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, do nosso departamento de Direito Societário e Comercial, expõe as razões pelas quais os acionistas de uma empresa devem considerar a celebração de um acordo de acionistas e como este pode contribuir para a gestão da empresa.
O que é um acordo de acionistas?
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.
Em que situações pode um acordo de acionistas ser útil?
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.
O que pode constar num acordo de acionistas?
A shareholders’ agreement is a private document and can therefore conter such clauses as the parties may agree. Typical provisions that would usually be found in a shareholders’ agreement include;
Objeto e âmbito de aplicação – isto é útil para garantir que todas as partes estejam de acordo quanto aos objetivos para os quais a empresa ou a joint venture foi criada e fornece um ponto de referência para os acionistas, caso a empresa ou a joint venture pareça estar a seguir uma direção diferente daquela que foi inicialmente acordada.
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 vontade see a return on their investment.
Transferência de ações – um acordo de acionistas geralmente contém o procedimento para a transferência de ações e pode incluir cláusulas de ’arrastamento“. Isto é útil quando um terceiro pretende adquirir uma empresa, uma vez que permite que um acionista maioritário obrigue os outros acionistas a vender as suas ações nos mesmos termos. Da mesma forma, um acordo de acionistas pode conter cláusulas de ”tag along’, o que permite aos acionistas minoritários garantir que as suas ações também serão adquiridas caso as ações majoritárias sejam vendidas. Um acordo de acionistas também pode definir o que acontecerá às ações em caso de falecimento dos acionistas.
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.
Consentimento dos acionistas – um acordo de acionistas pode enumerar as questões que exigem o consentimento de todos ou de alguns dos acionistas para poderem ser impostas à administração da empresa. Esta lista abrange normalmente as decisões societárias mais importantes, tais como a contração de empréstimos acima de um determinado montante ou a alteração da denominação social da empresa.
Os novos acionistas podem ser vinculados aos termos de um acordo de acionistas já 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.
Quais são as vantagens de celebrar um acordo de acionistas?
Tal como os estatutos, um acordo de acionistas define a forma como uma empresa deve ser gerida. Existem, no entanto, algumas vantagens em recorrer a um acordo de acionistas em vez de alterar os estatutos da empresa para definir a forma como esta é gerida;
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.
Os estatutos podem, em geral, ser alterados por deliberação especial (maioria de, pelo menos, 75 % dos acionistas); no entanto, um acordo de acionistas requer normalmente o consentimento de todas as partes para poder ser alterado. Isto proporciona proteção a todos os acionistas, incluindo aqueles com uma participação minoritária.
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.
Pessoas 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.
(Atenção: 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.)
