One Share, One Vote: BMW AG Converts Preferred Shares into Ordinary Shares

BMW AG has completed the conversion of all non-voting preferred shares into voting ordinary shares at a 1:1 ratio, effective immediately. The move, approved by a large majority at the Annual General Meeting on May 13, 2026, transforms nearly 55 million preferred shares into ordinary shares, eliminating the dual-class share structure. The conversion was officially registered today, and trading of the former preferred shares (ISIN DE0005190037 / WKN 519003) will cease on June 30, 2026. Shareholders holding the 54,675,505 preferred shares will automatically become holders of ordinary shares (ISIN DE000519003 / WKN 519000), which will now be entitled to dividends as of January 1, 2026. BMW AG’s share capital, valued at approximately €616 million, will now consist entirely of ordinary shares, up from the previous composition of 91% ordinary shares and 9% preferred shares. This structural simplification aligns with the corporate governance principle of “one share, one vote,” a globally recognized standard. The conversion also boosts the free float of BMW AG’s ordinary shares by roughly 19%. The milestone coincides with the 100th anniversary of BMW AG’s stock market listing, which began in June 1926 on the Munich and Berlin exchanges with shares valued at 1,000 Reichsmarks. The custodial and stock exchange conversion process will occur automatically between July 1 and July 3, 2026, requiring no action from shareholders. The move underscores BMW’s commitment to modernizing its capital structure and enhancing shareholder value through greater transparency and alignment with international governance practices.