<\/p>\n\n\n\n
Attila Hunter of our Empresa<\/a> and Commercial department sets out the reasons why shareholders<\/a> in a business<\/a> should consider putting a shareholder’s agreement in place and how it may help the running of the business.<\/p>\n\n\n\n Attila Hunter, de nuestro departamento Mercantil y Societario, expone las razones por las que los accionistas de una empresa deber\u00edan considerar la posibilidad de establecer un pacto de accionistas y c\u00f3mo puede ayudar a la gesti\u00f3n de la empresa.<\/p>\n\n\n\n A shareholders\u2019 agreement is a private<\/a> 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\u2019 agreement providing its terms are agreed between the parties.<\/p>\n\n\n\n A shareholders\u2019 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>. A shareholders\u2019 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\u2019 agreement when they are setting up a joint venture<\/a> and wish to stipulate each company\u2019s obligations in a binding document.<\/p>\n\n\n\n A shareholders\u2019 agreement is a private document and can therefore contienen<\/a> such clauses as the parties may agree. Typical provisions that would usually be found in a shareholders\u2019 agreement include;<\/p>\n\n\n\n Objeto y \u00e1mbito de aplicaci\u00f3n: resulta \u00fatil para garantizar que todas las partes est\u00e1n 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 direcci\u00f3n distinta a la acordada en un principio.<\/p>\n\n\n\n Dividend policy \u2013 this sets out the dividends that should be paid<\/a> to shareholders. Dividends can only be paid from a company\u2019s clear profits and the value attributable to them is usually decided by the company directors. However, a shareholders\u2019 agreement may contain a clause which states that a minimum percentage of the company\u2019s 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<\/a> see a return on their investment.<\/p>\n\n\n\n Transferencia de acciones: un acuerdo de accionistas suele contener el procedimiento para la transferencia de acciones y puede incluir disposiciones de \u2019arrastre\u201c. Esto es \u00fatil cuando un tercero desea comprar una empresa, ya que permitir\u00eda a un accionista mayoritario obligar a los dem\u00e1s accionistas a vender sus acciones en las mismas condiciones. Del mismo modo, un acuerdo de accionistas puede contener disposiciones de \u201darrastre\u2019, lo que permite a los accionistas minoritarios asegurarse de que sus acciones tambi\u00e9n ser\u00e1n compradas si se venden las acciones mayoritarias. Un acuerdo de accionistas tambi\u00e9n puede establecer qu\u00e9 ocurrir\u00e1 con las acciones en caso de fallecimiento de los accionistas.<\/p>\n\n\n\n Restrictions \u2013 parties may wish to include certain restrictions on the shareholders such as non-compete<\/a>, non-solicitation and no poaching provisions. These usually apply during the time that the parties are shareholders and for a reasonable period thereafter.<\/p>\n\n\n\n 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 direcci\u00f3n de la empresa. Esta lista suele abarcar las decisiones corporativas m\u00e1s importantes, como pedir prestado dinero por encima de una cantidad determinada o cambiar el nombre de la empresa.<\/p>\n\n\n\n Although not automatic, a company can bind incoming shareholders to the terms of the shareholders\u2019 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<\/a>.<\/p>\n\n\n\n Al igual que los estatutos, un acuerdo de accionistas establece c\u00f3mo debe gobernarse una empresa. Sin embargo, utilizar un pacto de accionistas en lugar de modificar los estatutos de una sociedad para determinar c\u00f3mo debe gestionarse \u00e9sta tiene algunas ventajas;<\/p>\n\n\n\n Whereas articles are filed at Companies House and can be viewed publicly by anyone, a shareholders\u2019 agreement is a private document which is confidential between the shareholders and usually kept at the company\u2019s registered office. This is beneficial<\/a> for companies who wish for certain information to remain confidential such as the contributions of the shareholders.<\/p>\n\n\n\n Usually articles are generic and contain standard<\/a> rules that a company should comply with. A shareholders\u2019 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.<\/p>\n\n\n\n Por lo general, los estatutos pueden modificarse mediante una resoluci\u00f3n especial (mayor\u00eda 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.<\/p>\n\n\n\n Aside from the above, a further benefit of having a shareholders\u2019 agreement is that it can be used to act as a master agreement for the completion of secondary documents<\/a> 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.<\/p>\n\n\n\n La gente suele crear empresas con amigos o familiares y no tiene en cuenta la posibilidad de que las cosas vayan mal. La ventaja de un pacto de accionistas es que incluye disposiciones que previenen los desacuerdos y establecen c\u00f3mo resolverlos.<\/p>\n\n\n\n (Tenga en cuenta:<\/strong>\u00a0This 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<\/a> our team<\/a>.)<\/em>\u00bfQu\u00e9 es un pacto de accionistas?<\/h4>\n\n\n\n
\u00bfCu\u00e1ndo puede ser \u00fatil un pacto de accionistas?<\/h4>\n\n\n\n
\u00bfQu\u00e9 puede encontrar en un acuerdo de accionistas?<\/h4>\n\n\n\n
\u00bfPueden los accionistas entrantes estar vinculados a los t\u00e9rminos de un acuerdo de accionistas existente?<\/h4>\n\n\n\n
\u00bfCu\u00e1les son las ventajas de tener un pacto de accionistas?<\/h4>\n\n\n\n
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