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Recital 13

Recital 13

(13)An MVS structure might increase the risk that controlling shareholders extract private benefits from the company. Member States that already allow MVSs provide for safeguards to protect shareholders holding shares with lower voting rights. Existing safeguards vary between Member States due to national specificities and diverging company law systems. Notwithstanding that variation and having regard to the objectives of the internal market as set out in particular in Article 50(2), point (g), of the Treaty on the Functioning of the European Union (TFEU), the approaches in national law on MVS structures as regards protection of the interests of shareholders holding shares with a lower voting right should be coordinated for companies exercising their right under this Directive to adopt or modify an MVS structure for the purpose of seeking admission to trading on an MTF.

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