THE ROLE OF THE OWNERS OF A JOINT-STOCK COMPANY AND ITS GENERAL ASSEMBLY IN SUPERVISING IT

Abstract

The role of company owners and the general assembly is clearly demonstrated by the shareholder's exercise of their right to review company documents. This right is not an end in itself, but rather a means of clarifying the company's conditions with the aim of assisting and encouraging them to participate effectively in the company's management and to monitor and supervise the actions of its board members.

Since the law has granted the general assembly (the general assembly) of shareholders in joint-stock companies supreme authority, it is essential that shareholders be given the opportunity to learn about the company's conditions by reviewing its documents. This enables them to express their personal opinions on its management and make informed voting decisions in general assemblies. Accordingly, shareholders must be able to learn about the agendas to be presented at general assemblies in sufficient time before they convene, allowing them to study them and make appropriate decisions. They must also be informed of any changes and developments affecting the company at any time, whether by having them reviewed by shareholders at the company's headquarters or by having them sent to them.  On the one hand, and on the other hand, every shareholder has the right to view the company’s documents and obtain photocopies of the documents he wishes to obtain. Iraqi law has made obtaining these documents free of charge, while Egyptian and Jordanian law have made obtaining these documents subject to a fee paid by the shareholder who wishes to obtain them, noting that a request to obtain documents may not be rejected unless these documents are likely to cause harm to the company