<\/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, do nosso departamento de Direito Societ\u00e1rio e Comercial, exp\u00f5e as raz\u00f5es pelas quais os acionistas de uma empresa devem considerar a celebra\u00e7\u00e3o de um acordo de acionistas e como este pode contribuir para a gest\u00e3o da 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 conter<\/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 e \u00e2mbito de aplica\u00e7\u00e3o \u2013 isto \u00e9 \u00fatil 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 refer\u00eancia para os acionistas, caso a empresa ou a joint venture pare\u00e7a estar a seguir uma dire\u00e7\u00e3o diferente daquela que foi inicialmente acordada.<\/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 vontade<\/a> see a return on their investment.<\/p>\n\n\n\n Transfer\u00eancia de a\u00e7\u00f5es \u2013 um acordo de acionistas geralmente cont\u00e9m o procedimento para a transfer\u00eancia de a\u00e7\u00f5es e pode incluir cl\u00e1usulas de \u2019arrastamento\u201c. Isto \u00e9 \u00fatil quando um terceiro pretende adquirir uma empresa, uma vez que permite que um acionista maiorit\u00e1rio obrigue os outros acionistas a vender as suas a\u00e7\u00f5es nos mesmos termos. Da mesma forma, um acordo de acionistas pode conter cl\u00e1usulas de \u201dtag along\u2019, o que permite aos acionistas minorit\u00e1rios garantir que as suas a\u00e7\u00f5es tamb\u00e9m ser\u00e3o adquiridas caso as a\u00e7\u00f5es majorit\u00e1rias sejam vendidas. Um acordo de acionistas tamb\u00e9m pode definir o que acontecer\u00e1 \u00e0s a\u00e7\u00f5es em caso de falecimento dos acionistas.<\/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 Consentimento dos acionistas \u2013 um acordo de acionistas pode enumerar as quest\u00f5es que exigem o consentimento de todos ou de alguns dos acionistas para poderem ser impostas \u00e0 administra\u00e7\u00e3o da empresa. Esta lista abrange normalmente as decis\u00f5es societ\u00e1rias mais importantes, tais como a contra\u00e7\u00e3o de empr\u00e9stimos acima de um determinado montante ou a altera\u00e7\u00e3o da denomina\u00e7\u00e3o social da 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 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 \u00e9 gerida;<\/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 Os estatutos podem, em geral, ser alterados por delibera\u00e7\u00e3o 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 prote\u00e7\u00e3o a todos os acionistas, incluindo aqueles com uma participa\u00e7\u00e3o minorit\u00e1ria.<\/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 \u00c9 frequente as pessoas constitu\u00edrem empresas com amigos ou familiares sem terem em conta a possibilidade de as coisas correrem mal. A vantagem de se dispor de um acordo de s\u00f3cios reside no facto de este incluir disposi\u00e7\u00f5es que antecipam eventuais desacordos e definem a forma como estes devem ser resolvidos.<\/p>\n\n\n\n (Aten\u00e7\u00e3o:<\/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>O que \u00e9 um acordo de acionistas?<\/h4>\n\n\n\n
Em que situa\u00e7\u00f5es pode um acordo de acionistas ser \u00fatil?<\/h4>\n\n\n\n
O que pode constar num acordo de acionistas?<\/h4>\n\n\n\n
Os novos acionistas podem ser vinculados aos termos de um acordo de acionistas j\u00e1 existente?<\/h4>\n\n\n\n
Quais s\u00e3o as vantagens de celebrar um acordo de acionistas?<\/h4>\n\n\n\n
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