##  [The first stage has begun for law transposing EU directive on the encouragement of long-term shareholder engagement ](/en_GB/new/first-stage-has-begun-law-transposing-eu-directive-encouragement-long-term-shareholder) 

# The first stage has begun for law transposing EU directive on the encouragement of long-term shareholder engagement 





Spain - 05 / 28 / 2019





Spain Corporate Law Alert













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**The Ministry of Economy and Business has announced commencement of the comment period for the Preliminary Bill amending the revised Capital Companies Law, approved by Legislative Royal Decree 1/2010, of July 2, 2010 and other financial legislation, to adapt them to Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement.**





The European directive now being transposed into Spanish law lays down specific requirements with a view to facilitating shareholder identification, the transmission of information and shareholders’ rights; increasing transparency for institutional investors, asset managers and proxy advisors; enhancing the monitoring and transparency of directors’ compensation; and improving the supervision and transparency of related-party transactions.

The period for filing comments ends on June 14, 2019. The complete wording of the preliminary bill is available [here](http://www.mineco.gob.es/portal/site/mineco/menuitem.32ac44f94b634f76faf2b910026041a0/?vgnextoid=add0a609b19ea610VgnVCM1000001d04140aRCRD) and the new legislation introduced by the European directive was discussed in Garrigues commentary: *[Modificación de la Directiva sobre los Derechos de los Accionistas](https://www.garrigues.com/es_ES/noticia/modificacion-de-la-directiva-sobre-los-derechos-de-los-accionistas).*









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