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Är bolagets intresse alltid lika med aktieägarnas intresse? Om likabehandling av aktieägare vid riktade emissioner

Bogren, Malin LU (2016) LAGM01 20152
Department of Law
Abstract (Swedish)
Med anledning av nya motivuttalanden och en ny rekommendation om god sed från Kollegiet för svensk bolagsstyrning angående likabehandling av aktieägare vid riktade emissioner utreder uppsatsen om rättsläget har blivit tillräckligt klarlagt och minoritetsaktieägarnas behov av skydd tillgodosett.
Likabehandling av aktieägare anses ligga i bolagsformens grundidé om att öka aktieägarnas investerade kapital genom bolagets verksamhet. Likhetsprincipen i 4 kap. 1 § ABL är inte tillämplig eftersom riktade emissioner utgör ett lagstadgat undantag och den allmänna likabehandlingsprincipen har ersatts av generalklausulerna.
Otillbörlighetsrekvisitet enligt generalklausulen (7 kap. 47 § ABL) är omdiskuterat i doktrin, och det är även det rekvisit... (More)
Med anledning av nya motivuttalanden och en ny rekommendation om god sed från Kollegiet för svensk bolagsstyrning angående likabehandling av aktieägare vid riktade emissioner utreder uppsatsen om rättsläget har blivit tillräckligt klarlagt och minoritetsaktieägarnas behov av skydd tillgodosett.
Likabehandling av aktieägare anses ligga i bolagsformens grundidé om att öka aktieägarnas investerade kapital genom bolagets verksamhet. Likhetsprincipen i 4 kap. 1 § ABL är inte tillämplig eftersom riktade emissioner utgör ett lagstadgat undantag och den allmänna likabehandlingsprincipen har ersatts av generalklausulerna.
Otillbörlighetsrekvisitet enligt generalklausulen (7 kap. 47 § ABL) är omdiskuterat i doktrin, och det är även det rekvisit som aktiemarknads-nämn¬den fokuserar på när de fastställer god sed på aktiemarknaden för riktade emissioner. En finansiell kris kan motivera en riktad emission till befintliga aktieägare om den är värdemässigt utformad utifrån ex. emissionskursen.
Aktieägarnas intresse kan skilja sig åt pga. informationsasymmeteri och olika riskbenägenhet samt utomstående intressen. Det kan även ligga i minoritetens intresse att utföra en riktad emission ex. för att skapa en ytterligare storaktieägare som kan kontrollera den befintliga storägaren. Flera skäl för att rikta en emission fallerar dock när emissionen riktas till en befintlig aktieägare.
I tidigare lagstiftning har högre majoritetskrav funnits motiverat av likabehandlingsprincipen, men även lägre majoritetskrav då lagstiftaren har förlitat sig på generalklausulen. Ett sätt att nå en balans mellan majoritetens och minoritetens intressen kan vara att samtliga närvarande och drabbade aktieägare måste samtycka till en riktad emission. Jag tror emellertid att det skulle ge minoriteten för stor makt.
Motivuttalandena och Kollegiets rekommendation fastställer att det är möjligt att rikta ett emissionsbeslut till befintliga aktieägare, men vilka objektiva skäl som är godtagbara är fortfarande oklart eftersom generella normer är svåra att skapa i detta sammanhang. Istället anser jag att större krav bör ställas på företagens motivering för beslut om riktad emission. (Less)
Abstract
This paper investigates whether the field of law regarding equal treatment of shareholders, when targeting issues, is sufficiently clear. It also adresses if the need of minor shareholders’ protection since the recent preparatory work and the recommendation by Kollegiet for swedish corporate finance.
Equal treatment of shareholders is a basic concept of the limited company. This concept is to increase the shareholders invested capital through the company’s business. The principle of equality in 4 ch. 1 § ABL is not applicable since a targeted issue is a legislated exception. Furthermore, the principle of equal treatment has been replaced by the general clauses.
The undue requisit, according to the general clause (7 ch. 47 § ABL), is... (More)
This paper investigates whether the field of law regarding equal treatment of shareholders, when targeting issues, is sufficiently clear. It also adresses if the need of minor shareholders’ protection since the recent preparatory work and the recommendation by Kollegiet for swedish corporate finance.
Equal treatment of shareholders is a basic concept of the limited company. This concept is to increase the shareholders invested capital through the company’s business. The principle of equality in 4 ch. 1 § ABL is not applicable since a targeted issue is a legislated exception. Furthermore, the principle of equal treatment has been replaced by the general clauses.
The undue requisit, according to the general clause (7 ch. 47 § ABL), is debated by the doctrine of law. It is also the requisit the board of the capital market use to define good practice in the capital market for targeted issues. A financial crisis may be a motive for a targeted issue to existing shareholders, but the issue also needs to be of market value regarding eg. the price of the issue.
The interest of the shareholders may differ due to disparity of information and differing tendency towards risk as well as outside interests. It may even be in the minority’s interest to perform a targeted issue eg. to create another major shareholder to control the existing major shareholder. The motives for performing a targeted issue is fewer when it is targeted to an existing shareholder.
Previously, due to the principle of equal treatment, there has been a higher majority requirement for targeted issues. However, due to the general clauses, there has also been a lower majority requirement. One way of reaching a balance between the majority’s and the minority’s intrerests is to require all present and affected shareholders to agree to a targeted issue. However, in my opinion this would give the minority a power advantage.
The preparatory work and the recommendation of the ”Kollegiet” established that it is possible to target an issue to existing shareholders, but it is still unclear which objective motives are acceptable, since general norms are hard to draw in this situation. In my opinion there should be a more stringent requirement for the company’s motivation for a targeted issue. (Less)
Please use this url to cite or link to this publication:
author
Bogren, Malin LU
supervisor
organization
alternative title
Is the Company's interest the same as the shareholders'? Regarding equal treatment of shareholders when targeting issues
course
LAGM01 20152
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, likabehandling, Nyemission
language
Swedish
id
8513771
date added to LUP
2016-01-27 14:12:50
date last changed
2016-01-27 14:12:50
@misc{8513771,
  abstract     = {This paper investigates whether the field of law regarding equal treatment of shareholders, when targeting issues, is sufficiently clear. It also adresses if the need of minor shareholders’ protection since the recent preparatory work and the recommendation by Kollegiet for swedish corporate finance. 
	Equal treatment of shareholders is a basic concept of the limited company. This concept is to increase the shareholders invested capital through the company’s business. The principle of equality in 4 ch. 1 § ABL is not applicable since a targeted issue is a legislated exception. Furthermore, the principle of equal treatment has been replaced by the general clauses.
	The undue requisit, according to the general clause (7 ch. 47 § ABL), is debated by the doctrine of law. It is also the requisit the board of the capital market use to define good practice in the capital market for targeted issues. A financial crisis may be a motive for a targeted issue to existing shareholders, but the issue also needs to be of market value regarding eg. the price of the issue. 
	The interest of the shareholders may differ due to disparity of information and differing tendency towards risk as well as outside interests. It may even be in the minority’s interest to perform a targeted issue eg. to create another major shareholder to control the existing major shareholder. The motives for performing a targeted issue is fewer when it is targeted to an existing shareholder.
	Previously, due to the principle of equal treatment, there has been a higher majority requirement for targeted issues. However, due to the general clauses, there has also been a lower majority requirement. One way of reaching a balance between the majority’s and the minority’s intrerests is to require all present and affected shareholders to agree to a targeted issue. However, in my opinion this would give the minority a power advantage. 
	The preparatory work and the recommendation of the ”Kollegiet” established that it is possible to target an issue to existing shareholders, but it is still unclear which objective motives are acceptable, since general norms are hard to draw in this situation. In my opinion there should be a more stringent requirement for the company’s motivation for a targeted issue.},
  author       = {Bogren, Malin},
  keyword      = {associationsrätt,likabehandling,Nyemission},
  language     = {swe},
  note         = {Student Paper},
  title        = {Är bolagets intresse alltid lika med aktieägarnas intresse? Om likabehandling av aktieägare vid riktade emissioner},
  year         = {2016},
}