Shareholder voting rights
Although in practice the directors of a company take care of the day to day running of the business it is the shareholders that actually own the company. When it comes to important decisions the consent of the shareholders is required. This is done by convening a ‘shareholders meeting’ in which the shareholders will vote on the matter at hand.
Most companies are setup so that every shareholder has equal voting rights in proportion to their shareholding in the company. This will be the case unless you set your company up with different classes of shares and amend the voting rights for the different share classes (for instance having a class of shares with no voting rights at all). For many matters decided by the shareholders an ‘ordinary resolution’ is required to be passed at a vote. This requires a simple majority to be passed (i.e. greater than 50%).
For other matters such as a resolution to change the company name the Companies Act requires a special resolution to be passed at a shareholders meeting. A special resolution requires 75% of the votes cast in order to be passed.