The shareholders’ meeting is the independentbody of the company. It do have the authority to resolve on some of the mostimportant issues affecting the company, including the appointment and dismissalof members of the board of directors and amending company’s articles ofassociation.
There are only two kinds of shareholders’ meetings under French law: ? The ordinary shareholders’ meeting:It must be held at least once a year in order to approve annual financialstatements and is also very much competent to appoint or dismiss the members ofthe board of directors or, the adoption of any decisions requires a majority of50 % of the shares present or represented at the meeting. ? The extraordinary shareholders’meeting: It is competent enough to take decisions involving an amendment to thecompany’s articles of association (for example, any capital increase, changeof the corporate governance structureand change in registered office); the adoption of such decisions requires amajority of two-thirds of the shares present or represented at the meeting.Mainly the right of a shareholder is the rightto attend & vote at shareholders’ meeting, such right are discussed asfollows: ? Each shareholder must be assembledto the shareholders’ meeting. ? Each shareholder is entitled to attend meeting in person or video conference, vote by mail or by email (only if the company’sarticles of association allow) or be represented by its spouse or by another shareholder, unless the company’sshares are listed on NYSE. Euronext Paris or on Alternext, in which case theshareholder can be represented by any person of his/her choice. A shareholders’ meeting cannot be validly heldunless and until the following quorum is met: ? for an normal shareholders’ meeting,one-fifth of voting rights (and no quorum if the meeting is convened on secondnotice); and ? for any ordinary shareholders’meeting, one-quarter of the voting rights (and one-fifth if the meeting isconvened on second notice).
Except for the preferred shares and for shareswith the double voting rights, each share holds the right of one vote. A lawdated on 29 March 2014 provides that shareholders who have been holding theirshares for more than two years automatically receives double voting rights, unlessprovided otherwise in the companies bylaws.