What "reserved matters" actually means

Reserved matters are a contractual veto. They are a defined list of decisions that, regardless of how the votes would fall under ordinary corporate rules, can only be taken with the unanimous consent of all shareholders (or some defined supermajority that includes the minority). Reserved matters sit above the statutory 75% special-resolution threshold under section 292 of the Companies Act 2016, by contract.

Five categories that typically belong on the list

1. Changes to the nature or scope of the business

The business the minority invested in is the business the company should remain in. Pivots, diversifications, and exits from existing lines should require all parties to sign off, not just the majority.

2. Borrowings outside the approved annual budget

Day-to-day working-capital lines are part of normal operations. Substantial new debt that materially changes the company's financial risk profile should be a reserved matter, with an explicit carve-out for borrowings already approved as part of the annual budget so that operations are not strangled.

3. Creation of mortgages, charges, or encumbrances over company property

Pledging the company's assets affects everyone's downside. Reserved-matter status forces a conversation before the bank documents are signed.

4. Substantial asset transactions outside the ordinary course

Acquisitions, disposals, or transfers of material undertakings, property, or assets. Note that section 223 of the Companies Act 2016 already imposes a statutory shareholder-approval requirement for substantial property transactions; the SHA reserved matter usually sits on top of that, with a lower threshold so the minority is captured.

5. Declaration of dividends

Dividend policy is a frequent flashpoint. Including dividend declarations as a reserved matter prevents the majority from either starving the minority of distributions or forcing payouts that drain working capital.

Drafting points that decide whether the clause works

  • The "ordinary course" carve-out matters. Without it, every routine transaction becomes a negotiation.
  • The annual budget carve-out matters. If borrowings inside the budget are pre-approved at the start of each year, reserved matters do not interfere with operations.
  • Define the consent mechanism.Is "unanimous" required, or a defined supermajority including the minority? Set a response window so silence is not a veto.
  • Tie reserved matters to deadlock procedures. A reserved matter without a deadlock-breaker is a recipe for paralysis.

If you are negotiating reserved matters in a new SHA, or reviewing an existing list that no longer matches how the business is run, please contact us. The list is one of the few places where the SHA can be quietly tuned to reduce future deadlock.

「保留事项」到底是什么

保留事项是一种合同性的否决权。它是一份列明的决策清单，无论按公司一般规则的表决结果如何，这些事项均须经全体股东一致同意（或包含小股东在内的特定超级多数）方可作出。保留事项通过合同安排，凌驾于《2016 年公司法令》第 292 条之 75% 特别决议门槛之上。

通常应纳入清单的五大类

一、变更业务性质或范围

小股东当初投资的业务，理应是公司继续经营的业务。业务转向、多元化或退出现有业务线，应须各方签字同意，而非仅由大股东决定。

二、年度预算之外的借款

日常营运资金额度属正常运营的一部分。任何会实质改变公司财务风险结构的重大新增借款，均应纳入保留事项，并明确将「已纳入年度预算之借款」剔除在外，以免束缚日常运营。

三、对公司财产设定抵押、押记或其他担保权益

对公司资产设押，直接影响所有股东的下行风险。将其列为保留事项，可在签署任何银行文件前迫使一次商讨。

四、超出日常经营范围的重大资产交易

收购、处置或转让重大业务、财产或资产。须注意，《2016 年公司法令》第 223 条已对重大资产交易设定股东法定批准要求；股东协议中的保留事项通常叠加其上，以更低的门槛把小股东纳入。

五、派息决定

派息政策常是冲突的引爆点。将派息纳入保留事项，可避免大股东要么「扣留」分红，要么「强行派发」导致营运资金枯竭。

条款是否真正生效，取决于这些起草细节

  • 「日常经营」碎口至关重要。缺此一笔，每一笔常规交易都会变成一次谈判。
  • 年度预算碎口同样关键。若预算内的借款于年度初已被预先批准，保留事项就不会干扰运营。
  • 明确同意机制。是要求「一致」，还是包含小股东之超级多数？须设定回应窗口，避免沉默被解读为否决。
  • 将保留事项与僵局化解程序挂钩。没有僵局机制的保留事项，是停摆的配方。

若您正在新股东协议中协商保留事项，或正在审视一份与现行经营已不匹配的旧清单，请与本所联系。保留事项是股东协议中少数可以悄然调整、以减少日后僵局的杠杆。