What the majority actually needs

The majority's interest is the opposite of the minority's: keep decision-making efficient, prevent dilution of control, and preserve the ability to deliver a clean exit. Five clauses do most of the work.

1. Board control

The right to appoint and remove a majority of the directors. This is the foundation of management alignment, without it, the majority's shareholding does not translate into operational control.

2. Decision-making efficiency

Negotiate carefully on the scope of reserved matters. Keep them narrow enough that routine business decisions do not require minority sign-off, but broad enough that minority shareholders accept the deal. An over-broad reserved-matters list is the most common way the majority loses operational momentum after a fundraising round.

3. Pre-emptive rights on new issuances

When new shares are issued, the majority should have the right to subscribe pro rata to maintain its percentage. Without this, the controlling stake erodes round by round.

4. Restrictions on minority share transfers

Require majority (or board) consent before any minority shareholder can transfer shares to a third party. The point is to keep unfamiliar parties out of the cap table, not to trap the minority, most such clauses are paired with the minority's right to exit via ROFR or a deemed-transfer event.

5. Drag-along rights

When the majority finds an acquirer for the whole company, drag-along forces the minority to sell on the same terms. This is what makes a clean 100% sale deliverable. Without drag-along, even one obstinate small shareholder can block an exit.

Drafting choices the majority should not concede

  • Drag-along threshold. 75% is typical; setting it at 90% effectively gives the minority a veto.
  • “Fair value” floor on drag-along price. Sometimes acceptable, but tie it to a clear methodology, not a litigation-prone valuation fight.
  • Reserved-matters list. Resist scope creep. Every additional item is a future negotiation.
  • Anti-dilution.Be careful agreeing to anti-dilution adjustments in the minority's favour, they can make later fundraising punitive for the majority.

If you hold a majority position and want to use it responsibly, or you are about to take control of a company, please contact us so the rights are exercised properly under the Companies Act 2016 and the SHA.

大股东真正需要的是什么

大股东的利益与小股东相反：保持决策效率、防止控制权被稀释、并保留实现干净退出的能力。五项条款承担了大部分工作。

一、董事会控制权

有权任命与罢免多数董事。这是管理层与股东利益对齐的基础，若缺此一项，大股东的持股就无法转化为运营控制。

二、决策效率

就保留事项的范围谨慎谈判。范围应足够狭窄，使日常经营决定无须小股东首肯；又应足够广泛，使小股东愿意接受。一份过于宽泛的保留事项清单，是融资轮后大股东最常失去运营节奏的方式。

三、新股发行之优先认购权

在新发行股份时，大股东应有权按比例认购，以维持其持股比例。否则，控股地位会在每一轮融资中被逐步侵蚀。

四、限制小股东转让股权

要求小股东在向第三方转让股份前须取得大股东（或董事会）同意。其目的并非困住小股东，而是避免不熟悉的方进入股东名册，此类条款通常与小股东之 ROFR 或视为转让事件等退出机制成对出现。

五、强制随售权（Drag-Along）

当大股东为整家公司找到买方时，强制随售权可迫使小股东按相同条款出售股份。这是实现「干净 100% 出售」的关键。没有此项条款，一位顽抗的小股东即可阻断退出。

大股东不应让步的起草细节

  • 强制随售门槛。75% 为常见；若提高至 90%，等于把否决权交给小股东。
  • 对强制随售设「公允价值」下限。有时可接受，但须挂钩明确的估值方法，避免演变为诉讼性争议。
  • 保留事项清单。抵制范围蔓延。每多一项，便是未来多一次谈判。
  • 反稀释机制。对小股东有利的反稀释调整要谨慎接受，日后融资可能对大股东造成不成比例的代价。

若您持有多数股权并希望审慎行使，或即将取得公司之控制权，请与本所联系，确保相关权利依《2016 年公司法令》及股东协议规范地行使。