A implementação do voto plural nas sociedades anônimas e seus efeitos nas relações de poder entre controladores e minoritários

Resumo

This study analyzes the implementation of multi-voting shares (plural voting) in Brazilian corporations (Sociedades Anônimas), an institute introduced by Law No. 14,195/2021. Plural voting is examined as a mechanism that allows for disproportionality between political rights and participation in share capital, aiming to facilitate fundraising by companies without diluting the controlling power of founders or controlling shareholders. The work begins with a study of the traditional voting regime, the majority principle, and the figures of controlling and minority shareholders. Subsequently, it presents the definition, origin, and historical evolution of plural voting, including its regulation in Brazil, outlining the current conditions and limitations of its applicability. A critical analysis of the institute's application in Brazilian law is performed, weighing its advantages versus disadvantages, examining foreign law, and the regulatory role of the CVM. The study focuses on the practical impacts of multi-voting shares on companies and the capital market, with special attention to the effects on the power relations between controlling and minority shareholders. Finally, the paper addresses the legal tension between the risk of abuse of controlling power, inherent in the disproportion of rights, and the encouragement of capital market competitiveness. It is concluded that It is concluded that, despite the introduction of plural voting into the legal system raising controversies, its effects can only be analyzed more thoroughly in the future.

Ficha do documento

Tipo

Outro

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38266

Palavras-chave

Voto pluralSociedade anônima (SA)Acionista controladorAcionista minoritárioLei nº 14.195/2021ControleDireito de votoRepresentatividadeDireitoAcionistasAcionistas minoritários