Ordinary shares: voting rights (art. 216 LGS)
Each ordinary share carries one vote; the charter may create classes carrying up to five votes per share. Multiple voting is incompatible with economic preferences and may not be issued after authorization for a public offering.
What article 216
Article 216 governs voting by ordinary shares and multiple-vote shares.
Each ordinary share gives the right to one vote. The charter may create classes granting up to five votes per ordinary share. A voting privilege is incompatible with economic preferences. Multiple-vote shares may not be issued after the company has been authorized to make a public offering of its shares.
Source: Law 19,550, art. 216 — InfoLEG (updated official text)
Commentary
The rule is one share, one vote. The charter may create up to five votes per share to structure control, but that political privilege cannot be combined with economic preferences.
Multiple voting has further limits: it cannot be issued by public-offering companies and does not apply to certain structural decisions under Article 244.
Distinctions often confused
Practical impact
Multiple voting allows control structures to be designed in the charter, subject to the statutory limits.
Frequently asked questions
Does every share carry one vote?
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