Attila Hunter of our Azienda 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 del nostro dipartimento Corporate and Commercial illustra i motivi per cui gli azionisti di un'azienda dovrebbero prendere in considerazione la possibilità di stipulare un patto parasociale e come questo possa aiutare la gestione dell'azienda.
Che cos'è un patto parasociale?
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.
Quando può essere utile un patto parasociale?
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.
Cosa si può trovare in un patto parasociale?
A shareholders’ agreement is a private document and can therefore contain such clauses as the parties may agree. Typical provisions that would usually be found in a shareholders’ agreement include;
Oggetto e scopo - è utile per garantire che tutte le parti siano d'accordo su ciò che la società o la joint venture è stata costituita per raggiungere e fornisce qualcosa agli azionisti da indicare nel caso in cui la società o la joint venture sembri andare in una direzione diversa da quella originariamente concordata.
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 volontà see a return on their investment.
Trasferimento di azioni - un accordo tra azionisti di solito contiene la procedura per il trasferimento delle azioni e può includere disposizioni di ’trascinamento“. Ciò è utile quando un terzo desidera acquistare una società, in quanto consente all'azionista di maggioranza di costringere gli altri azionisti a vendere le proprie azioni alle stesse condizioni. Allo stesso modo, un patto parasociale può contenere disposizioni di ”tag along’, che consentono agli azionisti di minoranza di assicurarsi che anche le loro azioni vengano acquistate in caso di vendita delle azioni di maggioranza. Un accordo parasociale può anche stabilire cosa accadrà alle azioni in caso di morte degli azionisti.
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.
Consenso degli azionisti - un accordo tra gli azionisti può elencare le questioni che richiedono il consenso di tutti o di alcuni degli azionisti per imporre la gestione della società. Questo elenco di solito comprende le decisioni societarie più importanti, come l'assunzione di prestiti superiori a un determinato importo o la modifica del nome della società.
Gli azionisti entranti possono essere vincolati ai termini di un patto parasociale esistente?
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.
Quali sono i vantaggi di un patto parasociale?
Analogamente allo statuto, un patto parasociale stabilisce le modalità di gestione di una società. Tuttavia, vi sono alcuni vantaggi nell'utilizzare un patto parasociale piuttosto che modificare l'atto costitutivo per stabilire le modalità di gestione di una società;
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.
Gli statuti possono generalmente essere modificati con una delibera speciale (maggioranza di almeno 75% degli azionisti), ma un patto parasociale di solito richiede l'accordo di tutte le parti per essere modificato. In questo modo si tutelano tutti gli azionisti, compresi quelli che detengono una partecipazione di minoranza.
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.
Persone 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.
(Nota bene: 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.)
