BRITISH VIRGIN ISLANDS Law and Practice Contributed by: Matthew Cowman, Alex Drysdale, Rosalind Nicholson and Omonike Robinson-Pickering, Walkers
11.2 Aims of Activists Generally speaking, shareholder activists can work to effect social, governance and environ - mental change in the management of a company. A change in leadership can result in increased shareholder returns and an improvement in the overall performance of the company. 11.3 Interference With Completion It is always possible that activists may seek to interfere with the completion of announced transactions, and it is common to advise on such risks.
disapprove of the actions of directors, they may seek to change the composition of the board. Shareholder activism has become more fre - quent, especially with listed companies. Under Section 82 of the BVI Business Companies Act, 2004 (as amended), subject to a provision in the Memorandum and Articles of Association for a lesser percentage, shareholders who hold not less than 30% of the voting rights in respect of the matter for which the meeting is requested can requisition a shareholder meeting to pass resolutions, which may include a resolution to remove a director or directors from the board. This is a powerful tool that may be used by activ - ists.
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