Development of a Set of Covenants for Companies Financed with Multi-Voting Shares

Currently, multi-voting shares represent a relatively new instrument for financing the activities of international companies in the Russian financial market, which necessitates the development of risk management tools that investors face when choosing such companies as an investment object. The purpose of the study is to develop a set of covenant conditions to increase the predictability of the actions of owners of multi-voting shares and reduce information asymmetry in the financial market.
The scientific novelty of the work consists in creating a universal covenant complex, divided into three groups and can be used in different variations, which makes it possible to define it as a universal auxiliary tool for developing a company's financial strategy. The practical application of the complex should contribute to long-term investments in companies' equity, reduce stock price volatility, and increase confidence in companies funded through multi-voting shares.

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