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If you have over half of the shares in your company you have what is called a controlling interest. What this means in practice is that you have more influence over your company and you would also have full access to any information you requested. As the controlling shareholder, you would also have a say on who sits on the board of your company. Any shareholder with less than 50 per cent share holding won’t have much power to make demands for information unless some form of wrongdoing could be proven. It would in these cases be possible to obtain a court order to obtain information to support your accusations. A company solicitor can advise you on obtaining a court order in these situations. Most of the information that you will be given as a shareholder will relate to your voting rights. Your company’s AGM (Annual General Meeting) is where you have the chance to vote on any resolutions that have been put forward. You should be able to obtain any information you request to ensure you make an informed choice when casting your vote at the AGM. The new Companies Act 2006 that is now fully in force also gives shareholders more power to access information about their companies. The timing of AGM’s, new proxy rights and your ability to obtain information about other shareholders has been amended by the new Act. If you require legal advice on the changes brought in by the Companies Act 2006, you should contact a company solicitor. Generally speaking, your company can’t reasonably withhold information from any of its shareholders, as they are in effect the owners of the business. If you make a formal request for information and do not receive an adequate response, you should contact a company solicitor about the potential courses of action you could take to obtain the information you have requested.
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