Attila Hunter of our Entreprise 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 notre département Corporate and Commercial, expose les raisons pour lesquelles les actionnaires d'une entreprise devraient envisager la mise en place d'un pacte d'actionnaires et la manière dont il peut contribuer à la gestion de l'entreprise.
Qu'est-ce qu'un pacte d'actionnaires ?
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.
Quand un pacte d'actionnaires peut-il être utile ?
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.
Que peut-on trouver dans une convention d'actionnaires ?
A shareholders’ agreement is a private document and can therefore contenir such clauses as the parties may agree. Typical provisions that would usually be found in a shareholders’ agreement include;
Objet et champ d'application - ce point est utile pour s'assurer que toutes les parties sont d'accord sur les objectifs de la société ou de l'entreprise commune et fournit aux actionnaires un point de référence au cas où la société ou l'entreprise commune semblerait prendre une direction différente de celle qui avait été convenue à l'origine.
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 va see a return on their investment.
Transfert d'actions - un pacte d'actionnaires contient généralement la procédure de transfert d'actions et peut inclure des dispositions de ’drag along“. Cette disposition est utile lorsqu'un tiers souhaite acheter une société, car elle permet à un actionnaire majoritaire de forcer les autres actionnaires à vendre leurs actions aux mêmes conditions. De même, un pacte d'actionnaires peut contenir des dispositions ”d'accompagnement’, ce qui permet aux actionnaires minoritaires de s'assurer que leurs actions seront également achetées si les actions majoritaires sont vendues. Un pacte d'actionnaires peut également prévoir ce qu'il adviendra des actions en cas de décès des actionnaires.
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.
Consentement des actionnaires - un pacte d'actionnaires peut énumérer les questions qui nécessitent le consentement de tous les actionnaires ou de certains d'entre eux pour être imposées à la direction de l'entreprise. Cette liste couvre généralement les décisions les plus importantes de l'entreprise, telles que l'emprunt d'un montant supérieur à un certain seuil ou le changement de nom de l'entreprise.
Les nouveaux actionnaires peuvent-ils être liés par les termes d'un pacte d'actionnaires existant ?
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.
Quels sont les avantages d'un pacte d'actionnaires ?
À l'instar des statuts, le pacte d'actionnaires définit les modalités de gestion d'une société. Il y a cependant certains avantages à utiliser un pacte d'actionnaires plutôt que de modifier les statuts d'une société pour dicter la manière dont celle-ci est gérée ;
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.
Les statuts peuvent généralement être modifiés par une résolution spéciale (majorité d'au moins 75% des actionnaires), mais un pacte d'actionnaires nécessite généralement l'accord de toutes les parties pour être modifié. Cela permet de protéger tous les actionnaires, y compris ceux qui détiennent une participation minoritaire.
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.
Les personnes 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.
(A noter : 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.)
