Listed below are the articles of Law 446 of 1998 in which a procedure held before the Superintendencia Financiera is established to materialize protection for shareholder rights.
– ARTICLE 141. Any number of shareholders of a Company participating in the public stock market that represent a number of shares not exceeding ten percent (10%) and which have no representation in the administration of the Company may appear before the Superintendencia de Valores alleging that their rights have been violated directly or indirectly by the decisions of the Shareholder Meeting, the Board of the legal representatives of the Company.
– PARAGRAPH: Notwithstanding the provisions of this Article, the protection of the rights of minority shareholders of a company shall belong primarily to the legal representatives and the members of the Board of directors if the decision was made in the Shareholder Meeting, or if the decision was made by the Legal Representatives or Board of Directors therefore the protection corresponds to the Shareholder Meeting.
– ARTICLE 142. After an evaluation of the facts underlying the request of minority shareholders and the determination of the circumstances in which the request is based on, the Superintendencia de Valores may adopt measures designed to prevent the violation of shareholder rights, the restoration of balance and the principle of equal treatment in shareholder relations.
– PARAGRAPH: Minority shareholders may also appear before the Superintendencia de Valores in order for it to take the measures it considers convenient whenever there are facts or circumstances that might endanger shareholder rights or when there are reasonable facts to presume the possibility of harm to the company.
For policies regarding our shareholder rights, click here.
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