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O presente estudo aborda as “Ações de Lealdade” enquanto mecanismo capaz de
inverter a orientação dos investidores e do mercado para o curto prazo, essencial para
um modelo de administração das sociedades igualmente baseado em perspetivas de
curto prazo. A introdução de “Ações de Lealdade” parte da premissa segundo a qual os
acionistas de longo prazo podem desempenhar um papel ativo na governação, assim
como providenciar benefícios para a sociedade, devendo esta atuação (dita “leal”) ser
incentivada e recompensada.
As “Ações de Lealdade” podem ser definidas como ações que concedem aos
investidores benefícios por serem conservadas durante um certo lapso de tempo, em
regra, não inferior a dois anos (designado por “período de lealdade”). Esse benefício
pode adotar diversas configurações, designadamente dividendos, votos ou warrants.
Analisar-se-á a figura das “Ações de Lealdade” noutros ordenamentos jurídicos
assim como a possibilidade da sua implementação no Direito português.
This essay approaches “Loyalty Shares” as a mechanism capable of reversing the short-term investment orientation of shareholders and markets, which leads to a corporate governance model of short-term perspectives as well. The introduction of “Loyalty Shares” is based on the premise that long-term committed shareholders can play an active role in the governance, as well as provide benefits to the company – deserving such shareholders’ loyalty performance to be encouraged and rewarded. “Loyalty Shares” can be defined as shares which provide rewards to shareholders for holding on to their shares for a certain period of time, not less than two years (also known as “loyalty period”). The reward is usually under the form of a dividend, vote or warrants. Will be analyzed the regulation of the “Loyalty Shares” in other legal systems as well as the possibility of their introduction in the Portuguese law.
This essay approaches “Loyalty Shares” as a mechanism capable of reversing the short-term investment orientation of shareholders and markets, which leads to a corporate governance model of short-term perspectives as well. The introduction of “Loyalty Shares” is based on the premise that long-term committed shareholders can play an active role in the governance, as well as provide benefits to the company – deserving such shareholders’ loyalty performance to be encouraged and rewarded. “Loyalty Shares” can be defined as shares which provide rewards to shareholders for holding on to their shares for a certain period of time, not less than two years (also known as “loyalty period”). The reward is usually under the form of a dividend, vote or warrants. Will be analyzed the regulation of the “Loyalty Shares” in other legal systems as well as the possibility of their introduction in the Portuguese law.
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Palavras-chave
Acionistas leais Ações de lealdade Direitos de voto duplo Dividendo de lealdade Governação societária Loyalty shares L-shares Short-termism Voto de lealdade Interesses de longo prazo Warrants