Puerto Rico Unanimous Action of Shareholders Increasing the Number of Directors
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FAQ
As directors only owe their duties to the company, shareholders can only initiate litigation where they bring a claim in the company's name and claim for the company's loss, not their own.
Section 168(1) of the Act states that the shareholders can remove a director by passing an ordinary resolution at a meeting of the company. This process is complicated somewhat by the notice requirements set out in statute.
If the board of directors or individual board members have breached a fiduciary duty to the shareholders, the shareholders can bring a lawsuit to protect their interests.
(a) Subject to subdivisions (b) and (f), any or all directors may be removed without cause if: (1) In a corporation with fewer than 50 members, the removal is approved by a majority of all members (Section 5033). (2) In a corporation with 50 or more members, the removal is approved by the members (Section 5034).
A minimum of 1 shareholder and a maximum of 50 shareholders (otherwise the company will become a public company).
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.
A shareholder brings a direct action because s/he believes that the corporation has violated some type of duty owed to the shareholder. However, this same individual can also file a class action lawsuit as a representative of an entire class of shareholders whose rights have allegedly been abridged or violated.
For certain sensitive topics, though, shareholders want to communicate with directors. Shareholders appreciate the opportunity for a more nuanced understanding that dialogue may provide. They also value having a director hear their concerns unfiltered by management.
Shareholder power depends on the level of ownership As such, a shareholder with only 10% of the voting rights and no influence over other shareholders would in practice have much less power over the company than its board of directors.
