However, for private companies, gold shares can be viewed more easily in contractual relationships and free trade agreements between shareholders or other counterparties. Here, gold shares can again be used to block certain corporate acts, as z.B.: Golden Shares does not always mean the actual participation of shares, but they allow the holder of such an instrument to block unwanted business decisions or corporate deeds of the company, or by: The statutes generally specify any variation of class rights and the procedure of this variation for an additional guarantee maintaining an agreement on the gold shares. Restrictions on gold shares, related rights and relationships between the holders of a gold share and the remaining shareholders may also be determined by the corresponding shareholders` pact. In the event of a discrepancy between the rights provided by the statutes and the association agreement, the statutes prevail. Gold actions were also important for companies that played a key role in a country`s economy and had an impact on both public order and national security. Most Golden shares have been used in the UK. Other countries, including Brazil, use gold shares to keep control of state-owned enterprises. On the other hand, the European Union has largely banned the use of gold shares by companies and governments. Although the EU allows governments to protect essential services, it does not allow gold actions as unjustifiable and disproportionate to the interests of business and the economy. The company does not place a gold share in a tax group (see above). The Brazilian company Embraer S.A. (ERJ) is an example of a company with a share of gold. The company provides aeronautical services and manufactures commercial, military and agricultural aircraft.
Embraer has been a private and public company from the beginning and began making public offerings or issuing shares in 2000. However, the Brazilian government has a veto as it holds a gold stake in the company. Since a gold stock can be specifically tailored to the requirements of a given transaction, there are many advantages to considering this option.