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Shareholders’ agreement and company secretarial duties
When a director/shareholder of a company disagrees over the future strategy for the company, the voting power is considered by reference to share ownership. Many of our clients have found this daunting and overwhelming particularly if facing a shareholder with a larger stake.
At Saracens we draft shareholder agreements to regulate the relationship with the shareholders which ensures decision making processes concerning the shareholders avoid dispute deadlock where possible. Such agreements have proved useful for companies’ directors who have found themselves in battle with the shareholders.
Unlike other company documents such as the articles of association, a shareholder’s agreement can be kept private from the public eye.If you have an existing shareholders agreement which fails to effectively govern the relationship with the shareholders, we can advise you of the changes that are necessary to put in place controls on the powers of shareholders, detail processes on how the company will be run – these measures will alleviate any potential issues. If you are a shareholder with a small stake, the agreement can be drafted to protect you from exploitation. When shareholders and directors have boardroom discussions, much of their decisions are recorded by a company secretary. This ranges from keeping the public and company’s records up to date to filing statutory forms at the Companies House. It is no longer a legal requirement for a private company to have a company secretary but if the director undertaking the company secretarial tasks defaults, all of the company officers may be liable to pay a fine.
Saracens can offer assistance in carrying out your company secretarial duties with proactive diligence. We will ensure all client filings are in order and comply with the latest Companies Act requirements. Many of our clients have found our up to date service useful in informing them about the requisite statutory procedures when carrying out company secretarial tasks.
Contact us now if you require assistance.