Transposition of Shareholders’ Rights Directive II In Spain: A Look at “Say On Pay” And Related-Party Transactions
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2022
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Bruylant
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Guerrero Trevijano, C. “Rémunérations des dirigeants sociaux (Article 9bis et 9ter). Sous-section 3. Espagne” págs. 543 a 551 “Transactions avec des parties liées (Article 9quater) – Sous-section 3. Espagne” págs. 629-639 en BUCHBERGER, M y COUPET, C. Directives «Droits des actionnaires» 2007/36/CE et (UE) 2017/828. Commentaire article par article, Bruylant, Bruselas, 2022, págs.543 a 551 y págs. 629-639
Abstract
En abril de 2021, el regulador español publicó la Ley 5/2021 cuyo objeto es la mejora del gobierno corporativo y del funcionamiento de los mercados de capitales y la transposición al ordenamiento jurídico español de la Directiva (UE) 2017/828 ("SRD II").
Los principales cambios introducidos por esta Ley que derivan directamente de la SRD II son: "say on pay" y política retributiva de los consejeros; operaciones vinculadas; identificación de los accionistas (ultimate beneficial owners); y, por último, políticas de transparencia de inversores institucionales y gestoras de activos. No obstante, la Ley 5/2021 también ha incluido otros cambios que no eran una necesidad según la DSR II, como ocurre con la inclusión del régimen de las loyalty shares; la limitación del nombramiento de consejeros a personas físicas en las sociedades cotizadas; la facilitación de la celebración de juntas generales a distancia en cualquier tipo de sociedad; la regulación de los proxy advisors y, por último, otros cambios relacionados con el mercado de valores español.
En este capítulo, nos centraremos en dos cuestiones clave que se derivan de los artículos 9 bis, 9 ter y 9 quáter de la SRD II: las competencias de la junta general sobre el "say on pay" de los administradores y la regulación de las operaciones vinculadas.
By April 2021, the Spanish regulator published Law 5/2021 whose purpose is the improvement of corporate governance and the functioning of capital markets and the transposition into Spanish law of Directive (EU) 2017/828 (“SRD II”). The main changes introduced by this Law that directly derive from SRD II are: “say on pay” and remuneration policy for directors; related party transactions; identification of shareholders (ultimate beneficial owners); and, finally, transparency policies of institutional investors and asset managers. Nevertheless, Law 5/2021 has also included other changes that were not a need according to the SRD II, as it happens with the inclusion of the loyalty shares regime; the limitation of appointment of directors to natural persons in listed companies; the facilitation of celebration of remote general meetings in any type of company; the regulation of proxy advisors and, finally, other changes related to the Spanish securities market. In this chapter, we will focus on two key matters that derive from articles 9 bis, 9 ter and 9 quater of the SRD II: the competences of the general meeting on the “say on pay” of directors and the regulation of related-party transactions.
By April 2021, the Spanish regulator published Law 5/2021 whose purpose is the improvement of corporate governance and the functioning of capital markets and the transposition into Spanish law of Directive (EU) 2017/828 (“SRD II”). The main changes introduced by this Law that directly derive from SRD II are: “say on pay” and remuneration policy for directors; related party transactions; identification of shareholders (ultimate beneficial owners); and, finally, transparency policies of institutional investors and asset managers. Nevertheless, Law 5/2021 has also included other changes that were not a need according to the SRD II, as it happens with the inclusion of the loyalty shares regime; the limitation of appointment of directors to natural persons in listed companies; the facilitation of celebration of remote general meetings in any type of company; the regulation of proxy advisors and, finally, other changes related to the Spanish securities market. In this chapter, we will focus on two key matters that derive from articles 9 bis, 9 ter and 9 quater of the SRD II: the competences of the general meeting on the “say on pay” of directors and the regulation of related-party transactions.