golden share

A golden share is a special class of share, or a contractual equivalent, that grants its holder veto power or other decisive control over specified corporate decisions, regardless of how small an ownership stake it represents. Such arrangements are most often associated with governments seeking to retain influence over strategic companies, particularly after privatization. In June 2025, the Trump administration approved Nippon Steel’s acquisition of U.S. Steel on the condition that the U.S. government receive a golden share; Donald Trump said it gave him control over major business decisions, an arrangement legal scholars described as a departure from U.S. practice.