Attila Hunter of our Empresa and Commercial department sets out the reasons why shareholders in a business should consider putting a shareholder’s agreement in place and how it may help the running of the business.
Attila Hunter, de nuestro departamento Mercantil y Societario, expone las razones por las que los accionistas de una empresa deberían considerar la posibilidad de establecer un pacto de accionistas y cómo puede ayudar a la gestión de la empresa.
¿Qué es un pacto de accionistas?
A shareholders’ agreement is a private agreement made between the shareholders of a company. Its purpose is to govern how the company is run, protect shareholder investments and establish the relationship between the shareholders. The agreement can be entered into by individuals, corporate bodies or a combination of the two. Essentially any group of shareholders can enter into a shareholders’ agreement providing its terms are agreed between the parties.
¿Cuándo puede ser útil un pacto de accionistas?
A shareholders’ agreement may be useful for two or more individuals who have an equal shareholding in a company and wish to set out the decision making process in the event there is a deadlock in shareholder decisions. A shareholders’ agreement may also be useful when two or more individuals have an unequal shareholding in a company and wish to introduce majority or minority protection rights. Shareholders may also look to enter into a shareholders’ agreement when they are setting up a joint venture and wish to stipulate each company’s obligations in a binding document.
¿Qué puede encontrar en un acuerdo de accionistas?
A shareholders’ agreement is a private document and can therefore contienen such clauses as the parties may agree. Typical provisions that would usually be found in a shareholders’ agreement include;
Objeto y ámbito de aplicación: resulta útil para garantizar que todas las partes están de acuerdo en lo que se pretende conseguir con la empresa o la empresa conjunta, y proporciona a los accionistas un punto de referencia en caso de que la empresa o la empresa conjunta parezcan ir en una dirección distinta a la acordada en un principio.
Dividend policy – this sets out the dividends that should be paid to shareholders. Dividends can only be paid from a company’s clear profits and the value attributable to them is usually decided by the company directors. However, a shareholders’ agreement may contain a clause which states that a minimum percentage of the company’s clear profits is to be paid to the shareholders by way of dividend. This can protect minority shareholders and also ensures that those who have purchased shares as an investment will see a return on their investment.
Transferencia de acciones: un acuerdo de accionistas suele contener el procedimiento para la transferencia de acciones y puede incluir disposiciones de ’arrastre“. Esto es útil cuando un tercero desea comprar una empresa, ya que permitiría a un accionista mayoritario obligar a los demás accionistas a vender sus acciones en las mismas condiciones. Del mismo modo, un acuerdo de accionistas puede contener disposiciones de ”arrastre’, lo que permite a los accionistas minoritarios asegurarse de que sus acciones también serán compradas si se venden las acciones mayoritarias. Un acuerdo de accionistas también puede establecer qué ocurrirá con las acciones en caso de fallecimiento de los accionistas.
Restrictions – parties may wish to include certain restrictions on the shareholders such as non-compete, non-solicitation and no poaching provisions. These usually apply during the time that the parties are shareholders and for a reasonable period thereafter.
Consentimiento de los accionistas: un acuerdo de accionistas puede enumerar los asuntos que requieren el consentimiento de todos o algunos de los accionistas para imponerse a la dirección de la empresa. Esta lista suele abarcar las decisiones corporativas más importantes, como pedir prestado dinero por encima de una cantidad determinada o cambiar el nombre de la empresa.
¿Pueden los accionistas entrantes estar vinculados a los términos de un acuerdo de accionistas existente?
Although not automatic, a company can bind incoming shareholders to the terms of the shareholders’ agreement by making it a condition for any incoming shareholders to execute deeds of adherence to the agreement. However the practicality of this should be considered if the identity of the shareholders is likely to change frequently.
¿Cuáles son las ventajas de tener un pacto de accionistas?
Al igual que los estatutos, un acuerdo de accionistas establece cómo debe gobernarse una empresa. Sin embargo, utilizar un pacto de accionistas en lugar de modificar los estatutos de una sociedad para determinar cómo debe gestionarse ésta tiene algunas ventajas;
Whereas articles are filed at Companies House and can be viewed publicly by anyone, a shareholders’ agreement is a private document which is confidential between the shareholders and usually kept at the company’s registered office. This is beneficial for companies who wish for certain information to remain confidential such as the contributions of the shareholders.
Usually articles are generic and contain standard rules that a company should comply with. A shareholders’ agreement is useful for when a company or joint venture has bespoke provisions in place and wishes to set out the day to day operations such as how the company or joint venture is to be managed and how to deal with disputes between the parties.
Por lo general, los estatutos pueden modificarse mediante una resolución especial (mayoría de al menos 75% de los accionistas), sin embargo, un acuerdo de accionistas suele requerir el acuerdo de todas las partes para poder modificarse. Esto protege a todos los accionistas, incluidos los minoritarios.
Aside from the above, a further benefit of having a shareholders’ agreement is that it can be used to act as a master agreement for the completion of secondary documents between the parties such as; a management agreement between two companies in a joint venture, or a scope of works contract between two developers who have joined forces on a development project.
Personas often set up companies with friends or family and do not consider the chance of things going wrong. The benefit of having a shareholders’ agreement is that it will include provisions that pre-empt disagreements and set out how these should be resolved.
(Tenga en cuenta: This article was originally published on our previous website and is provided for general information purposes only. While it reflects the legal position at the time of writing, the law may have changed since publication. For up-to-date advice tailored to your circumstances, please contact our team.)
