Voting rights - giketsuken

Japanese: 議決権 - ぎけつけん

One share, one vote principle and its exceptions

The right of shareholders to attend a general shareholders meeting and participate in resolutions is called voting rights, and in principle, each shareholder has one vote per share (one share, one vote principle; Article 308, paragraph 1, main text of the Companies Act). However, there are the following exceptions:

(1) Shares less than one unit do not have voting rights (Article 308, Paragraph 1, of the same Act).

(2) With stocks with restricted voting rights, the holder does not have voting rights on restricted matters (Article 108, Paragraph 1, Item 3 of the same Act).

(3) Shares for the election and dismissal of directors and auditors (Article 108, Paragraph 1, Item 9 of the same Act) Only shareholders who hold this type of stock can make resolutions for the election and dismissal of specified directors and auditors. Therefore, other shareholders have no voting rights regarding the election and dismissal of the directors in question.

(4) Mutually held shares (Article 308, paragraph 1 of the same Act, main text in parentheses) In cases where a corporation holds more than one-fourth of the voting rights of all shareholders, the controlled company, etc. does not have voting rights even if it holds shares in the controlling company.

(5) Treasury stock does not have voting rights (Article 308, Paragraph 2 of the same Act).

(6) The voting rights of shareholders who are special interested parties are not generally excluded from the shares. However, in certain cases, a resolution of a general meeting of shareholders in which a special interested party is involved may be subject to revocation (Article 140, paragraph 3 and Article 160, paragraph 4 of the Companies Act).

(7) Shares acquired after the record date do not have voting rights (Article 124 of the same law). In Japan, voting stocks that give multiple voting rights per share are not permitted, but the unit of unit shares can be changed for each type of share, so it is possible to create a situation in which multiple voting rights are essentially permitted. In addition, the cumulative voting system involves multiple resolutions to appoint directors being made at the same time, and is not an exception to the number of voting rights.

[Shuzo Toda and Norihiko Fukuhara]

How to exercise your voting rights

It is normal for shareholders to attend the general shareholders' meeting in person and exercise their voting rights, but the law also allows the following methods of exercising their voting rights:

(1) Proxy voting Shareholders may exercise their voting rights through a proxy (Article 310, Paragraph 1, first part of the Companies Act). In this case, the shareholder or proxy must submit a power of attorney to the company (Article 310, Paragraphs 1, second part and 3 of the Companies Act), and the proxy must be granted at each general shareholders meeting (Article 310, Paragraph 2 of the Companies Act). There are no legal restrictions on the qualifications of a proxy, but many companies have provisions in their articles of incorporation that limit the qualifications of a proxy to shareholders, and case law has interpreted such provisions as valid to the extent that they are reasonably limited and based on reasonable reasons.

(2) Inconsistent exercise of voting rights Shareholders with two or more voting rights may use some of their voting rights in favor of a proposal and the remaining voting rights against it (Article 313, Paragraph 1 of the IPO). For example, if a shareholder holds shares on behalf of others, such as by receiving shares in a trust, there is a possibility that the will of the other person may differ from the shareholder's will when exercising his or her voting rights. In such cases, it is necessary to exercise voting rights inconsistently for the shares held. Therefore, when a shareholder is not holding shares on behalf of others, the company may refuse to exercise voting rights inconsistently (Article 313, Paragraph 3 of the IPO). Shareholders of a company with a board of directors must notify the company of their intention to exercise voting rights inconsistently and the reason for doing so at least three days before the date of the general shareholders' meeting (Article 313, Paragraph 2 of the IPO). Shareholders of a company without a board of directors may exercise voting rights inconsistently without notifying the company in advance (Article 313, Paragraph 2 of the IPO).

(3) Written voting and electronic voting This is a system that allows shareholders to exercise their voting rights without attending the general shareholders' meeting, and when deciding to convene a general shareholders' meeting, it is decided whether to use written or electronic voting (Article 298, Paragraph 1, Items 3 and 4 of the same Act). However, in principle, written voting is mandatory for companies with 1,000 or more shareholders who can exercise voting rights (Article 298, Paragraph 2 of the same Act).

[Shuzo Toda and Norihiko Fukuhara]

Takahito Kato, Allocation of Voting Rights among Shareholders: The Function and Limitations of the One Share, One Vote Principle (2007, Shojihomu)

[Reference] | Shareholders | Shareholders' Meetings | Restricted Voting Stocks

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

一株一議決権原則とその例外

株主が株主総会に出席して、その決議に加わる権利を議決権といい、各株主は原則として1株につき1個の議決権を有する（一株一議決権原則。会社法308条1項本文）。ただし、次の例外がある。

(1)単元未満株式には議決権はない（同法308条1項但書）。

(2)議決権制限株式では制限された事項について議決権はない（同法108条1項3号）。

(3)取締役・監査役の選解任株式（同法108条1項9号）　所定の取締役・監査役の選解任決議は、この種類株式を有している株主だけしか行えない。よって、当該取締役選解任についてその他の株主には議決権はない。

(4)相互保有株式（同法308条1項本文括弧(かっこ)書）　株式会社が総株主の議決権の4分の1以上を有する場合などに、支配されている会社等は、支配している会社の株式を有していたとしても、議決権を有しない。

(5)自己株式には議決権はない（同法308条2項）。

(6)特別利害関係人である株主の株式は、その議決権が一般的に排除されることはないが、特別利害関係人が関与した株主総会決議は、一定の場合、取消事由が発生する（同法140条3項、160条4項）。

(7)基準日後に取得された株式には議決権はない（同法124条）。なお、日本では、1株につき複数の議決権が与えられる議決権株は認められないが、単元株式の単元は株式の種類ごとに変えられるので、実質的に複数議決権を認められるような状況も作出できる。また、累積投票の制度は、数個の取締役選任決議を一括して行うもので、議決権の数についての例外とはいえない。

［戸田修三・福原紀彦］

議決権の行使方法

株主が自分自身で株主総会に出席して、議決権を行使することが通常であるが、法律上、以下のような行使方法をも認められている。

(1)議決権代理行使　株主は代理人によって議決権を行使することができる（会社法310条1項前段）。この場合、株主または代理人は委任状を会社に提出することを要し（同法310条1項後段・3項）、代理権の授与は、株主総会ごとに行われなければならない（同法310条2項）。代理人資格について法律上の制限はないが、実際に代理人の資格を株主に限定する旨の定款の定めをおいている会社が多く、判例ではこのような定めを合理的理由による相当程度の制限の範囲で、有効と解されている。

(2)議決権不統一行使　2個以上の議決権を有する株主は、議案につき、その一部をもって賛成し、残部をもって反対することができる（同法313条1項）。たとえば、株主が株式の信託を受けるなど他人のためにも株式を保有している場合に、議決権を行使するときに、その他人の意向と自らの意向とが食い違う可能性がある。その際に、保有株式について議決権を不統一行使する必要がある。よって株主が他人のために株式を保有しているときではないときには、会社が不統一行使を拒否できる（同法313条3項）。取締役会設置会社の株主は、不統一行使をする旨およびその理由を株主総会の日の3日前までに通知しなければならない（同法313条2項）。なお、取締役会非設置会社の株主は、事前に会社に通知することなく、議決権の不統一行使が可能になる（同法313条2項）。

(3)書面投票・電子投票　株主が株主総会に出席せずに、議決権を行使することを可能とする制度であり、株主総会の招集を決定するに際して、書面または電磁的方法による議決権行使を利用するか否かが決定される（同法298条1項3号・4号）。ただし、議決権を行使することができる株主の数が1000名以上の会社では、原則として書面投票が義務づけられる（同法298条2項）。

［戸田修三・福原紀彦］

『加藤貴仁著『株主間の議決権配分――一株一議決権原則の機能と限界』（2007・商事法務）』

[参照項目] | 株主 | 株主総会 | 議決権制限株式

出典　小学館　日本大百科全書(ニッポニカ)日本大百科全書(ニッポニカ)について　情報 | 凡例

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