The role of the general meeting of shareholders in Spain will have different characteristics depending on whether the company is listed.The features include:For all companiesIntervention in management issues and critical operations:The purpose of the general meeting of shareholders is to issue management instructions unless otherwise provided in the bylaws. Moreover, the general meeting is the appropriate forum for decision-making on key operations (those where the volume exceeds 25 per cent of the total balance sheet assets)Votes: The voting on the proposed resolutions should be separate from those issues that are materially differentConflicts of interest between shareholders: It is proposed to extend to all companies suppression of the vote of the partner who receives personal benefits in situations that give rise to an actual conflict of interestAnnulment of collective agreements:The distinction between void agreements (breach of a legal obligation) or voidable (other infractions) disappearsThe time for dispute extends from 40 days to one yearRegarding legitimacy, at least one per cent of the capital is necessary to annul (this differs depending on whether the agreement is void or voidable)For listed companiesRights of shareholders: The percentage of social capital that is necessary to exercise minority rights reduces from five to three per centVote splitting and dissenting vote: Entities acting on behalf of various individuals may split the vote and delegate it. This would apply to foreign investors who undertake their investments through a chain of financial intermediaries acting as trustees on their behalfRight to information: There exists a proposal to reduce the maximum period within which shareholders may request information from seven to five days before the holding of the meetingAssociations and forums of shareholders: Registration is set to a special register of the National Securities Market Commission and compliance with some accounting and reporting obligations.For additional information regarding general meetings in Spain,