depositary receipts are issued to employees (normally by a STAK) after the STAK receives shares in the company that enable the employees to benefit from an ESOP. The specific thing about this situation is, that the most important rights connected to shares - legal rights (such as: voting rights, attending the meeting, inspection of the annual accounts et cetera) and economic rights (dividend rights) - are separated from each other with this construction. The STAK is the legal entity that holds the shares in the company and is therefore entitled to all legal rights (such as voting rights and attending rights). The economic rights (dividends) on the other hand, are transferred to the employee. If the company issues proceeds, the STAK has the obligation to distribute the proceeds directly to the employees who are eligible for the proceeds. In this paragraph is still mentioned the voting rights, but nowadays you often see that shares held by the STAK are non voting rights in order to avoid issues with voting in the (general) meeting of the shareholders.