In the last decades, we have witnessed a number of corporate failures. As a rule, all the responsibility was laid on corporate officers and directors, while no one took into consideration possible ...breaches, committed by the shareholders. However, exactly such shareholdersʹ conduct played a substantive role in many critical situations, since every essential decision regarding the companyʹs rehabilitation is ultimately in their hands, through their right to vote on the general meeting. Moreover, the only shareholdersʹ duty standing vis-à-vis such an immense power is their capital subscription. As a result, corporations are saturated with irresponsible shareholders that, in critical times for the company, ruthlessly follow only their own interest, largely ignoring preferences and benefits of other shareholders and, more importantly, the needs of the company itself. Consequently, the purpose of this paper is to draw attention to the development of shareholdersʹ duties and their responsibility to uphold rehabilitation measures, which stems from the duty of loyalty towards the company and fellow shareholders. The paper is based mainly on the German and Dutch legal theory and case law, since both jurisdictions have already made a big step towards full acknowledgment of duty of loyalty. Even more, in special circumstances German legal practice recognizes also the duty to vote positively (positive Stimmpflicht). Eventually, the paper in short presents practical applicability of the findings.
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