The recent modification of the Spanish Corporate Act or “Ley de Sociedades de Capital”, on the 3rd of December 2014, has introduced several changes in the regulation of the Board of Directors and Shareholders.
With the aim of strengthening the corporate governance, it is compulsory now that the Board of Directors meets four times per year. Key questions like the conflict of interest and diligence are regulated more accurately. It is also relevant that it is necessary for the Shareholders to approve the disposal of significant assets which represent a value of over 25% of the total assets of the company, according to the last approved balance sheet.
For further information on the changes to Spanish legislation, please contact Aitor Arteaga from BAUM PARTNERS (aitor@baum.es).