How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Maverick Your Own Question
Maverick, Advocate
Category: UK Law
Satisfied Customers: 6422
Experience:  20 years proefessional experience
Type Your UK Law Question Here...
Maverick is online now
A new question is answered every 9 seconds

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: 11 months ago.
Category: UK Law
Expert:  Maverick replied 11 months 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 11 months 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.

Please Note:

(1) The information I provide is general in nature and for educational purposes only. For example, it may help you identify the scope of receiving unbundled legal services from a local lawyer. It should not be construed as “legal advice” or as the rendition of “legal services” on any subject matter. I am not a specialist in any field. This information may not reflect current legal developments for your specific jurisdiction and is not guaranteed to be correct or complete. No attorney-client relationship is established without a signed written agreement and our communications are not confidential. Please do not act or fail to act based on this information alone. If you need legal advice or services regarding a specific matter, you should consult in-person with a local lawyer who can guide you after reviewing all the pertinent details of your situation. This disclaimer also applies to any telephone communications we may have.

(2) Most follow-up questions are answered with in the hour; however, if I am not signed on, please allow up to 24 hours.

(3) When we are done, please assign a feedback rating.