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Maverick, Advocate
Category: UK Law
Satisfied Customers: 5735
Experience:  20 years proefessional experience
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The company I work at in the U.K. Has put a shareholder

Customer Question

Hi, the company I work at in the U.K. Has put a shareholder agreement together which originally was to protect the shareholders, this means that in order to make any strategic decisions we would need at least 75% vote, this means that no one shareholder could make a decision without the backing of at least another, great opportunity nnthe early days but now we have a problem and want to make some tough decisions, we have over 60% of the vote but can't get any further to the 75%, where do we stand and is over 51% of the vote enough? Regards
JA: Because employment law varies from place to place, can you tell me what state this is in?
Customer: Sorry, UK
JA: What action has been taken so far? What's your ideal outcome?
Customer: We can vote a vote of no confidence and move our CEO out
JA: Anything else you want the lawyer to know before I connect you?
Customer: How does this work commercially
Submitted: 5 days ago.
Category: UK Law
Expert:  Maverick replied 4 days ago.

Welcome to Just Answer! My name is***** give me a few minutes to review your inquiry. Thank you for your patience.

Expert:  Maverick replied 4 days ago.

Are you saying that you need 75% of the vote to remove the CEO? Please check if that is what is spelled out in the shareholder agreement or in the bylaws of the corporate entity. Normally, these are two separate documents and the issue of buying and selling shares is covered by the shareholder agreement and the issue of removing or changing members of the board who then select the president, vice president, etc. is in the bylaws and may very well only require a 50.1 % vote.

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