Review of clauses on variable remuneration in the bylaws
The clauses in the articles of association regulating the variable remuneration of directors in companies must include ‘general reference indicators or parameters’ for the determination
LO 2/2024 transposes Directive (EU) 2022/2381 of the European Parliament and of the Council of 23 November 2022 into Spanish law, defining equal representation as a situation in which neither sex exceeds 60% nor is less than 40% in each area, except in cases where female representation exceeds 60%, always in line with the principle of affirmative action.
Regarding the corporate sphere, LO 2/2024 establishes specific requirements for listed companies and public interest entities, when they meet certain requirements, such as having an average of more than 250 workers or exceeding 50 million euros in annual turnover.
The main obligations imposed by the law include:
Failure to comply with these obligations will be considered a serious infringement, as established in article 292 of the Securities Market and Investment Services Act.
As regards implementation deadlines, the law foresees a gradual timetable. For the 35 listed companies with the largest market capitalisation, the deadline is 30 June 2026, while for the remaining listed companies it will be 30 June 2027. Public interest entities will have differentiated deadlines, reaching 40% representation by June 2029.
The clauses in the articles of association regulating the variable remuneration of directors in companies must include ‘general reference indicators or parameters’ for the determination
The DGSJFP confirms that the articles of association may establish their own procedures for the exercise of the right of pre-emptive acquisition, provided that they
An article of the bylaws establishing ancillary obligations whose specific and determined content does not appear in the article itself but by reference to the
