L’actionnaire comme contrôleur

The shareholder brings resources to the enterprise and requires as his counterpart a return of the risk borne. The management of the enterprise is more frequently delegated to an executive officer who has to be controlled by the shareholder. This control can be carried out either directly through the exercise of the right to vote during the general assembly, or indirectly through the board of directors. The market of the take-overs has also a disciplinary role. The article lays out the various control procedures carried out by the shareholder, and examins in particular the lever of the managers’remuneration at the disposition of the board of directors.