Arkansas Unanimous Action of Shareholders Increasing the Number of Directors
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FAQ
However, shareholders do have some power over the directors although, to exercise this power, shareholders with more that 50% of the voting powers must vote in favour of taking such action at a general meeting. One of the main powers that the shareholders have is to remove a director or directors.
A company must always act in the stockholders' best interest by making sure its decisions enhance shareholder value. Stockholders do not have a say in the day-to-day management of a company, but their collective presence as company owners puts constant pressure on company management.
The investors have the most power, more than the CEO, and more than the board of directors, in any company. Why? Simply put, the board reports to the investors. And the investors can vote with their money to overrule the board and the CEO.
Transactions with directorsShareholder approval is also required where a company is proposing to give a guarantee or provide security in connection with a loan made by any person to such a director.
Can shareholders remove a director? As mentioned above, shareholders can remove a director before the expiration of his or her period of office by way of an ordinary resolution. However, written resolutions cannot be used to remove a director, the voting must take place at an actual general meeting of the shareholders.
Courts have traditionally ruled that a corporate board of directors has responsibility to the corporation, not individual shareholders. However, this distinction is not always significant.
Common shareholders are granted six rights: voting power, ownership, the right to transfer ownership, dividends, the right to inspect corporate documents, and the right to sue for wrongful acts.
Shareholder meetings subject to the company's constitution, the minimum quorum requirement is 2 shareholders present in person or by proxy (or, in the case of a single-member company, the quorum is 1 shareholder).
Companies often stipulate the quorum required among shareholders to make decisions, spelled out in the corporate charter. A quorum could be a simple 51% majority or some more specific or complex arrangement.
While the rules of Cumulative Voting can be quite complex, the simple rule is that the shareholder or shareholders who control 51% of the vote can elect a majority of the Board and a majority of the Board may terminate an officer.
