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Aktieägares lojalitetsplikt i fåmansbolag

Hjelström, Tova LU (2024) LAGF03 20242
Department of Law
Faculty of Law
Abstract
The duty of loyalty is a general legal principle in Swedish law that influences several areas of law. While the principle lacks a precise legal definition, it is often described as an obligation to observe or consider the interests of the other party. In company law, it is widely accepted that board members and the CEO are bound by an extensive duty of loyalty toward the company. Howev-er, the situation differs for shareholders. The prevailing view in Swedish law is that shareholders have no duty of loyalty toward either the company or each other. This position is less clear in the context of closely held companies. Such companies are characterized by significant personal involvement and collaboration among owners, something that... (More)
The duty of loyalty is a general legal principle in Swedish law that influences several areas of law. While the principle lacks a precise legal definition, it is often described as an obligation to observe or consider the interests of the other party. In company law, it is widely accepted that board members and the CEO are bound by an extensive duty of loyalty toward the company. Howev-er, the situation differs for shareholders. The prevailing view in Swedish law is that shareholders have no duty of loyalty toward either the company or each other. This position is less clear in the context of closely held companies. Such companies are characterized by significant personal involvement and collaboration among owners, something that aktiebolagslag (2005:551), ABL, is not designed to address.
Jur.dr. Jessica Östberg challenges the prevailing notion that shareholders are not bound by a duty of loyalty in Svensk Juristtidning and argues that certain provisions in ABL may suggest a limited duty of loyalty for shareholders. Moreover, Östberg contends that shareholder agreements that meet the criteria of simple partnerships could provide a basis for a duty of loyalty, both under company law and contract law.
The question of whether there is support for imposing a duty of loyalty on shareholders in closely held companies has been examined based on Östberg’s arguments. The analysis concludes that such support is lacking in both ABL and the rules governing simple partnerships. Shareholder agree-ments may create a duty of loyalty under contract law, provided such an agreement exists. This does not, however, establish a general duty of loyalty for shareholders.
It can be observed that the close collaboration and involvement in closely held companies highlight the need for a stronger duty of loyalty for shareholders than previously advocated in Swedish law. Östberg has identified a gap and a need in the current legislation, but in my opinion, there is no basis for impos-ing a duty of loyalty on shareholders in closely held companies. (Less)
Abstract (Swedish)
Lojalitetsplikten är en allmän rättsprincip i svensk rätt som berör flera olika rättsområden. Principen saknar legaldefinition, men brukar beskrivas som en skyldighet att iaktta eller beakta motpartens intresse. Inom aktiebolagsrätten är den vedertagna uppfattningen att styrelseledamöter och verkställande direktör omfattas av en långtgående lojalitetsplikt gentemot bolaget. För aktieägares vidkommande är situationen annorlunda. Den allmänna uppfattningen i svensk rätt är att aktieägarna inte har någon lojalitetsplikt mot vare sig bolaget eller varandra. Vad gäller fåmansbolag är denna uppfattning mindre självklar. Fåmansbolag kännetecknas av ett stort personligt engagemang och samarbete ägare emellan, något som aktiebolagslag (2005:551),... (More)
Lojalitetsplikten är en allmän rättsprincip i svensk rätt som berör flera olika rättsområden. Principen saknar legaldefinition, men brukar beskrivas som en skyldighet att iaktta eller beakta motpartens intresse. Inom aktiebolagsrätten är den vedertagna uppfattningen att styrelseledamöter och verkställande direktör omfattas av en långtgående lojalitetsplikt gentemot bolaget. För aktieägares vidkommande är situationen annorlunda. Den allmänna uppfattningen i svensk rätt är att aktieägarna inte har någon lojalitetsplikt mot vare sig bolaget eller varandra. Vad gäller fåmansbolag är denna uppfattning mindre självklar. Fåmansbolag kännetecknas av ett stort personligt engagemang och samarbete ägare emellan, något som aktiebolagslag (2005:551), ABL, inte är särskilt anpassad för.
Aktieägares avsaknad av lojalitetsplikt har ifrågasatts av jur.dr. Jessica Öst-berg i Svensk Juristtidning. Hon menar att det finns bestämmelser i ABL som kan ge uttryck för en viss, begränsad lojalitetsplikt för aktieägare. Dessutom argumenterar Östberg för att aktieägaravtal som uppfyller rekvisiten för enkla bolag kan ge stöd för en lojalitetsplikt på både bolagsrättslig och kontrakts-rättslig väg.
Utifrån de argument Östberg ställt upp har frågan om det finns stöd för att ålägga aktieägare i ett fåmansbolag en lojalitetsplikt undersökts. Av utredning-en har framkommit att det saknas ett sådant stöd i både ABL och reglerna för enkla bolag. Aktieägaravtal kan däremot ge upphov till en lojalitetsplikt på kontraktsrättslig väg, men det förutsätter att ett avtal faktiskt föreligger.
Det kan konstateras att det nära samarbetet och engagemanget i fåmansbolag talar för behovet av en starkare lojalitetsplikt för aktieägare än vad som tidi-gare förespråkats inom svensk rätt. Östberg har identifierat en lucka och ett behov i den nuvarande lagstiftningen, men det saknas enligt min uppfattning stöd för att ålägga aktieägare i fåmansbolag en lojalitetsplikt. (Less)
Please use this url to cite or link to this publication:
author
Hjelström, Tova LU
supervisor
organization
course
LAGF03 20242
year
type
M2 - Bachelor Degree
subject
keywords
Lojalitetsplikt, aktieägare, aktiebolag, aktieägaravtal, enkla bolag, associationsrätt
language
Swedish
id
9179878
date added to LUP
2025-03-20 14:01:33
date last changed
2025-03-20 14:01:33
@misc{9179878,
  abstract     = {{The duty of loyalty is a general legal principle in Swedish law that influences several areas of law. While the principle lacks a precise legal definition, it is often described as an obligation to observe or consider the interests of the other party. In company law, it is widely accepted that board members and the CEO are bound by an extensive duty of loyalty toward the company. Howev-er, the situation differs for shareholders. The prevailing view in Swedish law is that shareholders have no duty of loyalty toward either the company or each other. This position is less clear in the context of closely held companies. Such companies are characterized by significant personal involvement and collaboration among owners, something that aktiebolagslag (2005:551), ABL, is not designed to address.
Jur.dr. Jessica Östberg challenges the prevailing notion that shareholders are not bound by a duty of loyalty in Svensk Juristtidning and argues that certain provisions in ABL may suggest a limited duty of loyalty for shareholders. Moreover, Östberg contends that shareholder agreements that meet the criteria of simple partnerships could provide a basis for a duty of loyalty, both under company law and contract law.
The question of whether there is support for imposing a duty of loyalty on shareholders in closely held companies has been examined based on Östberg’s arguments. The analysis concludes that such support is lacking in both ABL and the rules governing simple partnerships. Shareholder agree-ments may create a duty of loyalty under contract law, provided such an agreement exists. This does not, however, establish a general duty of loyalty for shareholders.
It can be observed that the close collaboration and involvement in closely held companies highlight the need for a stronger duty of loyalty for shareholders than previously advocated in Swedish law. Östberg has identified a gap and a need in the current legislation, but in my opinion, there is no basis for impos-ing a duty of loyalty on shareholders in closely held companies.}},
  author       = {{Hjelström, Tova}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Aktieägares lojalitetsplikt i fåmansbolag}},
  year         = {{2024}},
}