The reform that encourages long-term shareholder engagement at listed companies has been approved and it introduces amendments in terms of corporate governance and the functioning of capital markets
The Spanish parliament has approved the Law amending the Companies Act (Legislative Royal Decree 1/2010, of July 2, 2010) and other pieces of financial legislation, as regards the encouragement of long-term shareholder engagement at listed companies.COVID-19: Remote meetings or taking action by written consent without holding a meeting are allowed for managing and administrative bodies of business and civil legal entities
Managing and administrative bodies of business and civil legal entities may as an exception in 2021 hold meetings by phone or remotely or take action by written consent without holding a meeting, even where not expressly permitted by their bylaws.The first stage has begun for law transposing EU directive on the encouragement of long-term shareholder engagement
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.