The reference shareholder

The emergence of the reference shareholder is redefining the principles of company law, particularly in terms of democracy and equality between shareholders. This major player exerts a decisive influence, especially when it holds a majority stake. It is therefore paradoxical that a shareholder, initially perceived as a mere investor, should find themselves at the heart of strategic decisions and social affairs.This involvement is even more pronounced in the banking sector, particularly in times of crisis. He is expressly called upon by the Governor of the Central Bank of Tunisia (BCT) to participate in the recovery of the bank in difficulty. This development raises questions about the nature of his responsibility: can we still talk about limited liability when the reference shareholder becomes a key player in the bank's recovery? In light of this change, it is necessary to reflect on the legal framework governing the role of the reference shareholder.