1、Unit 5 Corporate Structure:Shareholders meeting 1.Shareholders One that owns or holds a share or shares of stock.2.The rights of shareholder 2.1 voting right The right to reject or approve some important corporate matters,such as mergers,sales of assets and amendments of articles Although today most
2、 jurisdictions permit issuance of nonvoting stock,most common shareholders have the right to vote their shares.They may vote to elect directors and to remove directors,even without cause.They may vote to approve or disapprove changes in the basic corporate structure,such as mergers,consolidations,an
3、d liquidations.Majority Rule of voting（多数表决制）（多数表决制）The shareholders meeting makes its decision by majority vote.We call this as majority rule of corporation.The Majority rule is first brought by the case Foss v.Harbottle:two shareholders brought an action against the companys five directors,and oth
4、ers,alleging that the companys property had been misapplied and wasted and that certain mortgages over the companys property had been given improperly.They asked the court to declare that the directors were accountable for the companys loss.It was held that the shareholders could not bring such proc
5、eedings.2.The rights of shareholders 2.2 right to information and inspection Right to information:The shareholder has the right to keep himself informed about the financial and operational conditions of the corporations.Right to inspection:The shareholder has a right to inspect corporate records and
6、 documents such as shareholder lists,minutes of meetings,financial statements,and even contracts.The inspection must occur at proper times and in the proper places and,most important,must be for proper purposes.Case Tatko owns about 2%of the shares of Tatko Brothers Slate co.Pursuant to the sharehol
7、ders agreement,if Tatko wishes to sell his shares he is obligated to offer them first to Tatko Brothers co.at“book value”(账面值).The book value is to be determined by resort to the annual balance sheet prepared by the corporation.When Tatko informed the corporation of his interest in selling his share
8、s,he was furnished with the corporations latest financial report,which contained a balance sheet listing assets,liabilities and portions of the minutes from a 1973 shareholders meeting.The accountants warned that they had neither audited nor reviewed the financial statements and expressed no opinion
9、 on them.The corporation indicated to buy the shares for$35,789 and to provide additional records to petitioner,but refused to provide other documents that Tatko sought.Judgment:A shareholder has a right to inspect corporate books and records where the request is made in good faith and for a proper
10、purpose.Tatkos decision to sell his stock to the corporation presents a valid reason for inspecting financial records to the value of his individual holdings.As the agreement between the parties provides that book value is to be determined by resort to the annual balance sheet prepared by the corpor
11、ation.The accountants have provided the balance sheet but warn that they had neither audited nor reviewed the financial statements and expressed no opinion on them.At a minimum,book value requires not only that the entries be complete and correct.Tatko shall be accorded an opportunity to determine t
12、he accuracy of the values of those items fixed by management and reflected in the corporations financial statement.2.Rights of shareholders 2.3 right to sue the right to sue the directors,senior officers and so on on shareholders own initiative or on behalf of the corporation Shareholders have the r
13、ight to bring and defend lawsuits on the corporations behalf.Suits brought on the corporations behalf are called derivative suits because the right to sue derives from wrongs done primarily to the corporation and not to the shareholder individually.Derivative Suits 股东派生诉讼（Shareholders Derivative Sui
14、ts)又称股东代表诉讼(Shareholders Representative Action），衍生诉讼、代位诉讼，是指当公司的利益受到侵害而公司怠于或拒绝追究侵权人责任时，具备法定资格的一个或多个股东为了公司的利益而代替公司提起诉讼，要求侵害公司权益者赔偿公司损失的行为。2.The rights of shareholder 2.4 appraising right of dissenting shareholder 异议股东股份回购请求权 Shareholders approve a corporate action by less than a unanimous vote,indica
15、ting that some shareholders oppose the action.The dissenting shareholders only can choose to remain shareholders or to sell their shares.For close corporation shareholders,there is no choice the dissenting close corporation shareholder has no ready market for her shares,so she will remain a sharehol
16、der.So the corporate law creates the“dissenters rights for shareholders who disagree with specified fundamental corporate transactions to require the corporation to purchase their shares at“fair value”.In many countries,the appraising right of dissenting shareholder cover merger,share exchanges,sign
17、ificant amendments of the articles of incorporation,and sales of all or substantially all the assets other than in the ordinary course of business.（适用异议股份回购事由）Many countries exclude shares that are traded on a recognized securities exchange from dissenters rights because the dissenting shareholder c
18、an sell his share on the stock exchange.(公开市场例外）2.Rights of shareholder 2.5 Preemptive Right (优先购买权）If the corporation issues new shares,it shall offer each existing shareholder a percentage of the new shares equal to her current proportionate ownership.When the preemptive right exists,the corporati
19、on must notify a shareholder of her option to buy shares,the number of shares that she is entitled to buy,the price of the shares,and when the option must be exercised.Usually,the shareholder is issued a right,a written option that she may exercise herself or sell to a person who wishes to buy the s
20、hares.2.Rights of shareholder 2.6 Distributions to shareholders 分红权 Shareholders invest in a corporation primarily to share in the expected profit either through appreciation of the value of their shares or through dividends.There are two types of dividends:cash or property dividends and share divid
21、ends.Dividends are usually paid in cash.However,other assets of the corporation,such as airline discount coupons may also be distributed as dividend.Corporations sometimes distribute additional shares of the corporation to their shareholders.Often,this is done in order to give shareholders something
22、 instead of a cash dividend so that the cash can be retained and reinvested in the business.Case 1:2000年1月，北京汉邦软科数码技术有限公司注册成立，注册资本2000万元，北京正有微系统有限公司为汉邦公司的股东之一，出资240万元。汉邦公司章程中规定，股东有查阅股东会会议记录和公司财务会计报告的权利。然而直到2003年，汉邦公司从未向正有公司提供过年度财务报告。正有公司与之多次交涉未果，起诉到法院。汉邦公司辩称，正有公司承诺增资228万，一直未兑现。因此，汉邦公司认为不应向正有公司交付财务会计
23、报告。Questions 1.本案主要涉及股东什么权利被侵犯？2.你认为汉邦公司的辩护有无道理？3.The duties and obligations of shareholder 3.1 subscription duty （认股义务或出资义务）3.2 fiduciary duty of controlling shareholder 控股股东的诚信义务 Who is a controlling shareholder?Principles of Corporate Governance by American Law Institute:美国法学会制定的公司治理原则 Who has th
24、e ability to control over 25 percent of the voting equity would give rise to a presumption of controlling shareholder.control here means the power directly or indirectly,either alone or pursuant to an arrangement or understanding with one or more other persons,to exercise a controlling influence ove
25、r the management or policies of a business organization.Controlling shareholders have a fiduciary duty（委托义务，也称信义/诚信义务）not to cause the corporation to repurchase their own shares or to pay themselves a dividend unless the same offer made to the minority shareholder.The controlling shareholders may be
26、 also liable to the selling of the controlling shares to the purchaser who would mismanage or loot the corporation while the controlling shareholders gain a lot from the selling.（禁止将股份出售给劫掠者）德众股份有限公司成立于1994年，其大股东A公司只持有公司20的股份，第二大股东为B公司，第三大股东为C公司，持股比例分别为15和10。该公司于1998年在上海交易所上市。德众公司于1999年6月27日决定增发新股，B
27、公司与C公司合谋计划夺取A对公司的控制权。在B公司与C公司的联合操纵下，股东大会决议规定，公司增发新股100万股，其中A按其持股比例的1享有新股优先认购权，B公司和C公司按其持股比例的2享有新股优先认购权，优先认购股票的价格为正常价格的80。最后B公司顺利以低价取得德众公司控制权，并通过对公司董事会的控制阻挠A公司主张自己的新股优先认购权，使A丧失对公司的控制权。A公司以自己名义向法院提起诉讼，以其优先认购权受到侵犯为由，请求法院判决股东大会决议无效，并请求B公司和C公司承担侵权责任。4.Shareholders meeting 4.1 introduction The shareholder
28、s are the ultimate owners of a corporation,but a shareholder has no right to manage the corporation.The shareholders role in a corporation is limited to electing and removing directors,approving certain important matters,and so on.And this role is realized through the shareholders meeting.4.2 classi
29、fication a.general meeting(annual meeting)年会 general meeting shall be timely held in pursuance with the articles of association In most of the countries,general meeting is held once a year.b.temporary meeting 临时大会 Temporary meeting or special meeting may be held whenever a corporate matter arises th
30、at requires immediate shareholders action,such as the approval of a merger that cannot wait until the next annual shareholders meeting.5.The functions of shareholders meeting (1)determining the companys operation guidelines and investment plans;(2)electing and changing the director and supervisors;(
31、3)approving the reports of the board of directors;(4)approving the reports of the board of supervisors or the supervisor;(5)approving annual financial budget plans and final account plans of the company;(6)approving profit distribution plans and loss recovery plans of the company;The functions of sh
32、areholders meeting(7)making resolutions on the increase or decrease of the companys registered capital;(8)making resolutions on the issuance of corporate bonds;(9)adopting resolutions on the assignment,split-up,change of company form,dissolution,liquidation of the company;(10)revising the articles o
33、f association of the company;(11)other functions as specified in the articles of association.5.股东会职权股东会职权 (1)决定公司的经营方针和投资计划；(2)选举和更换非由职工代表担任的董事、监事，决定有关董事、监事的报酬事项；(3)审议批准董事会的报告；(4)审议批准监事会或者监事的报告；(5)审议批准公司的年度财务预算方案、决算方案；(6)审议批准公司的利润分配方案和弥补亏损方案；(7)对公司增加或者减少注册资本作出决议；(8)对发行公司债券作出决议；(9)对公司合并、分立、变更公司形式、解散和
34、清算等事项作出决议；(10)修改公司章程；(11)公司章程规定的其他职权。6.notification and publication of the meeting a.the time and location of the meeting The corporation shall notify the shareholders about the time and location of the meeting certain days in advance.annual meeting:20 days in advance special meeting:15 days in adva
35、nce for the issue of unregistered stock:30 days in advance b.the person who has the right to call a meeting (1)board of directors (2)minority shareholder (3)supervisory board (4)court (5)liquidator 清算人7.Resolutions of shareholders meeting 7.1 regular resolution 普通决议 If any resolution is to be made b
36、y the shareholders meeting,it shall be adopted by shareholders representing more than half of the voting rights of the shareholders in presence.7.2 special resolution 特别决议 If the shareholders meeting makes a decision to modify the articles of association or to increase or reduce the registered capit
37、al,or a resolution about the merger,split-up,dissolution or change of the company form,the resolution shall be adopted by shareholders representing 2/3 or more of the voting rights of the shareholders in presence.Case 2000年，朱某等人成立了经济技术合作有限责任公司，股东会选举朱某为董事长兼总经理。2003年，该公司召开股东会并形成决议，分配了各股东对公司业务的掌管权限，该决议
38、经2/3以上有表决权的股东签字通过。朱某拒绝履行股东会决议，阻挠公司清理小组对公司债权债务的清理。其他股东景某、陶某、周某等以原告身份，将朱某告上法庭。8.Different voting methods 投票方式投票方式 根据投票权是否可以分散使用，分为：a.Straight voting 直接投票 Each share has one vote for each new director to be elected.With straight voting,a shareholder may vote for as many nominees as there are directors
39、to be elected;a shareholder may cast for each such nominee as many votes as she has shares.e.g.in a director election in which 15 people have been nominated for 5 director positions,a shareholder with 100 shares can vote for up to 5 nominees and can cast up to 100 votes for each of those 5 nominees.
40、Straight voting allows a majority shareholder to elect the entire board of directors.Thus,minority shareholders are unable to elect any representatives to the board without the cooperation of the majority shareholder.Straight voting is also a problem in close corporations in which a few shareholders
41、 own equal numbers of shares.In such corporations,no shareholder individually controls the corporation,yet if the holders of a majority of the shares act together,those holders will elect all of the directors and control the corporation.Such control may be exercised to the detriment of the other sha
42、reholders.b.Cumulative voting 累计投票累计投票 With cumulative voting,a corporation allows a shareholder to cumulate her votes by multiplying the number of shares.A shareholder may then allocate her votes among the nominees as she chooses.She may vote for only as many nominees as there are directors to be e
43、lected,but she may vote for fewer nominees.股东的每一股享有与选举人数相等的投票权，可以集中使用也可以分散使用。如：一家公司A、B两股东，A持有26股，B持有74股，董事会5名候选人，甲、乙、丙、丁、戊，选出3名。直接投票下，A选丙、丁、戊，B选甲、乙、丙。则丙得票100，甲74，乙74，戊26。如允许A采用累计投票制，则A选丁，B选甲、乙、丙，则丁得票78，甲74，乙74，丙74。根据投票权是否由本人行使：a.voting in person 亲自投票 vote by the shareholder himself.b.voting by proxy
44、 委托投票 A proxy is a shareholders written authorization for another person,often the corporation,to exercise the shareholders right to vote for a limited time and a specified purpose.If several minority shareholders collectively own a majority of the shares of a corporation,they may appoint a proxy（指定
45、代理人）to vote their shares and thereby control the corporation.c.proxy solicitation 委托书征集 The management of the corporation sometimes needs to solicit proxies if it wishes to have a valid shareholder vote,as the passive investors rarely attend shareholder meetings.(2)classification of proxy solicitati
46、on a.solicitated by the management team of the corporation 当权者征集 To ensure its perpetuation in office and the approval of other matters submitted for a shareholder vote,the corporations management solicits proxies from shareholders for directorss elections and other important matters.b.solicitated b
47、y the person who wishes to compete the position 在野者征集 functions of proxy solicitation (1)it is convenient for minority shareholders to cast their votes.(2)it can help dissatisfied shareholders overthrow management and to install their own directors.山东胜利股份有限公司主营塑料管道、精细化工、进出口贸易、油器经营，为上市公司，广州通百惠公司主营企业服
48、务网、社区服务网和网上企业孵化器，并拥有一系列网站。2000年胜利股份公司原第一大股东胜利集团由于经营不善引发经济纠纷，其持有的3000万法人股以低价被拍卖。2000年1月10日，通百惠公司以每股1.06元的价格竞买成功，购入胜利股份3000万法人股，占总股本的13.77%，成为胜利股份第一大股东，通百惠公司向胜利股份董事会提交了董监事会提名人选，被董事会拒绝。2000年3月3日，山东胜邦公司因收购胜利相关股份转而成第一大股东。胜邦和通百惠为争夺胜利公司控制权，继续增持股份。持股比例分别达到17.35%和16.66%。2000年3月17日，通百惠在各大媒体上打出“你神圣的一票决定胜利股份的明天”大型广告，并在证券和网络媒体上公开征集代理委托书，开始了对中小股东表决权代理的征集。3月2 72 9日，通百惠再次大规模地公开征集股东授权委托书。通百惠以为民请命的姿态公开征集中小股东的投票委托书，引起中小股东的共鸣，三天之内共征集有效委托2625.7781万股，占总股本的10.96%。
