Consequences and repercussions of criminal liability of companies in Spain
Apart from a fine that a court may impose on a company found criminally liable in Spain, there are other consequences, just as harmful, that may affect the company.
Grounds for exempting companies from criminal liability in Spain
A company will be exempted from criminal liability for crimes committed on its behalf if it has implemented a crimes prevention plan and if it has fulfilled the requirements of control and surveillance demanded after the Spanish Penal Code reform.
Representation Powers of Shareholders of Public Limited Companies in Spain
The representation system for public limited companies in Spain is more open regarding parties that may act as proxies on behalf on shareholder, but the manner of representation only grants special powers of attorney for each meeting and not general powers of attorney. In contrast, the manner of representation is stricter than in public limited companies whereby the representation is a shareholder may be carried out by anybody.
Representation of Shareholders at General Meetings in Spain
In Spain the Company Law establishes the regulations of shareholders meetings and their representation. Depending on the kind of company, it may be necessary to submit a proxy.
How to grant the authority to represent shareholders at General Meetings in Spain
In Spain, shareholders are, for various reasons, increasingly unable to attend General Meetings. However, they may choose to be represented at such Meetings by a proxy. Representation of a shareholder …
Compensation to an Administrator in Spain
According to the Capital Companies Act and the Doctrine of the Directorate General for Registers and Notaries, company bylaws must state whether an administrator receives compensation, and company bylaws are …
Shareholders’ Attendance at General Meetings in Spain
According to Article 179 of the Companies Act, shareholders of limited liability companies (“S.L.”) may attend the general meeting. The bylaws of limited liability companies cannot establish a minimum number of represented shares to attend general meetings.
Sole business license to operate in Spain
The sole business license is the Law that unifies the market and provides free movement of goods in Spain. This license eliminates the requirement of submission to 17 different regulations and allows the offering of any product or service produced under Spanish regional regulations anywhere in Spain without additional formalities.
Directors’ retribution in the bylaws of the company in Spain
On March 7, 2013, the General Directorate of Registries and Notary issued a decision concerning the appeal against the Commercial and Personal Property Registrar’s refusal to register a public deed of company agreements. The decision outlines that to counter the presumption of gratuity, the bylaws must specify:
Attendance to Shareholders’ Meeting in Spain by electronic means
According to the Spanish Corporations Act, shareholders can attend meetings by electronic means. However, only public limited companies in Spain are currently able to use this method of attendance if the company’s bylaws authorize it. Attendance by electronic means must guarantee the identity of the individual who is attending the meeting electronically.
