What can be inspected in a shareholder right-of-information action, and what if the company refuses?
Under Article 57 of the new Company Law, shareholders may inspect and copy the articles of association, the shareholders’ book, minutes of shareholders’ meetings, board and supervisory resolutions and financial reports; inspection of accounting books and vouchers requires a statement of purpose. A company may refuse on reasonable grounds of improper purpose, but must reply in writing with reasons. The shareholder may then sue to compel inspection.
