Longread: Tenure voting under Dutch law, a case study of the loyalty voting schemes adopted by CNH Industrial N.V. and Cnova N.V.
When the Dutch ruled the modern world and business was booming like never before, they founded the first company with free transferable stock: the Dutch East India Company (VOC). After the year 1602 an increasing amount of companies followed the example of the VOC, resulting in a new standard of transferable stock. We have come a long way since, resulting in different structures to award specific shareholders. In this article we will focus on the so called ‘tenure voting schemes’, in particular those that have recently been adopted by CNH Industrial and Cnova.