Minority Shareholders' Rights

Among shareholder rights, rights that can be exercised by one or more shareholders who hold a certain percentage of the total voting rights of all shareholders or a certain number of shares. Because there is a risk of abuse in exercising rights considered minority shareholder rights, it is necessary to make the requirements for exercising them stricter, so that only shareholders who hold a certain percentage or a certain number of shares in total by one or more shareholders can exercise them. These rights are different from sole shareholder rights that can be exercised regardless of the number of shares held by each shareholder. Specifically, there are the right to propose a resolution (Articles 303 and 305 of the Companies Act) that can be exercised by those who hold 1% or more of the total voting rights of all shareholders or 300 or more voting rights within the six months prior to the exercise, the right to request the appointment of an inspector for the general meeting (Article 306 of the same act) that can be exercised by shareholders who hold 1% or more of the total voting rights of all shareholders within the six months prior to the exercise, the right to inspect the books (Article 433 of the same act) and the right to request the appointment of an inspector (Article 358 of the same act) that can be exercised by shareholders who hold 3% or more of the total voting rights of all shareholders or 3% or more of the total number of issued shares. In addition, for private companies (companies with all shares restricted in transfer), there is no six-month requirement prior to exercise.

[Shuzo Toda and Norihiko Fukuhara]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

株主の権利のうち、一人または数人の株主が総株主の議決権の一定割合または一定数以上の株式保有を要件として行使できる権利。少数株主権とされている権利は、その行使には濫用の危険があるため、行使の要件を厳しくする必要から、一人または数人の持株数を合算して、一定割合または一定数以上の株式を有する株主のみが行使できるとしている。各株主がその持株数にかかわりなく行使できる単独株主権と異なる。具体的には、行使前6か月間総株主の議決権の1％以上または300個以上の議決権を有する者が行使できる提案権（会社法303条、305条）、行使前6か月間総株主の議決権の1％以上有する株主が行使できる総会検査役選任請求権（同法306条）、総株主の議決権の3％以上または発行済株式総数の3％以上を有する株主が行使できる帳簿閲覧権（同法433条）・検査役選任請求権（同法358条）などがある。なお、非公開会社（全部株式譲渡制限会社）では、行使前6か月間要件はない。

［戸田修三・福原紀彦］

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