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
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In the Ruling STS 4540/2023 of 31 October, the Supreme Court, sets precedent in considering that neither the four-year period from the date on which the action could have been brought, provided for in Article 241 bis of the Companies Act (LSC), nor the same period of liability for debts, but counted from the termination of the director’s duties, regulated in Article 949 of the Code of Commerce, is applicable. Instead, the Court considers that article 367 of the LSC states that the directors are joint and several guarantors of the company’s debts, therefore the limitation period for the debts of the directors must coincide with that provided for the company’s debt. In this line, the Court applied in this case the limitation period for personal actions of article 1964 of the Civil Code.
The criterion set out above is decisive for the purposes of directors’ liability, in relation to the starting date of the limitation period, that must coincide with that corresponding to the action against the debtor company, regardless of the date on which the director ceases to hold office within the company.
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