PARIS, France — L'Oreal shareholders will not implement double voting rights for long-term shareholders, as called for under a French law that has a stated aim of promoting stability at listed companies.

At L'Oreal's annual meeting on Wednesday, 99.8 percent of shareholders voted for a resolution supported by the board to keep single voting rights.

France passed the so-called Florange law last year that gives shareholders double voting rights if they own shares more than two years.

Companies must get two-thirds of shareholders to vote to amend their bylaws if they want to keep single voting rights.

Even before the law, double voting rights were common at French companies with about two-thirds of the blue-chip CAC 40 index <.FCHI> already having them.

By: Leila Abboud; editor: David Clarke.