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Attila Hunter of our Entreprise<\/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 notre d\u00e9partement 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 mani\u00e8re dont il peut contribuer \u00e0 la gestion de l'entreprise.<\/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 contenir<\/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 Objet et champ d'application - ce point est utile pour s'assurer que toutes les parties sont d'accord sur les objectifs de la soci\u00e9t\u00e9 ou de l'entreprise commune et fournit aux actionnaires un point de r\u00e9f\u00e9rence au cas o\u00f9 la soci\u00e9t\u00e9 ou l'entreprise commune semblerait prendre une direction diff\u00e9rente de celle qui avait \u00e9t\u00e9 convenue \u00e0 l'origine.<\/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 va<\/a> see a return on their investment.<\/p>\n\n\n\n Transfert d'actions - un pacte d'actionnaires contient g\u00e9n\u00e9ralement la proc\u00e9dure de transfert d'actions et peut inclure des dispositions de \u2019drag along\u201c. Cette disposition est utile lorsqu'un tiers souhaite acheter une soci\u00e9t\u00e9, car elle permet \u00e0 un actionnaire majoritaire de forcer les autres actionnaires \u00e0 vendre leurs actions aux m\u00eames conditions. De m\u00eame, un pacte d'actionnaires peut contenir des dispositions \u201dd'accompagnement\u2019, ce qui permet aux actionnaires minoritaires de s'assurer que leurs actions seront \u00e9galement achet\u00e9es si les actions majoritaires sont vendues. Un pacte d'actionnaires peut \u00e9galement pr\u00e9voir ce qu'il adviendra des actions en cas de d\u00e9c\u00e8s des actionnaires.<\/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 Consentement des actionnaires - un pacte d'actionnaires peut \u00e9num\u00e9rer les questions qui n\u00e9cessitent le consentement de tous les actionnaires ou de certains d'entre eux pour \u00eatre impos\u00e9es \u00e0 la direction de l'entreprise. Cette liste couvre g\u00e9n\u00e9ralement les d\u00e9cisions les plus importantes de l'entreprise, telles que l'emprunt d'un montant sup\u00e9rieur \u00e0 un certain seuil ou le changement de nom de l'entreprise.<\/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 \u00c0 l'instar des statuts, le pacte d'actionnaires d\u00e9finit les modalit\u00e9s de gestion d'une soci\u00e9t\u00e9. Il y a cependant certains avantages \u00e0 utiliser un pacte d'actionnaires plut\u00f4t que de modifier les statuts d'une soci\u00e9t\u00e9 pour dicter la mani\u00e8re dont celle-ci est g\u00e9r\u00e9e ;<\/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 Les statuts peuvent g\u00e9n\u00e9ralement \u00eatre modifi\u00e9s par une r\u00e9solution sp\u00e9ciale (majorit\u00e9 d'au moins 75% des actionnaires), mais un pacte d'actionnaires n\u00e9cessite g\u00e9n\u00e9ralement l'accord de toutes les parties pour \u00eatre modifi\u00e9. Cela permet de prot\u00e9ger tous les actionnaires, y compris ceux qui d\u00e9tiennent une participation minoritaire.<\/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 Les gens cr\u00e9ent souvent des entreprises avec des amis ou des membres de leur famille et n'envisagent pas le risque que les choses tournent mal. L'avantage d'un pacte d'actionnaires est qu'il contient des dispositions qui pr\u00e9voient les d\u00e9saccords et la mani\u00e8re dont ils doivent \u00eatre r\u00e9solus.<\/p>\n\n\n\n (A noter :<\/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>Qu'est-ce qu'un pacte d'actionnaires ?<\/h4>\n\n\n\n
Quand un pacte d'actionnaires peut-il \u00eatre utile ?<\/h4>\n\n\n\n
Que peut-on trouver dans une convention d'actionnaires ?<\/h4>\n\n\n\n
Les nouveaux actionnaires peuvent-ils \u00eatre li\u00e9s par les termes d'un pacte d'actionnaires existant ?<\/h4>\n\n\n\n
Quels sont les avantages d'un pacte d'actionnaires ?<\/h4>\n\n\n\n
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