Refers to special rights retained by a government with respect to a newly privatized company. These rights may take the form of a special statutory provision or the issuance of a single share in the company. Governments usually want a golden share to maintain some control over the company's activities for a certain period of time following the privatization for political or other reasons. These rights typically include a veto right on certain material transactions (for example, the sale of material assets) undertaken by the company.

Many jurisdictions prohibit the use of golden shares because they restrict the free flow of capital.