shareholders, this can be decisive in asset sales, reorganisations or amendments to the articles of association.<\/p>\n<h2><strong>Seegman\u2019s Checklist to avoid challenges<\/strong><\/h2>\n<p><\/p>\n<ol>\n<li><strong>Before the meeting<\/strong>, check whether the accounts for the relevant financial year have already been approved (or whether the statutory deadline has expired without a meeting).<\/li>\n<li><strong>Verify<\/strong> the statutory provisions regarding the minimum dividend and their rationale (fixed\/variable, conditions).<\/li>\n<li><strong>Calculation of majorities<\/strong>: simulate the result with and without that vote.<\/li>\n<li><strong>Minutes<\/strong>: clearly record the criteria applied to accept or reject the vote.<\/li>\n<\/ol>\n<p><\/p>\n<h2><strong>FAQs<\/strong><\/h2>\n<p><strong>1) Can I vote simply because I haven\u2019t yet been paid the minimum dividend?<\/strong><\/p>\n<p>Not necessarily. The right to vote is not automatically restored merely because the dividend \u2018has not yet been paid\u2019. In the first financial year concerned, it is normally necessary for the corporate cycle to confirm that the minimum dividend was not payable (due to a lack of distributable profits) or that the statutory deadline for the annual general meeting has already passed without the results having been approved.<\/p>\n<p><strong>2) When is the restoration of voting rights deemed to be triggered?<\/strong><\/p>\n<p>In practical terms, when a milestone is reached that allows it to be objectively stated that the minimum dividend has not been paid \u201cin accordance with Article 99.3 of the Companies Act\u201d:<\/p>\n<ul>\n<li>following the close of the financial year and the approval of the accounts \/ allocation of profits, if it transpires that there were insufficient distributable profits to satisfy it; or<\/li>\n<\/ul>\n<p><\/p>\n<ul>\n<li>if the statutory deadline for holding the annual general meeting expires without the meeting having been held or the accounts having been approved, thereby confirming the failure to pay the minimum dividend.<\/li>\n<\/ul>\n<p><strong>3) Can the company \u201cprevent\u201d the voting right from being reinstated by paying the minimum dividend at a later date?<\/strong><\/p>\n<p>If the minimum dividend due (or the accumulated amount payable, according to the articles of association) is paid, the recovered vote ceases to have effect. However, the critical point is when the right to vote arose: if a vote was cast at a meeting without the necessary conditions being met, the resolution may be challenged even if payment is subsequently regularised.<strong>\u00a0<\/strong><\/p>\n<p><strong>4) Is a resolution always annulled if someone who should not have voted did so?<\/strong><\/p>\n<p>Not always. It depends on whether that vote was decisive in reaching the required majority. If, excluding the invalid vote, the resolution would not have passed, there is a clear risk of annulment (stress test).<\/p>\n<p>&nbsp;<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-aa8a01e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa8a01e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1a6805f\" data-id=\"1a6805f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d92145 elementor-align-left elementor-mobile-align-center elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-button\" data-id=\"9d92145\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-download\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">DOWNLOAD<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f944d18\" data-id=\"f944d18\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5874b56 elementor-section-height-min-height elementor-section-items-stretch elementor-reverse-tablet elementor-section-content-top elementor-section-boxed elementor-section-height-default\" data-id=\"5874b56\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e452e7a\" data-id=\"e452e7a\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3db9f20 elementor-share-buttons--view-icon elementor-share-buttons--skin-flat elementor-share-buttons--shape-circle elementor-share-buttons--color-custom elementor-grid-0 elementor-widget elementor-widget-share-buttons\" data-id=\"3db9f20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-grid\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Share on linkedin\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-linkedin\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ad57e70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad57e70\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c880adc\" data-id=\"c880adc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ae0aaf elementor-widget elementor-widget-heading\" data-id=\"1ae0aaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">More Technical Articles<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Executive summary Supreme Court ruling STS 440\/2026 (20 March 2026) establishes, for the first time, a clear criterion for a very common issue in private companies: when can the holder of non-voting shares vote if they have not received the minimum dividend? The Court\u2019s answer is not \u201cautomatic\u201d: it depends on milestones in the annual [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[99,79,101,100],"tags":[87],"class_list":["post-19107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-article","category-business-law","category-corporate-governance","tag-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Non-voting shares: when voting rights are restored<\/title>\n<meta name=\"description\" content=\"The Supreme Court clarifies when non-voting shares regain voting rights if the minimum dividend is not paid. Implications for general meetings and majorities. 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Implications for general meetings and majorities. 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