A minority shareholder in a Dutch BV or NV holds less than half the votes, but Tulafono kamupani Dutch does not leave that position unprotected. Article 2:8 of the Civil Code obliges the company and everyone involved in it to behave towards one another according to reasonableness and fairness, and three statutory routes give that obligation teeth: annulment of a resolution, the inquiry procedure before the Enterprise Chamber (Ondernemingskamer), and the statutory dispute regulation (geschillenregeling), under which a shareholder whose position has become untenable can compel the others to buy him out.
The majority controls the everyday decisions: appointing and dismissing directors, setting dividend policy, issuing new shares. What it may not do is use that control to serve itself at the company’s expense, and the further a decision departs from a defensible business rationale, the more readily a court will intervene in feeseeseaiga a tagata fai sea. le fofo faaletulafono set out below range from a letter to a petition to the Enterprise Chamber.
This article sets out the rights you hold as of right, the points at which the majority may lawfully overrule you, and what to do when it goes further than that.
O le a e aʻoaʻoina e uiga i meafaigaluega faaletulafono o loʻo avanoa mo oe, mai feutanaiga ma le fesoasoani i faʻamasinoga aloaia. O le a e vaʻai foʻi i le auala e taulimaina ai le faʻatau faʻamalosi ma isi tulaga e ono faigata ai lou tulaga o se tagata e umia sea laʻititi.
Understanding minority shareholder rights in Dutch companies
Minority shareholders in the Netherlands hold less than 50% of a company’s share capital, which limits their direct control over corporate decisions. Dutch tulafono fa'atasi provides basic protections through statutory rights.
E toatele tagata e umia sea fa'aiti'iti e fa'amalosia o latou tulaga e ala i maliega fa'akonekarate i totonu o mataupu fa'avae o le fa'alapotopotoga po'o maliega a tagata e umia sea.
Definition and role of minority shareholders
O se tagata e umia sea fa'aitiiti e umia ni sea i se kamupani ae leai se pule a le toatele. E avea oe ma se tagata e umia sea fa'aitiiti pe afai e itiiti ifo i le 50% o le aofa'i atoa o tupe fa'avae o lau sea.
O lou faatosinaga i le kamupani e faalagolago i le tele o lau sea. E ui e mafai ona e palota i fonotaga a tagata e umia sea ma faailoa atu ou manatu, ae e le mafai e au palota ona fuafua ai faaiuga tetele.
O le toatele o tagata e umia sea e silia ma le 50% o tupe faavae o sea e masani ona filifilia le komiti faatonu ma pulea le taitaiga o le kamupani. O le eseesega o le pule i le va o le toatele ma le toaitiiti o tagata e umia sea e mafua ai le lamatiaga.
E te feagai ma le avanoa e te faiaina ai oe lava i mataupu taua i le tulaga o tagata e umia sea ma le komiti faatino. Ua iloa e le tulafono a Holani lenei le paleni ma ua tuuina atu ai ni puipuiga laiti , e ui o nei puipuiga faaletulafono e masani ona le lava pe a na o oe.
Types of Dutch company: BV and NV
O Netherlands e lua ituaiga autu o kamupani tetele o loʻo tulaʻi mai ai faʻafitauli laiti: o le BV (besloten vennootschap) ma le NV (naamloze vennootschap).
O le BV o se kamupani tumaoti fa'atapula'aina noataga . O le fausaga fa'apisinisi sili ona taatele i Netherlands mo pisinisi tumaoti.
E le mafai ona fefa'ataua'i saoloto sea i totonu o se BV ma e masani ona mana'omia le fa'atagaga mo le fesiitaiga. O se NV o se kamupani fa'atapula'aina aitalafu a le malo.
Listed companies on Dutch stock exchanges use this structure. Many Dutch listed companies have a shareholder or a group of shareholders with a controlling stake, which is why minority protection matters for NV shareholders as well.
Both company types are governed by Book 2 of the Dutch Civil Code. The same fundamental shareholder rights apply to each structure, though NVs face additional regulatory requirements for public trading.
Statutory and contractual rights
O ou aia tatau i le avea ai ma se tagata e umia sea fa'aitiitiga e sau mai ni punaoa se lua: Tulafono a Holani ma maliega fa'akonekarate.
O aia tatau faaletulafono i lalo o le tulafono a Holani e aofia ai:
- Aia tatau a le palota i fonotaga a tagata e umia sea
- Aia tatau fa'amatalaga e maua ai faʻamatalaga a le kamupani
- Aia tatau mo fonotaga e auai ma saunoa i fonotaga lautele
- Protection under article 2:8 of the Civil Code, which requires everyone involved in the company to act towards one another according to reasonableness and fairness
O nei tulaga fa'atapula'a fa'aletulafono e fausia ai se fa'avae, ae e seasea ona lava le puipuiga e maua mai ai pe a faia e le to'atele o tagata e umia sea ni gaioiga e fa'asaga i ou mana'oga.
E sili atu le malosi o le puipuiga e maua mai i aia tatau fa'akonekarate . E mafai ona e feutaga'i i ni fuaiupu patino i totonu o mataupu fa'avae o le fa'alapotopotoga po'o se maliega a tagata e umia sea a'o le'i fa'afaigaluegaina.
O aiaiga masani e puipuia ai e aofia ai aia tatau e teena ai faaiuga tetele, aia tatau e fa'atau muamua ai sea, ma fuaiupu e toso fa'atasi pe fa'atasi mo fa'atauga. O mataupu fa'avae o le fa'alapotopotoga e pulea ai tulafono fa'alotoifale a le kamupani.
O se maliega a tagata e umia sea o se konekarate tumaoti i le va o tagata e umia sea e talanoaina ai aia tatau ma matafaioi e sili atu nai lo mataupu faavae. E mafai e pepa uma e lua ona aofia ai puipuiga faapitoa e sili atu nai lo mea e manaomia e le tulafono a Holani.
Core rights and protections for minority shareholders
O tagata e umia sea laiti i Netherlands e iai a latou aia tatau faaletulafono e le mafai ona aveesea e ala i palota a le toatele, e aofia ai le mafai ona palota i faaiuga taua, maua faamatalaga a le kamupani, maua tufatufaga tutusa, ma faatumauina a latou sea e ala i aia tatau e muamua ai.
Aia tatau ma avanoa palota
E iai lau aia tatau e palota ai i le fonotaga aoao a tagata e umia sea e tusa ai ma lau umiaina o sea. E masani ona tasi le palota a sea taitasi, e ui lava e ono faamaoti mai i mataupu faavae o le faalapotopotoga ni faatulagaga eseese mo sea faamuamua po o isi vasega o sea.
O nisi o faaiuga tetele e manaʻomia ai le sili atu nai lo na o se toatele faigofie. O tapulaʻa palota e sili atu le toatele e puipuia ai oe mai le i ai o suiga taua e faʻamalosia e se toatele e vaapiapi.
For most resolutions, including an amendment of the articles and a decision on merger, demerger or faataapeina, the Civil Code asks no more than an absolute majority of the votes cast. Heavier majorities and attendance requirements apply only where the articles impose them, or where a specific provision does, as with a resolution excluding pre-emption rights taken at a meeting where less than half of the capital is represented.
O manaʻoga o le korama e faʻaopoopoina ai se isi vaega o le puipuiga. Afai e le lava tagata e umia sea e auai i le fonotaga, e le mafai ona pasia ni iugafono e tusa lava pe palota i latou o loʻo auai e lagolagoina.
Dutch law sets no general quorum for a general meeting; whether one applies at all, and at what level, follows from the articles of association. You cannot be excluded from voting on matters that affect all shareholders equally.
Ua taofia e le tulafono le toatele o tagata e umia sea mai le aveesea o au aia tatau e ala i aiaiga faailoga tagata.
Information and meeting rights
E iai au aia tatau faaletulafono e maua ma toe iloilo ai pepa taua a le kamupani. E tatau i le kamupani ona tuuina atu ia te oe tala o tupe faaletausaga , e aofia ai le pepa paleni, tala o tupe mama ma tupe leiloa, ma faamatalaga faamalamalama, ia le itiiti ifo i le valu aso a o lei oo i le fonotaga aoao faaletausaga lea o le a taliaina ai.
Aia tatau mo fonotaga give you advance notice of all shareholders’ meetings. The convocation period is at least eight days before the meeting for a BV and at least fifteen days for an NV, and the notice must state the items to be discussed.
E mafai ona e siakiina le resitala a le kamupani i soo se taimi, e faʻaali atu ai tagata uma e umia sea ma a latou aseta. E tatau foʻi ona tuʻuina atu ia te oe mataupu faavae o le mafutaga, tala faʻasolopito o tausaga, ma minute o fonotaga lautele pe a talosagaina.
Mo sea o loʻo lisiina , e faʻalautele atu ai aia tatau faʻamatalaga. O loʻo feagai kamupani faitele ma tiute faʻaopoopo o le faʻasalalauina o faʻamatalaga i lalo o tulafono o le vaavaaiga tau tupe.
E mafai ona e talosagaina faʻamatalaga e uiga i soʻo se mataupu o le lisi o mataupu seʻi vagana ua mafai e le kamupani ona faʻaalia o le faʻasalalauga o le a matua afaina ai pisinisi.
Dividends, profit, and liquidation rights
E te agavaa i au sea i se tufatufaga tutusa o tupe mama pe a faʻalauiloa tufatufaga . E tatau i le fonotaga lautele a tagata e umia sea ona faʻamaonia le totogiina o tufatufaga, ma e le mafai ona faʻateʻaina oe mai le mauaina o lau sea talafeagai seʻi vagana ua faʻatulaga manino e mataupu faavae o le mafutaga ni vasega eseese o sea ma aia tatau eseese mo tufatufaga.
E le mafai e le kamupani ona taofia fa'afuase'i tufatufaga ina ia manuia ai le toatele o tagata e umia sea. E tatau i faatonu ona tauamiotonuina le taofia o tupe mama e fa'avae i luga o mana'oga fa'apisinisi talafeagai.
E manaʻomia le faʻamaoniga a le au sea mo faʻaiuga e faʻatatau i tupe mama. I tulaga faʻatauvaʻa , e iai lau aia tatau e maua ai se sea faʻatusatusa o soʻo se aseta o totoe pe a uma ona totogiina tagata aitalafu.
O mataupu faavae o le mafutaga e fuafua ai le faatulagaga o le tufatufaina atu i le va o vasega eseese o sea. O sea masani e masani ona tutusa le tulaga, o lona uiga o lau pasene o le umiaina e fuafua ai lou aia tatau i tupe maua mai le fa'atau atu.
Pre-emptive and transfer rights
A tuʻuina atu e le kamupani ni sea fou, e iai sau aia tatau faʻaletulafono e faʻatau ai ni sea faʻaopoopo e tutusa ma lau meatotino o loʻo iai nei. O lenei mea e puipuia ai le faʻaitiitia o lau sea e aunoa ma lau maliega.
E mafai e le fonotaga lautele ona fa'atapula'a pe fa'ate'aina aia tatau e fa'atau muamua ai sea, ae na'o le maualuga e lima tausaga ma e masani ona mana'omia ai le palota a le to'atele e lua vaetolu. E tatau i le iugafono ona fa'amaoti mai po'o fea le fa'alapotopotoga e umia le pule e tu'uina atu ai sea ma fa'ate'aina le fa'atau muamua ai sea.
E ono fa'atatau tapula'a i le fesiitaiga o sea i au sea, aemaise lava i kamupani tumaoti. O mataupu fa'avae o le fa'alapotopotoga e masani ona iai ni fuaiupu poloka e mana'omia ai le fa'amaoniga a le komiti fa'afoe pe ofoina atu i tagata e umia sea o lo'o iai le fa'afitia muamua.
O nei fa'atapula'aga e puipuia ai tagata uma e umia sea, e aofia ai ma vaega to'aitiiti, mai vaega lona tolu e le mana'omia ona auai i le kamupani. E mafai e se maliliega a tagata e umia sea ona fa'atuina ai ni aia tatau fa'aopoopo e fesiita'i ai, e pei o aiaiga fa'atasi e mafai ai ona e fa'atau atu fa'atasi ma le to'atele o tagata e umia sea i fefa'ataua'iga a vaega lona tolu.
E ono fa'atapula'aina ai aia tatau e palota ai tupe maua mai tupe teu , ae e masani lava ona fa'asaoina ai aia tatau tau tamaoaiga i tufatufaga ma tupe maua mai le fa'atau atu o aseta.
Majority decision-making and its impact on minority shareholders
E tele le pule a le au umia sea e to'atele i fa'ai'uga a le kamupani e ala i aia tatau e palota ai, tofiga a le komiti fa'afoe, ma le faatosinaga i le fa'atonuga fa'ata'atitia. O lenei pulea e mafua ai ni vaivaiga mo i latou e umia sea to'aitiiti, o ē e ono feagai ma le fa'avaivaia, fa'ate'aina mai le faia o fa'ai'uga, ma gaioiga e fa'amuamua ai mana'oga o le to'atele nai lo le soifua manuia fa'atasi.
Majority powers in company governance
E pulea e le toatele o tagata e umia sea le tele o faaiuga a le kamupani e ala i lo latou pule palota i fonotaga lautele. E mafai ona latou faamaonia pe teena iugafono, faasa'o mataupu faavae o le faalapotopotoga, ma fuafua faiga faavae o tufatufaga.
I kamupani Holani, o le toatele e masani ona umia le pule e tofia ma faatea sui o le komiti faatino pulega ma le komiti faatino supavaisa, ma tuuina atu ia i latou le faatosinaga tele i galuega i aso taitasi ma le vaavaaiga faataatitia. O le komiti faatino o faatonu e tali atu muamua lava ia i latou e mafai ona faatea ese i latou mai le tofi.
O lona uiga o faʻaiuga a le pulega e masani ona ogatasi ma manaʻoga o le toʻatele o tagata e umia sea. Atonu e te iloa o gaioiga faʻapisinisi e pei o le tuʻufaʻatasia, faʻatauga, poʻo le faʻatauina atu o aseta e faʻaauau pea e ui lava i teteʻega a le toʻaitiiti.
E sili atu nai lo le palota i fonotaga le aia tatau e pulea ai. E masani ona feutaga'i le to'atele o tagata e umia sea i ni fa'atulagaga fa'apitoa e fa'aleleia atili ai lo latou tulaga.
E ono aofia ai aia tatau fa'asolosolo, lea e fa'amalosia ai tagata e umia sea fa'aitiiti e fa'atau atu a latou sea pe a faia e le to'atele ni feutanaiga mo le fa'atauina atu o se kamupani.
Common areas of minority disadvantage
E te feagai ma ni tulaga lamatia patino i le avea ai ma se tagata e umia sea laʻititi. O le taofia o tufatufaga o se mataupu masani lea e teena ai e kamupani e maua tupe mama tufatufaga ina ia taofia ai tupe i lalo o le pulega a le toatele.
E ono fa'aliliuina atu e fefa'ataua'iga a vaega e feso'ota'i ma aseta a le kamupani po'o avanoa i fa'alapotopotoga e umia e le to'atele i ni tulaga le lelei. E tupu le fa'aitiitia o le sea pe a tu'uina atu e le kamupani ni sea fou e fa'aitiitia ai le pasene o lau umiaina.
E ono fa'atagaina e le to'atele ia tu'uina atu e aunoa ma se fa'amaoniga talafeagai fa'apisinisi. O le le tutusa o fa'amatalaga e mafua ai se isi fa'aletonu.
E ui e iai au aia tatau faaletulafono mo fonotaga ma le avanoa i tala o tupe faaletausaga, ae o le toatele ma le komiti faatino e masani ona i ai ni faamatalaga auiliili o galuega faatino ma faamatalaga tau tupe. O tulaga le lelei masani o le vaega toaitiiti e aofia ai:
- Tuusaunoaga mai faiga fa'ai'uga e le'i fa'atulafonoina
- Tofiaina o faatonu e faamaoni i manaoga o le toatele
- O fefaʻatauaʻiga e manuia ai le toʻatele i tupe faʻaalu a le kamupani
- Poloka le avanoa i tulaga tau pulega po'o le komiti fa'afoe
- Fa'atauga fa'amalosi e ala i sauniuniga fa'asolosolo
Mafaufau lelei ma le tonu
O le pulega fa'apisinisi a Holani e mana'omia ai vaega uma e galulue e tusa ai ma mataupu faavae o le talafeagai ma le tonu ( redelijkheid en billijkheid ). O lenei tulaga fa'aletulafono, o lo'o fa'apipi'iina i le Tusi 2 o le Tulafono Fa'alemalo a Holani, e fa'atapula'aina ai le auala e mafai ai e le to'atele o tagata e umia sea ma fa'atonu ona fa'atino a latou pule.
O gaioiga e tausisia fa'atekinolosi mana'oga faaletulafono e ono solia ai lenei tulaga fa'atonuina pe afai e fa'aleagaina ai mana'oga o tagata laiti e aunoa ma se mafua'aga talafeagai. O le Dutch Corporate Governance Code e fa'amalosia ai nei mataupu fa'avae.
E ui e faʻatatau tele i kamupani o loʻo lisiina, o ona mataupu faavae e aʻafia ai faʻamoemoega lautele o le pulega faʻapisinisi. E tatau i faatonu ona faia tiute faʻamaoni i le kamupani lava ia, ae le o ni tagata e umia sea patino.
E tatau ona latou paleni lelei manaʻoga uma a i latou e aʻafia ai, e aofia ai ma oe i le avea ai ma se tagata e umia sea laʻititi. E iloilo e faʻamasinoga pe o ausia e gaioiga faʻapisinisi le suʻega talafeagai ma le tonu e ala i le iloiloina o le faiga o faʻaiuga, faʻamaoniga faʻapisinisi, ma le tutusa o le aʻafiaga.
E mafai ona e lu'iina fa'ai'uga e lē ausia ai lenei tulaga fa'atonuina e ala i su'esu'ega po'o isi fofo fa'aletulafono.
Protective clauses and contractual safeguards
E mafai ona e feutana'i i aiaiga puipuia i maliega a tagata e umia sea po'o mataupu o le fa'alapotopotoga. O mana'oga o le palota a le to'atele e fa'amalosia ai le to'atele e maua lau maliega i mataupu fa'apitoa e pei o teuteuga i mataupu, fa'atauga tetele, po'o faiga fa'avae o tufatufaga.
O aia tatau e te auai ai e ala i le fa'atau atu o sea e le to'atele o tagata e umia sea, ma ia mautinoa ai e te maua ni tuutuuga tutusa. O aia tatau e te te'ena muamua ai sea e te mana'o ai e fa'atau atu.
O lenei mea e taofia ai le toatele mai le faʻalauiloaina o isi vaega e le manaʻomia. O se vaitaimi e malolo ai e ono faʻatuai ai faʻaiuga feteenai, ma maua ai le taimi mo feutanaiga poʻo gaioiga faʻaletulafono.
O lo'o iai puipuiga fa'atulagaina i le tulaga o le kamupani. E mafai e se fa'avae puipui ( stichting administratiekantoor ) ona umia le pule fa'aletulafono a'o e taofia pea aia tatau tau tamaoaiga e ala i lisiti teuina.
O lenei fausaga e taofia ai le faoa faamalosi o meatotino ae e ono faatapulaaina ai foi lou pule palota tuusa'o. E mafai ona tuuina atu sea faamuamua i vaega faauo i taimi o feeseeseaiga, ma faavaivaia ai tagata tetee.
O le fa'atulagaina fa'asolosolo o komiti fa'afoe e taofia ai le suia vave o faatonu uma, ma maua ai le fa'aauauina o le pulega ma fa'atapula'aina ai le pule a le to'atele o tagata e umia sea i luga o le fa'atulagaina o le komiti fa'afoe. O nei auala e mana'omia ai le fuafuaina muamua.
O le toe feutagaʻi pe a uma ona tulaʻi mai ni feeseeseaiga e faamaonia ai e sili atu ona faigata.
Legal remedies and dispute resolution for minority shareholders
O tulafono a Holani e tuʻuina atu ai le tele o meafaigaluega faaletulafono e puipuia ai tagata e umia sea laiti pe a faigata ona pulea e le toatele. O le Tulafono Tau Pulega a Holani ua faʻatuina ai ni faiga aloaia e ala i le Enterprise Chamber, ae o isi auala e pei o le feutagaiga ma le faamasinoga e ofoina atu ni auala e itiiti ifo ai feeseeseaiga i le foia o faafitauli.
Auala e foia ai feeseeseaiga
E tele au filifiliga mo le foiaina o feeseeseaiga ma le toatele o tagata e umia sea po o faatonu. O tagi faaletulafono a kamupani e ala i faamasinoga a Holani o loo tumau pea le auala sili ona aloaia, lea e mafai ona e luʻiina ai faaiuga e afaina ai ou manaoga.
E mafai e se loia fa'apisinisi ona fesoasoani ia te oe e iloilo po o le fea faiga e sili ona fetaui ma lou tulaga. O le Tulafono Fa'ale-malo a Holani e mafai ai ona e sailia ni fofo pe a solia e faatonu po'o le toatele o tagata e umia sea a latou tiute.
E mafai ona e talosaga mo le fa'ate'aina o faatonu e faia ni gaioiga e fa'asaga i le manuia o le kamupani. E mafai fo'i ona e faia ni tagi mo noataga a le faatonu pe a mafua ai ona afaina tau tupe ona o le le pulea lelei.
O auala masani e foia ai feeseeseaiga e aofia ai:
- Proceedings on the merits before the district court
- Fa'agasologa o su'esu'ega i luma o le Enterprise Chamber
- Sauniga fa'afesili e fa'atautaia e vaega e le fa'aitu'au
- Fa'amasinoga e pei ona fa'amaoti mai i maliega a tagata e umia sea
O lau filifiliga e faʻalagolago i le faanatinati, tau, ma le mafutaga e te manaʻo e faʻatumauina ma isi tagata e umia sea. O nisi feeseeseaiga e manaʻomia ai le faʻalavelave vave a le faʻamasinoga, ae o isi e manuia mai faʻaleleiga ua feutagaʻi i ai.
E masani ona fautuaina e kamupani loia fa'apisinisi le amata i ni metotia e le'i aloa'ia tele a'o le'i fa'atinoina se tagi fa'asaga i le fa'amasinoga.
Fa'agasologa o su'esu'ega i luma o le Enterprise Chamber
O le Enterprise Chamber (Ondernemingskamer) o se vaega fa'apitoa o le Amsterdam Faamasinoga o Apili. E mafai ona e faila se talosaga iina pe afai e te masalomia le le pulea lelei po o faiga faapisinisi le talafeagai.
O lenei faiga o suʻesuʻega e tulaga ese i tulafono faʻapisinisi a Holani ma e maua ai meafaigaluega suʻesuʻega malolosi. E manaʻomia ona e faʻaalia "mafuaʻaga ua faʻavaeina lelei" e masalosalo ai i le pulega talafeagai.
E mafai e le Ofisa o Pisinisi ona tofia ni tagata suʻesuʻe e suʻesuʻe mataupu a le kamupani. Afai e maua e tagata suʻesuʻe ni mea sese, e mafai e le ofisa ona faʻatonuina ni gaioiga vave.
E aofia ai le fa'amalolo o faatonu, tofiaina o pule le tumau, po'o le mana'omia o ni gaioiga fa'apitoa. E vave tele le fa'agasologa o su'esu'ega pe a fa'atusatusa i fa'amasinoga masani.
Ua iloa e le potu faamasino e masani ona manaʻomia se fesoasoani vave i faʻafitauli faʻapisinisi. E te le manaʻomia ona faʻamaonia ni mea ua faaleagaina moni—o le masalosalo talafeagai e uiga i amioga a le pulega e lava lea e amata ai faʻamasinoga.
Annulment and suspension of resolutions
E mafai ona e lu'iina iugafono a tagata e umia sea e solia ai mataupu faavae o le mafutaga po'o le feteenai ma mataupu faavae o le talafeagai ma le tonu. E mafai e faamasinoga Holani ona faaleaogaina iugafono na taliaina sese pe faaleagaina ai aia a tagata laiti i se auala le talafeagai.
Time limits are strict. The right to seek annulment lapses one year after the end of the day on which the resolution was sufficiently publicised, or on which you learned of it or were notified of it (art. 2:15 lid 5 BW). A resolution taken in breach of a rule governing how resolutions come about is not merely voidable but void (art. 2:14 BW), and that nullity is not caught by the same time limit.
E mafai ona e talosaga mo le taofia o le iugafono a'o fa'aauau pea taualumaga fa'aletulafono. O lenei mea e taofia ai le kamupani mai le fa'atinoina o fa'ai'uga e ono mafua ai ni fa'alavelave e le toe mafai ona fa'aleleia.
E iloilo e le faamasinoga pe na mulimulitaia ni faiga talafeagai ma pe na aoga le iugafono mo pisinisi talafeagai. O iugafono e sili ona aoga mo le toatele o tagata e umia sea ae e te tau ai, e tatau ona toe iloilo toto’a.
O le a e manaʻomia ni faʻamaoniga e faʻaalia ai le natura le talafeagai o le iugafono poʻo se aafiaga le tonu.
The dispute regulation: forcing the others to buy you out
The remedy most often overlooked is the statutory dispute regulation (geschillenregeling) in articles 2:335 to 2:343c of the Civil Code. Where the conduct of one or more fellow shareholders, or of the company itself, has damaged your interests so seriously that you cannot reasonably be expected to remain a shareholder, you can claim that your shares be taken over. That is the exit claim, uittreding, of article 2:343. Its mirror image is article 2:336, under which a shareholder who harms the company’s interests can be compelled to transfer his shares to the others.
The regulation was overhauled by the WAGEVOE Act, in force since 1 January 2025. Dispute cases now go directly to the Enterprise Chamber in a petition procedure rather than starting at the district court, which removes a tier of proceedings and much of the delay that made the old regulation close to unusable. An exit claim can now also be directed at the company itself, and it can be combined in the same proceedings with a claim for the damage the conduct has caused, which previously required a second action.
The price is fixed by the court, in principle on the advice of valuers it appoints, and the court may set aside a valuation formula in the articles or in the maliega a tagata e umia sea where applying it would produce an unacceptable result. An exit at a court-determined price, rather than at the price the majority is willing to offer, is the strongest card a locked-in minority shareholder holds.
Role of mediation and arbitration
O le feutanaiga e ofoina atu ai se auala faalilolilo e foia ai feeseeseaiga a tagata e umia sea e aunoa ma le aafia ai o le faamasinoga. O se feutanaiga e le faaituau e fesoasoani i vaega uma e saili ni fofo talafeagai.
O lenei auala e fa'asaoina ai fegalegaleaiga fa'apisinisi ma taugofie ai fo'i nai lo fa'amasinoga. O le fa'amasinoga fa'amasino e maua ai le i'uga fa'amalosia i tua atu o fa'amasinoga masani.
O le tele o maliega a tagata e umia sea e aofia ai fuaiupu fa'amasino. E faia e fa'amasino ni fa'ai'uga o feeseesea'iga e fa'avae i tulafono ua malilie i ai, ma e mafai ona fa'amalosia a latou fa'ai'uga e pei o fa'amasinoga a le fa'amasinoga.
E sili ona aoga nei auala eseese pe a e manaʻo e faʻaauau lau auai i le kamupani. E mafai ai ona faʻafaigofie fofo, e aofia ai faʻatulagaga faʻatau i le tau talafeagai o le maketi.
A kamupani loia can help negotiate terms that protect your interests whilst avoiding lengthy court battles.
Buyouts, squeeze-outs and exits
E mafai e le au umia sea e to'atele i kamupani Holani ona fa'amalosia tagata e umia sea e to'aitiiti e fa'atau atu a latou sea i lalo o tuutuuga fa'aletulafono fa'apitoa. O le tulafono e tu'uina atu ai puipuiga tau aogā ma aia tatau e apili ai e ala i le Enterprise Chamber e puipui ai aia a tagata to'aitiiti i le taimi o nei fa'atauga fa'amalosia.
Squeeze-out procedures and requirements
O se faiga fa'amalosi i Netherlands e mafai ai e le toatele o tagata e umia sea ona fa'atau fa'amalosi au sea pe a uma ona ausia tulaga fa'atapula'a o le umiaina. I lalo o le tulafono a Netherlands, e tatau i se tagata e umia sea ona pulea le itiiti ifo i le 95% o le tupe fa'avae o sea ua tu'uina atu a'o le'i amataina lenei faiga.
E tatau i le tagata e umia sea e toatele ona sea ona mulimulitaʻi i faiga aloaia e faatino ai se faʻatauga. E tatau ona latou faasilasila faalauaitele le faʻatauga ma logo saʻo atu ia te oe e uiga i lo latou faʻamoemoe e faʻatau au sea.
Mo kamupani o loʻo lisiina a latou sea, e faʻaoga manaʻoga faʻaopoopo mo faʻasilasilaga e ala i faila faitele. E te mauaina se vaitaimi faʻapitoa e tali atu ai i le ofo faʻamalosi.
E tatau i le vaega e faʻatau mai ona tuʻuina atu faʻamatalaga auiliili e uiga i le metotia o le iloiloga na faʻaaogaina e fuafua ai le tau o sea. O lenei manaʻoga manino e faʻamautinoa ai e te malamalama i le auala na latou fuafuaina ai le tau o le ofo.
E amata ona aoga le fa'amutaina o le pisinisi pe a fa'amae'aina e le tagata e umia sea le tele o mana'oga fa'aletulafono uma. Peita'i, e iai pea lau aia tatau e te lu'ia ai le faiga pe afai e le mulimulita'ia tulafono talafeagai.
O le le tausisia o tulafono fa'atino e mafai ona fa'aleaogaina ai le faagasologa atoa o le fa'atinoina o le galuega.
Valuation and fair market value
O le fuafuaina o le tau talafeagai o le maketi e fai ma faavae o soʻo se faiga faʻatau faaletulafono . E tatau i le tagata e umia sea aupito tele ona ofoina atu se tau e atagia ai le tau moni tau tamaoaiga o au sea i le taimi e aveese ai.
E manaʻomia e le tulafono a Holani ni tagata tomai faapitoa tutoatasi e iloilo le taua o sea i le tele o tulaga faigata. E mafaufau nei tagata tomai faapitoa i le tele o mea e aofia ai aseta a le kamupani, gafatia e maua ai tupe mama, ma tulaga o le maketi.
Mo sea o loʻo lisiina, o tau fefaʻatauaʻiga talu ai nei e masani ona avea ma faʻavae mo le iloiloga o tau. E mafai ona e finauina le tau o loʻo ofoina atu e ala i le Enterprise Chamber pe afai e te talitonu e maualalo ifo le taua o au sea.
E iai le pule a le faamasinoga e tofia ai ana lava tagata tomai faapitoa i le iloiloga o tau o sea e toe iloilo ai le tau o sea. O lenei faiga e puipuia ai aia tatau a tagata e umia sea laiti e ala i le faamautinoaina o se iloiloga e le faaituau.
E mafai e le Enterprise Chamber ona fetu'una'i le tau o le fa'atauga i luga pe afai e fa'aalia i fa'amaoniga e le lava le tau muamua. E mafai fo'i ona tu'uina atu tau fa'aletulafono ma tului pe afai e iloa e le fa'amasinoga e le talafeagai le maualalo o le ofo muamua.
Minority protections during buyouts
E tele puipuiga e tuʻuina atu e le tulafono a Holani pe a e feagai ma se faʻatauga faʻamalosi. O le Enterprise Chamber e avea ma au nofoaga autu e luʻitauina ai faiga faʻamalosi e le talafeagai pe le lava foʻi ofo taui.
O puipuiga autu e aofia ai:
- Aia tatau i le iloiloga tuto'atasi o le tau
- Avanoa i faʻamatalaga tau tupe a le kamupani
- Tulaga faaletulafono e lu'i ai soliga o taualumaga
- Fetuunaiga o tau ua poloaina e le faamasinoga pe a manaʻomia
E tatau ona e galue i totonu o taimi atofaina e faʻaaoga ai nei aia tatau. O le misia o taimi atofaina e ono le aoga ai lou gafatia e luʻi ai tuutuuga o le faʻatau.
O le fa'amaumauina o fesoota'iga uma ma le aufaipisinisi e to'atele e fa'amalosia ai lou tulaga i so'o se feeseesea'iga. E mana'omia e le tulafono le vaega e mauaina le pisinisi e galue ma le fa'amaoni i le faagasologa atoa.
E le mafai ona latou fa'atauva'aina ma le loto i ai le taua o sea pe taofia fa'amatalaga taua e a'afia ai le taua o le tau. O le solia o nei tiute fa'atuatuaina e te maua ai se fa'avae mo gaioiga fa'aletulafono e sili atu nai lo feeseeseaiga faigofie i tau.
Ensuring effective minority shareholder protection in practice
E tatau i tagata e umia sea laiti ona puipuia ma le malosi o latou aia tatau e ala i maliega ua tusia lelei, auai anoa i le pulega a le kamupani , ma le vave faia o gaioiga pe a tula’i mai ni soliga tulafono.
Optimising shareholder agreements
O se maliliega a tagata e umia sea e avea ma au puipuiga autu faasaga i le soona pulea e le toatele o tagata. O lenei konekarate tumaoti i le va o tagata e umia sea e mafai ona faʻatuina ai ni puipuiga e sili atu nai lo le mea e tuʻuina mai e le tulafono faʻapisinisi a Holani.
E tatau ona aofia i lau maliega aia tatau e muamua faia ai sea e te teena muamua ai pe a faatau atu e isi tagata e umia sea a latou sea. O aia tatau e aofia ai sea e faamautinoa ai e mafai ona e auai i soo se faatauga i tuutuuga lava e tasi e pei o le toatele o tagata e umia sea.
O aiaiga fa'asolosolo e puipuia ai oe mai le tu'ua pe afai e fa'atau atu e le to'atele le kamupani. O aia tatau e veto ai i fa'ai'uga taua e fausia ai se isi puipuiga taua.
E mafai ona e manaʻomia le faʻamaoniga autasi poʻo le sili atu o le toʻatele mo gaioiga e pei o le teuteuina o mataupu o le mafutaga, tuʻuina atu o sea fou, poʻo le faʻatau atu o aseta tetele. Ia aofia ai ni auala manino e foʻia ai feeseeseaiga e pei o le feutagaiga poʻo fuaiupu faʻamasino.
E tatau i se loia fa'apisinisi e fa'apitoa i tulafono fa'apisinisi a Holani ona tusia pe toe iloilo lau maliega a tagata e umia sea. O le a latou fa'amautinoa o lo'o tausisia e tuutuuga ia aiaiga fa'atulafonoina o le Tusi 2 o le Tulafono Fa'ale-malo a Holani a'o fa'ateleina au puipuiga fa'akonekarate.
E tatau i le maliega ona paleni le fetuutuuna'i ma le saogalemu, e mafai ai e le kamupani ona fa'agaoioia lelei a'o puipuia fo'i ou mana'oga autu.
Engaging in corporate governance and activism
O le auai malosi i le pulega fa'apisinisi e fa'amalosia ai lou tulaga o se tagata e umia sea fa'aitiiti. E iai ou aia tatau fa'aletulafono e auai i fonotaga lautele, palota i iugafono, ma talosagaina fa'amatalaga mai fa'atonu.
E eseese foliga o le gaioiga a tagata e umia sea e fuafua i au punaoa ma au sini. E mafai ona e fautuaina ni mataupu o le lisi o mataupu mo fonotaga lautele, filifilia ni faatonu i le komiti faafoe, pe faia ni mafutaga faapaaga ma isi tagata e umia sea laiti ma tagata teu tupe i faalapotopotoga.
In a BV, one or more shareholders representing at least one per cent of the issued capital may require a general meeting to be convened; in an NV the threshold is higher, and holders of a tenth of the capital may ask the court in preliminary relief proceedings for authorisation to convene a meeting themselves. Exercise your information rights regularly.
Talosaga mo faʻamatalaga tau tupe, minute o le komiti faʻafoe, ma faʻamatalaga mo fefaʻatauaʻiga taua. Mataʻituina le tausisia o tulafono tau pulega faʻapisinisi, aemaise lava le Dutch Corporate Governance Code lea e faʻamamafa ai le manino ma le tali atu.
Ua faʻateleina le taulaʻi atu o tagata teu tupe faʻalapotopotoga i le faʻaauauina o galuega faʻapisinisi ma faiga faʻapisinisi faʻatino. Afai e talafeagai mo lau kamupani, faʻaali ni fesili e uiga i le faʻatinoga o le siosiomaga, agafesootai, ma le pulega (ESG).
O nei atugaluga e masani ona agavaivai ai isi tagata e umia sea ma e mafai ona faʻamamafaina ai vaivaiga tau pulega lea e aʻafia ai aia tatau a tagata e umia sea laiti.
Practical steps in the event of rights violation
A feagai ma le solia o aia tatau a au tagata e umia sea, e taua tele le vave tusia o pepa. Faamaumau aso, fesootaiga, ma gaioiga patino e afaina ai ou manaoga.
Aoina fa'amatalaga tau tupe, minute o fonotaga, ma fesoota'iga ma faatonu po'o le au umia sea e toatele. Fa'afaigaluega se loia fa'apisinisi e iai le poto masani i feeseesea'iga a tagata e umia sea e toatele i latou i sea i se taimi vave.
They can assess whether the conduct gives you an exit claim under article 2:343 of the Civil Code, whether the other side is itself open to expulsion under article 2:336, and whether your shareholders agreement has been breached. Your lawyer will evaluate potential remedies including injunctions, share buyouts, or dissolution proceedings.
Mafaufau muamua i se fofo e le aloaia . O se tusi aloaia mai lau loia e masani ona uunaia ai se talanoaga ma se faaleleiga e aunoa ma ni taualumaga a le faamasinoga.
O le feutanaiga e ofoina atu ai se isi auala faalilolilo ma taugofie nai lo le fa'amasinoga a'o fa'asaoina pea fegalegaleaiga faapisinisi. Afai e le manuia auala e le aloaia, e mafai ona e failaina se fa'agasologa o su'esu'ega ( enquêterecht ) i le Enterprise Chamber.
O lenei faiga faaletulafono a Holani e suʻesuʻeina le pulega sese ma e mafai ona faʻatonuina ni fuafuaga vave e puipuia ai aia a tagata e umia sea. Mo ni faiga sauā matuia, talosaga mo le faataapeina poʻo le faʻatauina faʻamalosia o sea i lalo o aiaiga talafeagai o le tulafono faʻalemalo.
Document all costs and losses resulting from the violation. This evidence supports tagi mo mea ua faaleagaina and strengthens your negotiating position in settlement discussions.
Soo fesili
O tagata e umia sea laiti i Netherlands e iai a latou aia tatau faaletulafono ma fofo e maua pe a feagai ma faaiuga mai tagata e umia sea e toatele. O tulafono a Netherlands e maua ai puipuiga faaletulafono ma auala e luʻitauina ai faiga le talafeagai i kamupani tumaoti.
O a puipuiga faaletulafono e tuuina atu i tagata e umia sea laiti i kamupani Holani?
O le tulafono a Holani e tuʻuina atu ai ni vaega o le puipuiga mo tagata e umia sea laiti. O le Mataupu 2:8 o le Tulafono Faʻasivile a Holani e manaʻomia ai vaega uma e aʻafia i se kamupani e galulue faʻatasi ma le tasi ma le isi e tusa ai ma le talafeagai ma le tonu.
O lona uiga e tatau i le toatele o tagata e umia sea ona mafaufau i aia tatau a tagata e umia sea laiti pe a faia ni faaiuga. Ua faatulaga foi e le tulafono ni manaoga faapitoa mo suiga e aafia ai aia tatau faavae a tagata e umia sea.
An amendment that curtails the rights attached to a particular class of shares requires the separate approval of the holders of that class. You cannot be forced into statutory obligations against your will under Article 2:192 of the Dutch Civil Code.
If you hold shares in a listed company, additional protections apply. tulafono a Dutch require disclosure of relationships between the company and majority shareholders.
O lenei manino e fesoasoani ia te oe e mata'ituina ai feteenai o manaoga e ono tula'i mai.
E mafai faapefea e tagata e umia sea fa'aitiiti ona lu'ia fa'ai'uga na faia e le to'atele i Netherlands?
E tele au filifiliga faaletulafono pe a luʻitauina faaiuga a le toatele. O le faatulagaga o le foia o feeseeseaiga i lalo o le Tusi 2, Ulutala 8, Vaega 1 o le Tulafono Faa-Sivile a Holani e mafai ai ona e faila se faasilasilaga o le soloia pe afai ua faaleagaina ou aia tatau ma ua le toe talafeagai le faaauau pea ona avea ma se tagata e umia sea.
E mafai ona e talosaga mo se faiga suʻesuʻe ma le Enterprise Chamber pe afai e te talitonu o loʻo le pulea lelei le kamupani. E aoga tele lenei fofo pe afai o le toatele o tagata e umia sea o loʻo avea foʻi ma faatonu e le mafai ona tausia se vaeluaga talafeagai i le va o latou lava manaʻoga ma manaʻoga o le kamupani.
Afai e musu le komiti fa'afoe e tu'uina atu fa'amatalaga mana'omia, e mafai ona e talosaga i le fa'amasinoga e fa'atonu le kamupani e fa'ailoa mai. E mafai fo'i ona e lu'iina ni fa'ai'uga patino e solia ai le tulaga talafeagai ma le tonu o lo'o fa'atulaga i le Mataupu 2:8.
O a aia tatau e muamua ai i tagata e umia sea laiti i le taimi o le tuʻuina atu o sea fou i Netherlands?
O aia tatau e fa'atau muamua ai sea e puipuia ai oe mai le fa'aitiitia o le aofa'i o sea pe a tu'uina atu e se kamupani ni sea fou. Se'i vagana ua ta'ua i totonu o mataupu fa'avae o le kamupani se isi itu, e iai lau aia tatau e fa'atau ai ni sea fou e tusa ai ma au sea o lo'o iai nei a'o le'i ofoina atu i isi.
E mafai e le tagata e umia sea e toʻatele ona faia ni faʻaiʻuga e uiga i le tuʻuina atu o sea i le fonotaga lautele. Peitaʻi, afai o lenei faʻaiʻuga e faʻaleagaina ai ou manaʻoga e aunoa ma se mafuaʻaga talafeagai, e mafai ona e luʻitauina e faʻavae i luga o le tulaga talafeagai ma le tonu.
E sili atu ona tāua lenei mea pe a foliga mai o le tuʻuina atu o sea ua fuafuaina e faʻaitiitia ai lou malosi palota poʻo le taua. Atonu o loʻo iai i totonu o mataupu faavae o le faʻalapotopotoga ni aiaiga patino e uiga i faiga faʻavae o le tuʻuina atu o sea.
E tatau ona e iloiloina ma le fa'aeteete nei mea ina ia e malamalama i ou aia tatau tonu i lau kamupani.
O a ni auala e mafai ai e se tagata e umia sea laʻititi ona auai i le pulega faʻapisinisi i kamupani Holani?
E iai lau aia tatau e auai i fonotaga lautele uma a tagata e umia sea ma e saunoa i nei fonotaga. E tatau i le komiti faatino ona tuuina atu ia te oe se faasilasilaga talafeagai o fonotaga uma a tagata e umia sea.
E mafai ona e fa'aaogaina ou aia tatau e palota ai i mataupu e tu'uina atu i luma o le fonotaga lautele. E ui e ono palota le tagata e to'atele ana sea nai lo oe, ae o lau auai e faia ai se fa'amaumauga o lou tulaga.
E mafai ona aogā tele nei pepa pe afai e te manaʻomia mulimuli ane ona luʻitauina ni faʻaiʻuga. E iai lau aia tatau e fai ai ni fesili ma faʻaalia ni atugaluga i taimi o fonotaga.
E tatau i le pulega ona taliina au fesili, aemaise lava pe a manaʻomia faʻamatalaga e te faia ai se palota ma le faʻaeteete.
E mafai e tagata e umia sea fa'aitiitiga i Netherlands ona talosagaina fa'amatalaga a le kamupani, ma i lalo o a tuutuuga?
E iai lau aia tatau i faʻamatalaga e manaʻomia e faia ai se palota paleni i talosaga i taimi o fonotaga a tagata e umia sea. E tatau i le pulega ona tuʻuina atu nei faʻamatalaga ia te oe.
Afai e le lava pe pu'upu'u tele fa'amatalaga o lo'o tu'uina atu, e mafai ona e talosagaina nisi fa'amatalaga. E tatau ona e fai ni fesili patino ma fa'amaumau au talosaga.
Afai e musu le pulega e tuʻuina atu faʻamatalaga manaʻomia e aunoa ma ni faʻavae talafeagai, e mafai ona e talosaga i le faʻamasinoga e poloaʻia le faʻasalalauina. E mafai e le komiti faʻafoe ona taofia nisi faʻamatalaga pe afai o le faʻasalalauina o le a matua afaina ai le manuia o le kamupani.
Peita'i, e vaapiapi lenei tuusaunoaga. E le mafai e le komiti fa'afoe ona teena fa'amatalaga ona e le lelei pe le talafeagai.
O au aia tatau i faʻamatalaga e sili atu nai lo fonotaga aloaia i nisi tulaga. Afai o le toatele o tagata e umia sea o loʻo avea ma faatonu e iai se tiute faapitoa e tausi ia te oe, e tatau ona latou faʻaalia le loto tatala i le tuʻuina atu o faʻamatalaga.
O a laasaga e tatau ona faia e tagata e umia sea laiti pe afai latou te masalomia le pulega le lelei po o le faaaoga sese o le pule e tagata e umia sea toatele i se kamupani Holani?
Amata i le fa'aaogaina o au aia tatau i fa'amatalaga. Talosaga mo fa'amatalaga auiliili e uiga i fa'ai'uga ma gaioiga e te iloa e ono a'afia ai.
Faamaumau au talosaga uma ma tali e te mauaina. Fa'aali atu ou atugaluga i se tulaga aloaia i taimi o fonotaga lautele.
Ia faia se faamaumauga manino o au teteega ma mafuaaga o loo i tua atu. O nei pepa e avea ma faamaoniga taua pe afai e te manaomia se gaioiga faaletulafono mulimuli ane.
Mafaufau e amata se faiga suʻesuʻega ma le Enterprise Chamber pe afai e matuia le faʻaletonu o le pulega. E talafeagai lelei lenei fofo pe afai e le mafai e le toʻatele o tagata e umia sea o loʻo avea foʻi ma faatonu ona vavaeʻeseina o latou manaʻoga patino mai manaʻoga o le kamupani.
Afai o le tulaga e lē talafeagai ai le faaauau pea ona avea ma se tagata e umia sea, e mafai ona e faila se faasilasilaga o le alu ese i lalo o le faatulagaga o le foia o feeseeseaiga. E mafai foi ona e sailia se fautuaga faaletulafono e uiga i isi fofo, e pei o le luʻitauina o faaiuga patino e solia ai tulaga faatonuina o le talafeagai ma le tonu.
