Cap table & equity
Information rights
Investor's contractual right to receive financial statements, budgets, and updates from the company.
Definition
Information rights are an investor's contractual right to receive ongoing financial and operational information from the company. Typically includes annual audited financials, quarterly unaudited financials, annual budgets, and updates on material events. Granted to major investors as part of the investor rights agreement.
Same concept, different names
| Universal | Contractual; in investor rights agreement |
|---|---|
| Canada (CBCA) | Baseline statutory rights for shareholders (s. 20-21) |
| Delaware (DGCL) | Baseline statutory inspection rights (§ 220) |
What information rights typically include
Standard information rights for a major investor:
- Annual audited financial statements within 90-120 days of fiscal year end
- Quarterly unaudited financial statements within 30-45 days of quarter end
- Monthly management reports (for larger investors or earlier-stage companies)
- Annual budget and operating plan before fiscal year start
- Capitalization table updates after each issuance
- Material event notices (litigation, leadership changes, material contracts)
- Inspection rights to books and records on reasonable notice
Major investor threshold
Information rights are typically granted to 'major investors' — defined in the agreement as those investing above a certain amount (e.g., $500K or $1M) or holding above a certain ownership percentage (e.g., 5%). Smaller investors get the statutory baseline only.
In Octelligence
Investor reporting, automated.
Octelligence generates the cap table, registers, and ownership reports that satisfy information rights obligations. Push to investors directly or export for the data room.
View cap tableCap table, registers, certificates
Track every investor right at the share level.
Pro-rata, ROFR, drag-along, MFN, registration rights. Recorded against the share, surfaced when relevant.