Can a shareholders agreement be signed electronically?
Yes. The Swedish Companies Act (2005:551) sets no form requirement for a shareholders agreement, and under article 25.1 of the eIDAS regulation (910/2014) an electronic signature may not be denied legal effect solely because it is electronic.
The practical problem with shareholders agreements is rarely the law. It is geography. Four co-owners, three cities, one person on parental leave, and an investor who needs the document before the board meeting.
Everyone gets their own link to the same document. You can see who has signed and who has not opened the email yet.
How does a shareholders agreement differ from the articles of association?
The articles of association are the public rulebook of the company and must be registered. Under chapter 3 section 5 of the Companies Act, a decision to amend the articles must be reported for registration immediately and may not be carried into effect before it has been registered. The shareholders agreement is a contract between the owners and is registered nowhere.
It also means the shareholders agreement binds the people who signed it. That is why it matters that every co-owner really did sign, and that you can show when.
An agreement missing two of five signatures is not an agreement between five people.

