Preferred share (Vorzugsaktie)
A share that usually has no voting right but gets priority or an advantage on the dividend.
In short
As of 8 October 2026A preferred share (German: Vorzugsaktie) usually carries no vote at the general meeting but is favoured on the dividend, for example through priority or a premium. Companies use it to raise capital without giving up control. Well-known examples are the preferred shares of Volkswagen and Henkel, marked 'Vz' in the name.
Most stocks in Germany are ordinary shares with a vote at the annual general meeting. There are also preferred shares (Vorzugsaktien). They usually have no voting right but are favoured on the dividend, for example through priority or a small premium (§ 139 AktG).
For companies this is handy: they raise capital without giving up control. Founding families often hold the ordinary shares. Preferred shares often trade slightly cheaper than ordinary ones but are sometimes more liquid.
Example: at Volkswagen and Henkel, the preferred shares are the better known ones and are in the DAX. You can spot them by the suffix 'Vz' or 'Vorz.' in the name.
Related terms
Sources
As of 8 October 2026 · Educational content, not investment or tax advice.