What is a “voting right”?
A voting right is a shareholder’s entitlement to vote on matters submitted to the shareholders of a company — typically election of directors, approval of mergers, major asset sales, charter amendments, dissolution, and dividends. Voting rights are attached to shares of stock; the structure (one share / one vote, dual-class, weighted voting, super-voting) is set by the corporate charter and bylaws.
Common voting structures
- One share, one vote: the default; each share casts one equal vote.
- Dual-class structure: Class A (single vote) and Class B (super-voting, often 10x or more) — common at founder-controlled tech companies (Meta, Google, Snap).
- Non-voting stock: economic rights only; no voting.
- Preferred stock with protective provisions: veto rights on specific matters (financings, exits, charter changes) regardless of overall vote count.
What shareholders vote on
- Election and removal of board directors.
- Mergers and acquisitions (typically requires majority or supermajority).
- Charter amendments (commonly supermajority).
- Major asset sales.
- Increases in authorised shares.
- Dissolution.
- Approval of equity plans (in some jurisdictions).
Voting vs. related concepts
- Voting right vs. economic right: voting determines control; economic determines dividend and liquidation share.
- Voting right vs. protective provision: voting is general; protective provisions are specific veto rights on enumerated matters.
- Voting vs. consent right: consent right requires affirmative approval; voting only requires participation.
Türk hukukunda
Türk TTK uyarınca anonim şirketlerde her hisse bir oy hakkına eşittir (TTK Madde 434), ancak ana sözleşmeyle oy haklarına dair düzenleme yapılabilir. İmtiyazlı hisseler oy ağırlıklı (multiple voting) veya non-voting olarak çıkarılabilir. SPK’ya tabi halka açık şirketlerde Kurul tebliğleri bu konuda daha sıkı kurallar uygular. Türk girişim sermayesi yatırımlarında imtiyazlı hisseye bağlı veto hakları SHA üzerinden düzenlenir.
Do: understand the voting structure before accepting any investment; protective provisions and supermajority thresholds materially shape future flexibility.
Don’t: assume “majority owner” equals “majority controller” — dual-class structures and protective provisions can flip the practical balance.