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PARIS, France — L'Oreal shareholders will not implement double voting rights for long-term shareholders, as called for under a French law that has a stated aim of promoting stability at listed companies.
At L'Oreal's annual meeting on Wednesday, 99.8 percent of shareholders voted for a resolution supported by the board to keep single voting rights.
France passed the so-called Florange law last year that gives shareholders double voting rights if they own shares more than two years.
Companies must get two-thirds of shareholders to vote to amend their bylaws if they want to keep single voting rights.
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Even before the law, double voting rights were common at French companies with about two-thirds of the blue-chip CAC 40 index <.FCHI> already having them.
By: Leila Abboud; editor: David Clarke.
