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Japanese Partner

“Golden” share in Shareholding Company (JSC)

The “Golden” share refers to a special provision in shareholder’s agreement (or Company Charter) that allow a shareholder (or a group of small shareholders) to have a better voice and higher-than-normal rights in a certain management matters, and the Vietnam Enterprise Law allows that provisions to take effect.

The rights and obligations of a shareholder in JSC are stipulated in the charter of the JSC according to the Enterprise Law. However, taking into account the need to enhance the weight of voice of a certain shareholder in decision-making processes in the JSC related to their direct interests, there are a number of "golden rights” created and provided for in the Charter of the JSC.

This is a non-legal term, but it describes the situation where some holders will have better-than-normal position/power. These “golden rights” are made possible through a tolerance in the Vietnam Enterprise Law to allow “a different provision of the Company Charter” or “a different ratio provided in the Company Charter”.