Golden Share

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Golden Share

A share in a publicly-traded company that gives the shareholder power to veto changes to the charter. Golden shares were originated when the British government began privatizing previously nationalized companies in the 1980s and wished to retain a great deal of control over these companies. Other European countries later took similar measures, though many forms of golden share have since been ruled illegal in the European Union.
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The court upheld the European Commission's position: the holding of such golden shares gives the Portuguese state exceptional rights in GALP Energia's capital and is an infringement of the principle of free movement of capital.
COMPANY LAW : COURT RULES AGAINST PORTUGAL'S GOLDEN SHARES IN GALP
France and Germanyare expected to adopt golden shares as a means to protect their interests.
Airbus boss in jobs talks with unions
The Italian Government have a golden share in Telecom Italia.
NO WAY FOR UK TO STOP BATTLE FOR Scottish Power; Policy gives bids freedom
On Tuesday, the TSE unveiled the proposals, which included recommending punishing any corporate issuer of golden shares by forcibly delisting it.
Vice METI chief opposes TSE's planned ban on 'golden shares'
According to the August 2002 issue of The Dealer's Journal, the UK government held golden shares in 26 companies, including Eurotunnel, National Air Traffic Services and the National Grid.
Alas, poor auric
The golden shares held by the Portuguese state in Energias de Portugal (EDP) are an infringement of the free movement of capital because they might discourage investments by operators from other member states, ruled the European Court of Justice on 11 November in case C-543/08 Commission v Portugal.
COMPANY LAW : ECJ RULES AGAINST GOLDEN SHARES IN ENERGIAS DE PORTUGAL
The European Union has taken a critical view of golden shares and took the Dutch to court over its special voting rights in TNT and Dutch telecoms firm KPN in 2003.
Poison pill and golden share fail to deter bids
The court said golden shares were a barrier to the free movement of capital and could be justified only in cases of national strategic interest, such as defence, and where the measure was proportionate to the objective pursued.
Landmark ruling boost to takeovers
The golden shares held by the Portuguese state in Portugal Telecom constitute a restriction on the free movement of capital because they are liable to discourage investments by operators in other member states.
COMPANY LAW : COURT CONDEMNS STATE'S GOLDEN SHARES IN PORTUGAL TELECOM
The proposed merger of Suez and GDF risks descending into a game of one-upmanship between the French and Belgian governments over the delicate issue of state-held golden shares.
SUEZ-GDF: TO EACH HIS GOLDEN SHARE?
Taking London to the Luxembourg-based court would be the latest stage in the commission's campaign against government golden shares in former state-owned companies.
Bad air over golden share in BAA
Spain has complied with a Court of Justice ruling concerning certain provisions of the country's privatisation law regarding golden shares in formal state monopolies.
FREE MOVEMENT OF CAPITAL : COMMISSION CLOSES GOLDEN SHARE PROCEEDINGS AGAINST SPAIN

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