The Civil Section of the Supreme Court has ruled the possibility for shareholders to acceding to information of their company.
The supposition of fact comes from a conflict between a minority shareholder with a 25% of the company and its brothers, with a 75%, in a family business. The minority shareholder requested for exhaustive information on the accounts and balance of the company before the celebration of the board of shareholders. The rest of the shareholders denied its request and, consequently the matter ended up in the Courts.
The Supreme Court has established that the right to information to shareholders is a right recognized in the Articles of Association of every Unlimited Liability companies, and shareholders, in the Board have the right, not only to inspect and test the documents which are going to be approved in that meeting, but also, to seek for exhaustive information and ask for all clarification and explanation required. Notwithstanding, the Supreme Court has established four limits to this judgement: 1. That the requested information is associated to any established points of the day: 2. that this information is requested in time and form; 3. that the disclosure of the information is not contrary to the companies interests and; 4.that this right is not exercised in an abusive way.