Stockholders And Director
Description
How to fill out Voting Agreement Among Stockholders To Elect Directors?
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FAQ
Generally, board of directors are not shareholders. This is because directors are typically elected to represent the interests of all shareholders, not just their own personal interests. However, there may be cases where directors are also shareholders.
The first step is to check the AOA of the company before appointing a director. The AOA should provide a clause for appointing or adding a director. If there is no provision in the AOA for adding a director, the AOA should be modified to contain a provision that allows adding additional directors.
It's not unusual for companies to have a shareholder and director who is the same person, but the two roles do have different responsibilities and requirements. That said, a director doesn't have to be a shareholder, and shareholders don't need to be directors.
While every board member is a shareholder, not every shareholder is automatically a board member. Shareholders who own a certain percentage of the company's shares (usually 10 percent or more) are eligible to serve on the board. However, they must be nominated and elected by the other shareholders.
Shareholders and directors hold two vastly different roles in a company. Shareholders own the company by owning its shares and are often referred to as 'members'. Directors on the other hand, manage the business and its operations.