diff --git a/README.md b/README.md
index 2e5f6e1..8534da3 100644
--- a/README.md
+++ b/README.md
@@ -51,6 +51,10 @@ Report issues for this extension in the [ocds-extensions repository](https://git
 
 ## Changelog
 
+### 2023-12-04
+
+* Update and clarify `Shareholder.shareholding` field description.
+
 ### 2021-05-24
 
 * Remove `Organization.beneficialOwnership`.
diff --git a/release-schema.json b/release-schema.json
index 47a1ea4..2474734 100644
--- a/release-schema.json
+++ b/release-schema.json
@@ -21,7 +21,7 @@
         },
         "shareholding": {
           "title": "Shareholding",
-          "description": "The percentage of the organization's shares held by the shareholder, expressed as a decimal between 0 and 1.",
+          "description": "The proportion of the organization's shares held by the shareholder, expressed as a decimal between 0 and 1.",
           "type": [
             "number",
             "null"