Kisebbségi részvényesi jogok: jogorvoslati lehetőségek a többséggel szemben

As a minority shareholder in a Dutch B.V. or N.V., you cannot block most majority decisions, but you are not powerless. You can have resolutions annulled for breach of reasonableness and fairness, ask the Enterprise Chamber (Ondernemingskamer) for an inquiry, and, if the conduct of your fellow shareholders makes it unreasonable to stay, claim that your shares are bought at a price set by the court.

This article explains your statutory rights, the limits on majority power and the remedies available, from the general meeting to the Enterprise Chamber. For the wider context, see our Holland társasági jogi útmutató vállalkozóknak.

Which rights do you have as a minority shareholder?

Your basic rights follow from Book 2 of the Dutch Civil Code (BW) and the articles of association. A shareholders’ agreement can add to them.

• Voting and attendance: you may attend the general meeting, speak and vote in proportion to your shares, unless your shares carry no voting rights under the articles.
• Megjegyzés: the meeting must be convened at least eight days in advance for a B.V. (Article 2:225 BW) and at least fifteen days for an N.V. (Article 2:115 BW), with the agenda.
• Információ: the board must give the general meeting all information requested, unless a compelling interest of the company opposes this (Articles 2:107(2) and 2:217(2) BW).
• Ülés összehívása: holders of at least one tenth of the issued capital can ask for a meeting and, if refused, ask the court for authorisation (Articles 2:110, 2:111, 2:220 and 2:221 BW).
• Pre-emptive rights: on an issue of new shares you have a pre-emptive right in proportion to your holding (Articles 2:96a and 2:206a BW), unless it is limited or excluded by the articles of a B.V. or by a resolution of the competent body.
• osztalék: profits are distributed in proportion to the shares, unless the articles create classes with different rights.

Most resolutions, including amendments to the articles, mergers and dissolution, need only an absolute majority of the votes cast under the law. Heavier majorities apply only if the articles or a specific statutory provision require them, which is why your articles and részvényesi megállapodás annyira számít.

Where does majority power stop?

The majority must act in accordance with reasonableness and fairness towards you and the company (Article 2:8 BW). A resolution that conflicts with that standard can be annulled.

Typical problems are dilution through a share issue without pre-emption, withholding dividends for years while the majority is paid through management fees, removing a minority director without reason and transactions with companies of the majority shareholder. Not every disadvantage is unlawful: the court leaves room for business judgement. The question is whether the majority could reasonably reach the decision, weighing all interests involved.

How do you challenge a resolution?

You can ask the court to annul a resolution that conflicts with the law or the articles on the way it was taken, with reasonableness and fairness, or with internal regulations (Article 2:15 BW). The right lapses one year after the resolution was sufficiently announced or after you learned of it (Article 2:15(5) BW).

A resolution that conflicts with the law or the articles on its content is void (Article 2:14 BW), and the one-year period does not apply. In urgent cases, you can ask the interim relief judge (voorzieningenrechter) to suspend the resolution while the annulment proceedings run.

When can you ask the Enterprise Chamber for an inquiry?

You can petition the Enterprise Chamber of the Amsterdam Court of Appeal if there are well-founded reasons to doubt correct policy or a proper course of affairs (Article 2:350 BW). You must meet the thresholds of Article 2:346 BW, alone or together with other shareholders, and you must first have made your objections known to the board and supervisory board in writing.

The Enterprise Chamber can appoint investigators and, at any stage, order immediate measures (Article 2:349a BW), such as suspending a director, appointing a temporary director or transferring shares to an administrator. If mismanagement is established, it can order final measures under Article 2:356 BW. More on the procedure in our article on the Vállalkozási Kamara.

Can you force the others to buy your shares?

Yes, through the statutory dispute settlement scheme (geschillenregeling) of Articles 2:335 to 2:343c BW. If the conduct of one or more fellow shareholders harms your rights or interests so seriously that you cannot reasonably be expected to remain a shareholder, you can claim that your shares be taken over (exit claim, Article 2:343 BW).

The reverse also exists. A shareholder who harms the company’s interest so seriously that continued shareholdership cannot reasonably be tolerated can be forced to transfer his shares (expulsion claim, Article 2:336 BW).

Since 1 January 2025, these claims are brought by petition directly before the Enterprise Chamber, which decides in a single instance (Stb. 2024, 175). The scheme applies to all non-listed B.V.s and N.V.s. The court sets the price, usually after advice from one or more experts it appoints.

Can the majority force you out?

A shareholder holding at least 95% of the issued capital can claim the transfer of the remaining shares (squeeze-out, Articles 2:92a and 2:201a BW). The claim is brought before the Enterprise Chamber, which also sets the price.

As a minority shareholder you can argue before the Enterprise Chamber that the price is too low; the court can appoint experts to value the shares. You can also argue that the claim should be rejected, for example if you would suffer serious material damage from the transfer despite the compensation.

Mire kell figyelni kisebbségi részvényesként?

• Which rights the articles and shareholders’ agreement give you on top of the law, such as veto rights or a board seat.
• Whether your pre-emptive right has been excluded in the articles or by resolution.
• Whether the meeting was properly convened and the resolution properly taken, and when the one-year annulment period ends.
• Whether you meet the thresholds for an inquiry, alone or with others, and whether you have objected in writing.
• Whether the conduct of the majority justifies an exit claim under Article 2:343 BW.

What should you check as a majority shareholder or director?

• Whether each resolution can be justified in light of reasonableness and fairness towards the minority.
• Whether the convening notice, agenda and voting comply with the law and the articles.
• Whether related-party transactions are on market terms and properly documented.
• Whether the minority receives the information it asks for in the general meeting.
• Whether the shareholders’ agreement has a deadlock and buy-out clause that avoids court proceedings.

What can we do for you as a minority shareholder?

termékeink vállalati ügyvédek act for minority and majority shareholders in B.V.s and N.V.s; see also our article on részvényesi viták.

• We review the articles, the shareholders’ agreement and the resolution you object to.
• We draft your written objections to the board, as required before an inquiry.
• We start annulment proceedings within the one-year period and request suspension if needed.
• We file an inquiry petition or an exit claim with the Enterprise Chamber.
• We negotiate a buy-out of your shares and the valuation method with the majority.

Összegzésként

• Most resolutions need only a simple majority, so the articles and shareholders’ agreement decide how much protection you have.
• Resolutions contrary to reasonableness and fairness can be annulled within one year (Article 2:15 BW).
• The Enterprise Chamber can order an inquiry and measures if there are well-founded reasons to doubt correct policy.
• Since 1 January 2025, exit and expulsion claims go directly to the Enterprise Chamber, which sets the price.
• A 95% shareholder can squeeze you out, but only at a price set by the Enterprise Chamber.

Gyakran Ismételt Kérdések