Shareholders Agreement — Chile

Shareholders Agreement in Chile (Convenio de Accionistas) is a private contract between two or more shareholders of a Chilean Sociedad Anónima (S.A.) — whether an S.A. abierta (open corporation) regulated by the Comisión para el Mercado Financiero (CMF) under Ley N° 18.046 of 22 October 1981, or an S.A. cerrada (closed corporation) — governing their rights and obligations with respect to their shareholding, the management of the company, and the relationship between shareholders as a group separate from their individual rights as shareholders under the corporation's bylaws (estatutos sociales).

Article 14 of Ley N° 18.046 expressly recognizes the validity of shareholders agreements (convenios entre accionistas) and establishes that such agreements are binding on the parties (obligatorios para las partes) but are not enforceable against the company (inoponibles a la sociedad) unless the company is a party to the agreement or the agreement is incorporated into the bylaws. This distinction — fundamental in Chilean corporate law — means that if a shareholder votes in violation of a shareholders agreement (for example, voting against a resolution the agreement required to support), the vote is still valid and counts for purposes of the S.A.'s decision-making, even though the violating shareholder may be liable to the other parties for breach of contract (incumplimiento contractual).

For S.A. abiertas registered with the CMF — those with 500 or more shareholders or with publicly traded shares (acciones de libre bursatilidad) listed on the Bolsa de Comercio de Santiago (BCS) or Bolsa de Valparaíso — Article 14 bis of Ley N° 18.046 requires that shareholders agreements affecting corporate control (control societario) be disclosed to the CMF and the general public through the CMF's Sistema de Envío de Información (SEIL). Shareholders holding 10% or more of the issued shares of an S.A. abierta must file an ownership notification (declaración de tenencia) under CMF Norma de Carácter General (NCG) N° 229. Agreements that constitute acting in concert (actuación concertada) for purposes of the Chilean tender offer rules (Ley N° 18.046 Title XV on ofertas públicas de adquisición de acciones — OPA) must comply with CMF's NCG N° 104.

For venture capital and private equity transactions involving Chilean S.A. companies, shareholders agreements drafted under Ley N° 18.046 Article 14 typically govern: liquidation preference rights (preferencia en la liquidación) for Series A and Series B preferred shareholders; anti-dilution protection (protección antidilución) through broad-based or narrow-based weighted average adjustments; information rights (derechos de información) — rights to receive quarterly financial statements, annual audited accounts, and board meeting minutes; board composition rights (derechos de representación en el directorio) — the right of significant shareholders to nominate directors (directores) to the seven or five-member board under Ley N° 18.046 Articles 31–50 on the directorio; and exit provisions (disposiciones de salida) including initial public offering (IPO) registration rights and drag-along obligations.

The Código de Comercio Article 424 reference in the context of shareholders agreements relates to the general obligation of partners and shareholders to act in good faith (buena fe) in corporate arrangements, a principle applied by Chilean courts — including the Corte de Apelaciones de Santiago and the Corte Suprema — when adjudicating disputes between shareholders under agreements governed by Chilean law. Chile's corporate arbitration practice, centred on the Centro de Arbitraje y Mediación de Santiago (CAM Santiago) and Arbitraje y Mediación de Chile (Chile Árbitros), provides the primary forum for resolving shareholders agreement disputes under the Código de Procedimiento Civil's arbitration framework (Articles 222–243).

A Shareholders Agreement under Ley N° 18.046 Article 14 is required whenever shareholders of a Chilean S.A. — particularly an S.A. cerrada — need to govern their mutual rights and obligations beyond the provisions of the company's statutory bylaws.

Founders (fundadores) of a technology startup incorporated as an S.A. cerrada in Chile use a shareholders agreement to establish vesting schedules (calendarios de adquisición de derechos) for founder shares — typically a four-year vesting period with a one-year cliff, modelled on Silicon Valley venture capital standards adapted for Chilean law by firms such as Carey, Claro & Cia., and Barros & Errázuriz. The agreement prevents a founding shareholder who departs early from retaining their full equity stake, protecting the remaining founders and investors.

Venture capital firms — including Chilean VCs backed by CORFO's Fondo de Fondos program such as Nazca, Magma Partners, and Fen Ventures, as well as international funds operating through Chilean vehicles — require a shareholders agreement as a condition of investment. Standard terms include preferred share liquidation preferences, anti-dilution protection, information rights, board representation (typically one board seat for each major investor), pro-rata rights for future funding rounds, and drag-along provisions requiring minority shareholders to support a sale approved by the majority.

Shareholders of an S.A. cerrada engaged in a joint venture (empresa de riesgo compartido) — for example, a mining exploration joint venture operating under Código de Minería concessions in the Atacama region or a renewable energy project under Ley N° 20.936 on the Transmission System — use shareholders agreements to allocate management responsibilities, define the consent rights of minority shareholders for major decisions (decisiones estratégicas), establish the financial contribution obligations of each party (aportes adicionales), and provide a mechanism for deadlock resolution (desbloqueo societario) when the shareholders cannot agree on strategic matters before the directorio.

Family businesses incorporating as S.A. cerradas use shareholders agreements to govern succession planning — specifying that shares can only be transferred to family members within defined branches (ramas familiares), establishing family council (consejo de familia) representation on the directorio, and providing a mandatory buyout mechanism (compra forzada) at fair value when a shareholder dies, becomes incapacitated, or divorces, protecting the business from forced liquidation proceedings before the Juzgado Civil.

A valid Shareholders Agreement in Chile under Ley N° 18.046 Article 14 must contain the following essential elements to protect the rights of all shareholders and provide an effective governance framework beyond the company's statutory bylaws:

Parties and Share Ownership (Partes y Participación Accionaria): Full identification of all shareholder parties — name, RUT, address, number and series of shares held, and percentage ownership — with reference to the S.A.'s share registry (registro de accionistas) maintained under Ley N° 18.046 Article 12. The agreement should clarify which shareholders are parties (not all shareholders need to be signatories) and the effect on non-signatory shareholders.

Voting Arrangements (Acuerdos de Voto): Provisions governing how shareholders agree to vote at ordinary shareholders' meetings (juntas ordinarias de accionistas) held annually under Ley N° 18.046 Article 56, and extraordinary shareholders' meetings (juntas extraordinarias) convened for specific matters under Articles 57–67. Common provisions include: voting trusts (acuerdos de voto en bloque) — obligations to vote together as a unified block on specified resolutions; consent rights — requirements that certain shareholders' consent be obtained before the company takes specified actions (for example, issuing new shares, incurring debt above a threshold, or selling material assets); and deadlock resolution — mechanisms for resolving voting deadlocks including mediation before the Centro de Arbitraje y Mediación de Santiago (CAM Santiago), a casting vote held by an independent chairman, or compulsory buyout at fair market value.

Board Representation Rights (Derechos de Representación en el Directorio): Rights of significant shareholders to nominate directors (directores) to the S.A.'s directorio under Ley N° 18.046 Articles 31–50. Chilean S.A. bylaws typically establish a directorio of five or seven members elected at the ordinary shareholders' meeting for two-year renewable terms. The shareholders agreement may grant specific shareholders the right to nominate one or more directors regardless of vote outcome — creating a contractual overlay on the statutory election process.

Share Transfer Restrictions (Restricciones a la Transferencia de Acciones): Unlike SRL cuotas, S.A. shares (acciones) are freely transferable under Ley N° 18.046 Article 14 unless the bylaws or a shareholders agreement restricts transfer. Common restrictions include: right of first offer (derecho de primera oferta) — the selling shareholder must offer shares to existing shareholders at the proposed sale price before selling to third parties; right of first refusal (derecho de tanteo) — existing shareholders can match any third-party offer; lock-up periods (períodos de restricción) — typically twelve to twenty-four months from closing of an investment transaction; tag-along rights (derechos de acompañamiento) — minority shareholders have the right to participate in a sale initiated by a majority shareholder at the same price and terms; and drag-along rights (derechos de arrastre) — majority shareholders can require minority shareholders to sell their shares in a transaction approved by the required majority.

Dividend Policy (Política de Dividendos): Agreement on the annual dividend distribution — supplementing the statutory minimum dividend requirement of 30% of net profits under Ley N° 18.046 Article 79. Shareholders agreements may establish a higher minimum dividend, a discretionary dividend policy subject to board recommendation, or a prohibition on dividends during defined periods (for example, while venture debt is outstanding).

Information and Inspection Rights (Derechos de Información): Beyond the statutory rights of shareholders to inspect books and records at the registered office under Ley N° 18.046 Article 54, shareholders agreements typically grant significant investors enhanced information rights — monthly management accounts, quarterly financial statements, annual audited accounts prepared by an auditor registered with the CMF or the Colegio de Contadores de Chile, annual business plans, and notice of all board meetings and major decisions.

Anti-Dilution Protection (Protección Antidilución): For shareholders holding preferred shares (acciones preferentes) under a multi-series share structure, anti-dilution provisions adjusting the conversion ratio or subscription rights to protect against dilutive new share issuances at a lower price per share than paid by the protected shareholder.

Dispute Resolution (Resolución de Controversias): The preferred forum for resolving shareholders agreement disputes — typically arbitration (arbitraje) under the Rules of the Centro de Arbitraje y Mediación de Santiago (CAM Santiago) or Chile Árbitros, applying Chilean law, with a panel of three arbiters (árbitros arbitradores) or a sole arbiter for lower-value disputes. Chilean arbitration law is governed by Articles 222–243 of the Código de Procedimiento Civil for domestic arbitration, and by Ley N° 19.971 on International Commercial Arbitration for cross-border disputes.

Forms-legal.com provides this Shareholders Agreement Chile template as a reference tool for S.A. shareholders establishing governance frameworks under Ley N° 18.046. Complex venture capital transactions, multi-party joint ventures, and regulated industry shareholders agreements should be reviewed by an abogado specializing in derecho societario and capital markets law, particularly for S.A. abiertas requiring CMF disclosure compliance. Los usuarios de forms-legal.com pueden descargar este documento de forma gratuita en formato PDF o DOCX, completar los campos del formulario guiado y obtener un documento listo para firma.