The headline difference
A constitution is a public, statutory document that binds the company and all of its members. A shareholders' agreement (SHA) is a private contract that binds only the parties who sign it, and binds the company only if the company is itself named as a party to the SHA.
Side-by-side
| Aspect | Constitution | Shareholders' Agreement |
|---|---|---|
| Nature | Statutory governance document under the Companies Act 2016 | Private contract between shareholders (and the company, where named) |
| Scope | Applies to the company and every shareholder, including future ones | Applies only to the signatories, new shareholders must accede |
| Amendments | Special resolution under s. 36 read with s. 292 CA 2016 (75% of votes cast) | By mutual consent of the parties, per the SHA itself |
| Typical content | Share capital structure, class rights, board procedures, indemnities | Funding obligations, share transfer mechanics (ROFR, drag, tag), dividend policy, exit mechanics, deadlock resolution, reserved matters |
| Filing | Public, filed with SSM | Private, not filed |
| Confidentiality | Public record | Confidential between the parties |
Why both, and not just one
The constitution is the document the world sees and the company can rely on against third parties. The SHA is the document the shareholders rely on between themselves, covering the commercial bargain, the personal relationships, and the mechanics of exit. Putting commercially sensitive terms (like founder lock-ins, valuation formulas, or detailed reserved matters) in the constitution exposes them publicly; leaving them out of the SHA leaves the relationship undefined.
A practical conflict trap
Where the constitution and SHA cover the same ground but say different things, the question of which prevails depends on (a) whether the SHA expressly says the SHA prevails, (b) whether the company is itself a party to the SHA, and (c) whether the inconsistent provision is something the Act does not allow the SHA to override. The safer route is to draft both documents together, by the same lawyer, so the boundary is intentional.
If you are setting up a new company, or updating an existing constitution and shareholders' agreement, please contact us so the two documents work together rather than against each other.
核心区别
公司章程是依《2016 年公司法令》之公开法定文件，约束公司及全体股东。股东协议（SHA）是私下的合同，仅约束签署方，只有当公司本身被列为协议一方时，才一并约束公司。
对照比较
| 方面 | 公司章程 | 股东协议 |
|---|---|---|
| 性质 | 《2016 年公司法令》下之法定治理文件 | 股东之间（以及作为一方的公司）之私下合同 |
| 范围 | 适用于公司及每一位股东，包括未来的股东 | 仅适用于签署方，新股东须签署加入 |
| 修订 | 依《公司法令》第 36 条读以第 292 条之特别决议（75% 表决权） | 依协议本身规定，经各方同意 |
| 典型内容 | 股本结构、类别权利、董事会程序、责任豁免 | 资金义务、股权转让机制（ROFR、强制随售、跟随出售）、分红政策、退出机制、僵局化解、保留事项 |
| 备案 | 公开，向 SSM 提交 | 私下，不备案 |
| 保密性 | 公开记录 | 各方间保密 |
为何两者皆需，而非择一
章程是外界可见、公司可对第三方援用的文件；股东协议则是股东之间内部依靠的文件，涵盖商业约定、个人关系与退出机制。将商业敏感条款（如创办人锁定期、估值公式、详细的保留事项）写入章程会暴露给公众；将其遗漏在 SHA 之外，则关系无从界定。
实务中的冲突陷阱
当章程与 SHA 在同一事项上规定不一时，何者优先取决于：(a) SHA 是否明确写明 SHA 优先；(b) 公司本身是否为 SHA 之签署方；以及 (c) 不一致之条款是否属法令不允许 SHA 凌驾之事项。较稳妥之做法，是将两份文件由同一位律师同步起草，使其分界有意为之。
若您正在设立新公司，或正考虑更新现有的公司章程与股东协议，请与本所联系，让两份文件相辅相成，而非相互掣肘。