Number of Shareholders Attending the Meeting Representing Over 80% of the Total Votes Required for the Shareholders' General Meeting to Proceed?
Article 145 of the Enterprise Law 2020 stipulates:
Shareholders' General Meeting is conducted when shareholders attending the meeting represent more than 50% of the total voting shares; the specific percentage is specified in the company's Charter.
If the first meeting does not satisfy the conditions specified in Clause 1 of this Article, the notice for the second meeting must be sent within 30 days from the intended date of the first meeting, unless otherwise provided in the company's Charter. The second Shareholders' General Meeting is conducted when shareholders attending the meeting represent from 33% of the total voting shares or more; the specific percentage is specified in the company's Charter.
If the second meeting does not satisfy the conditions specified in Clause 2 of this Article, the notice for the third meeting must be sent within 20 days from the intended date of the second meeting, unless otherwise provided in the company's Charter. The third Shareholders' General Meeting is conducted irrespective of the total voting shares of the attending shareholders.
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Thus, according to regulations, if the conditions to hold the Shareholders' General Meeting are not met, a third invitation can be issued. At the third meeting, the Shareholders' General Meeting will be held regardless of the total voting shares of the attending shareholders.
For the first and second meetings, the percentage of shareholders attending the meeting representing the total voting shares must comply with the provisions of this Law, and the specific percentage is specified in the company's Charter.
If a joint-stock company stipulates that shareholders attending the meeting represent more than 80% of the total voting shares for the Shareholders' General Meeting to be held, it is necessary to review the company's Charter to determine compliance.
Respectfully!
