Shareholders’ responsibilities in managing companies: comparative legal aspects

Shareholders’ Responsibilities in Governing Companies: Comparative Legal Aspects. In order to meet company’s goals, it is important to maintain a legal system which supports suitable relationships among corporate bodies. Legal obligations and its balance is a key to the productive and efficient governance of a company. Hence, this paper analyzes the essence of management in an emerging company and shareholder duties within. Main shareholder duties include initiating company’s bankruptcy case at the presence of insolvency; as well as, gathering general meetings and electing additional corporate bodies. A conclusion was drawn that shareholder obligation and fiduciary duties to a company vary greatly among different countries. In this case, the rights of creditors and their statutory demands are given greater importance and protection in Lithuania’s legal system in comparison to shareholders’ rights. What is more, shareholders bear general obligations to the company and other shareholders which include remaining loyal while making important decisions