What percentage of a class of shares is required to cancel a variation of class rights?

To cancel a variation of class rights for a class of shares, the approval of a majority of shareholder votes within that class is generally required. Specifically, the standard threshold in corporate law for such decisions is often set at 75%. However, the number you provided—15%—does not represent the usual thresholds established under relevant corporate governance rules for approving or cancelling changes to class rights.

For a variation to take effect, it typically requires a supermajority or specific percentage of holders of the class in question to vote in favor of the variation. In many jurisdictions, while a simple majority may apply in some contexts, varying rights often have stricter requirements to protect minority shareholders from decisions made solely by majority holders. Hence, the correct answer regarding the percentage needed to cancel a variation is often set higher than what was indicated in the answer provided, reflecting this protective intent in corporate governance laws.

In practical terms, each jurisdiction may have its own laws governing the specifics of share classes, but the general principle is that significant alterations to class rights need a significant agreement among the holders. Therefore, referencing class rights and cancellations within a broader context of corporate governance helps clarify the typical approach to such decisions.