What voting value means in practice
In practice, the voting value determines how many votes you get per share at the general meeting. Shares with a higher voting value give greater influence over decisions on the board, dividends and strategic choices.
It is therefore important to distinguish between ownership stake and share of votes. Two shareholders can have the same share of the capital but completely different influence, depending on the voting value of their share classes.
How voting value is usually structured
The voting value is set out in the articles of association and can differ between share classes.
- Different share classes can have different voting values
- One share class can give several votes per share
- Voting value governs influence, not share of capital
- The articles of association govern the distribution of votes
- Changing the voting value requires formal decisions
Once you understand how the voting value is constructed, it becomes easier to judge who actually controls the company.
When voting value becomes decisive
Worth bearing in mind
Voting value becomes particularly important when companies have several share classes with different voting rights. In such structures, an owner can control the company despite a relatively small share of the capital.
This is common in growth companies and family-owned companies where founders want to keep control even when new capital is brought in. The voting value can then weigh more heavily than the amount invested.
Frequently asked questions
What is the difference between voting value and ownership stake?
Voting value determines influence, whereas the ownership stake shows how large a part of the capital is owned.
Why do some shares have a higher voting value than others?
To allow founders or principal owners to keep control even after raising capital.
Can the voting value be changed in a company?
Yes, but it requires a decision under the Swedish Companies Act (aktiebolagslagen) and an amendment to the articles of association.
Are different voting values common in unlisted companies?
Yes, it is very common, particularly in companies with clear principal owners.
Does voting value affect the company's valuation?
Yes, shares with a higher voting value can be more attractive because they give greater control.