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management do not have to inform shareholders of negotiations.
Directors have to act in the best interests of shareholders
However day to day paperwork is not discoverable by shareholders
Shareholders have the right to ask questions at an AGM and to vote directors in or out
apart from their statutory rights , in fact shareholders have very few rights.
Basically the plight of a shareholder is to give money to a company and have very little say in what they do with it
It has always been this way