MINORITY (VOTING) SHARES

Steward-owned companies do not allow the sale of their majority voting interests. This does not, however, preclude a company from offering a minority of shares on the public market. Indeed, roughly 60 per cent of the value of the Danish stock market value is derived from steward-owned companies. These and other companies have opted to offer either strictly limited and minority-controlling interests or non-voting economic shares on the public market. The latter option is the preferred method for steward-owned companies, as it enables investors to capture gains from valuation increases without compromising the autonomy of the company. This means that shareholders only acquire economic rights but do not carry voting rights. Refer to the section on Certificates (STAK) for such an example. If issuing non-voting shares isn’t an option, companies can choose to trade minority voting shares. This approach is widely used by Danish companies. However, to ensure it aligns with steward-ownership principles, there are a few key considerations to keep in mind.