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🇪🇺 Europe · EuropeDepositary receipts (certificaten)
Also called: certificaten, certificates of shares
In one line
Instruments issued by a STAK that give you the economic value of shares without the voting rights, which the foundation retains.
In plain English
Depositary receipts track a share's value — dividends and exit proceeds flow to you — but the STAK keeps the vote. They're how many Dutch employees hold equity economically.
If you were explaining it to a 5-year-old
A slip that says 'you get the coins this toy earns', while the cupboard that holds the toy keeps the right to vote with it.
Why it matters when you sell
Selling receipts depends on the STAK's transfer rules, so these govern your path to liquidity in a Dutch company.
Related terms
Put it to use
When you're ready to go deeper, there's an optional Equity Toolkit and Report.
Sources
Primary references for this term: Belastingdienst (Netherlands). Our definitions are written in plain English and kept evergreen — see the glossary methodology. General information, not advice.
Educational information only — not financial, tax or legal advice, and not an offer to buy or sell any security. Definitions are general; your own documents and local law govern your situation. PrivateTechShares is independent and not a broker or marketplace.