After Alibaba went public, the number of board members increased to nine, and the seats on Yahoo's board were cancelled. Ma Yun's so-called partner holds 5 seats, Softbank 1 seat, and the other 3 seats are nominated by the Nomination Committee of the Board of Directors. Nominate directors
It requires more than half of the voting rights of the shareholders' meeting to take effect. It can be seen that the shareholders' meeting has great control over the company. Softbank is currently the largest shareholder of Alibaba Group, holding 34.4% of the shares of the company. Taobao belongs to Alibaba Group, the shareholding structure of Alibaba Group, and the priority of preferred shares has the following four points:
When distributing the company's profits, it can be distributed according to the agreed proportion before the common stock.
When a joint stock limited company is liquidated due to dissolution, bankruptcy and other reasons. Preferred shareholders can split the remaining assets of the company before ordinary shareholders.
Preferred shareholders generally do not enjoy the right to participate in the company's operation, that is, preferred shares do not include voting rights, and preferred shareholders have no right to ask about the company's operation and management, but when it comes to the shareholders' rights and interests guaranteed by preferred shares, preferred shareholders can express their opinions and enjoy the corresponding voting rights.
Preferred stock can be redeemed by the company. Because a joint stock limited company needs to pay a fixed dividend to its preferred shareholders, preferred stock is actually a form of debt for a joint stock limited company, but preferred stock is not.
Similar to corporate bonds and bank loans, this is because the rights of preferred shareholders to share profits and corporate assets can only be exercised after the company meets the requirements of creditors. Preferred shareholders cannot ask for withdrawal, but they can follow the preferential treatment.
The redemption clause attached to the pre-emptive shares shall be redeemed by the joint stock limited company. Most preferred shares have redemption clauses.