Approval of the Spanish Law for the Improvement of Corporate Governance by the Council of Ministers

The draft legislation for the improvement of corporate governance follows the proposals that the Commission of Experts made and set up especially for this purpose on May 10, 2013. The draft legislation introduces reforms and guidelines for corporate governance that would promote initiatives to Spanish Law.

The proposed changes focus on listed, quoted companies, but the changes have not neglected unlisted ones. Among the changes that affect companies, we emphasize the shareholders’ meeting to intervene in the management of the company; the separation of the voting on agreements on issues that are substantially independent; the extended deadline for contesting social agreements (from 40 days to one year); etc.

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Please note that this article is not intended to provide legal advice.

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