Shareholders are the owners of the company as they hold the ownership rights, i.e. the shares. The shareholder invests in the company both by buying newly created shares and accepting the re-investment of all or part of the net earnings in the business. This re-investment appears in the retained earnings of the balance sheet. The shareholder has a right on the earnings, together with an information right (restricted by confidentiality, see information asymmetry) and a voting right (ordinary shares) which is key for the approval of the accounts and the appointment of directors.