{"id":16650,"date":"2025-08-06T11:09:05","date_gmt":"2025-08-06T11:09:05","guid":{"rendered":"https:\/\/seegman.com\/statutory-clause-authorizing-the-company-to-take-out-civil-liability-insurance-for-its-directors\/"},"modified":"2025-08-06T11:24:57","modified_gmt":"2025-08-06T11:24:57","slug":"statutory-clause-authorizing-the-company-to-take-out-civil-liability-insurance-for-its-directors","status":"publish","type":"post","link":"https:\/\/seegman.com\/en\/statutory-clause-authorizing-the-company-to-take-out-civil-liability-insurance-for-its-directors\/","title":{"rendered":"Statutory clause authorizing the company to take out civil liability insurance for its directors"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16650\" class=\"elementor elementor-16650 elementor-16642\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aeb57ba elementor-section-height-min-height elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"aeb57ba\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7c289b3\" data-id=\"7c289b3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66ee9c0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66ee9c0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5bfa664\" data-id=\"5bfa664\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50b0ecd elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"50b0ecd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Statutory clause authorizing the company to take out civil liability insurance for its directors<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-09b7820\" data-id=\"09b7820\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4d0c1ad elementor-section-height-min-height elementor-section-items-stretch elementor-reverse-tablet elementor-section-content-top elementor-section-boxed elementor-section-height-default\" data-id=\"4d0c1ad\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2966d49\" data-id=\"2966d49\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7733ef elementor-widget elementor-widget-text-editor\" data-id=\"e7733ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><em>A statutory clause authorizing the company to take out civil liability insurance (D&amp;O) for its directors is not sufficient to clearly and bindingly integrate the remuneration system. To be registrable, such a provision must establish the insurance as part of the remuneration regime with a determined and mandatory nature, in accordance with the requirements of Article 217 of the Spanish Capital Companies Act (LSC).<\/em><\/h5>\n<p>The Directorate General for Legal Security and Public Faith (DGSJFP), in its resolution of May 13, 2025, in its resolution dated May 13, 2025, analyzed the case of a sole shareholder company that amended its bylaws regarding the remuneration regime of its directors. Specifically, it incorporated the following wording in a statutory clause: \u201cThe Company is authorized to contract civil liability insurance for the directors.\u201d<\/p>\n<p>The Registrar of Companies denied the registration of this clause, understanding that civil liability insurance constitutes a form of remuneration and that, in this case, the requirement of being expressly stated in the bylaws was not met. Instead, it was left to the discretion of the general meeting or the board itself, which holds the contracting powers, thereby violating Article 217 LSC and the applicable registration doctrine.<\/p>\n<p>The criterion is based on the fact that D&amp;O insurance, when paid for by the company and directly benefiting the directors, constitutes remuneration in kind. As such, its provision cannot be left to the discretion of the company or its bodies, as this undermines corporate control and the legally required transparency. Therefore, a clause that merely authorizes the contracting\u2014without establishing a concrete obligation or defining the essential elements of the insurance\u2014is incompatible with the legal requirement of clarity, foreseeability, and precision in the remuneration regime.<\/p>\n<p>However, the DGSJFP distinguishes the treatment applicable to directors with executive functions. In such cases, Article 249 LSC allows their remuneration, including the insurance, to be regulated by an individual contract with the company, provided there is a general statutory authorization. This approach reconciles the proper protection of shareholders with practical needs, allowing the company to choose among the remuneration concepts provided for in the bylaws.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-aa8a01e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa8a01e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1a6805f\" data-id=\"1a6805f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d92145 elementor-align-left elementor-mobile-align-center elementor-hidden-desktop 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It reflects not<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/seegman.com\/en\/how-to-structure-deferred-payments-and-cross-guarantees-in-small-market-ma-transactions\/\" aria-label=\"Read more about How to structure deferred payments and cross-guarantees in small-market M&#038;A transactions\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-21743 post type-post status-publish format-standard has-post-thumbnail hentry category-all category-article category-article-tec category-tax tag-article\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/seegman.com\/en\/stock-options-rsus-and-phantom-shares-for-individuals-relocating-to-spain-key-tax-considerations\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"300\" height=\"146\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-300x146.jpg\" class=\"attachment-medium size-medium wp-image-8575\" alt=\"textura\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-300x146.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-1024x498.jpg 1024w, https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-768x373.jpg 768w, https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura.jpg 1160w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/seegman.com\/en\/stock-options-rsus-and-phantom-shares-for-individuals-relocating-to-spain-key-tax-considerations\/\" >\n\t\t\t\tStock options, RSUs and phantom shares for individuals relocating to Spain: key tax considerations\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Equity compensation plans raise particularly complex tax questions when the beneficiary relocates to Spain. In these cases, it is not enough to look at the<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/seegman.com\/en\/stock-options-rsus-and-phantom-shares-for-individuals-relocating-to-spain-key-tax-considerations\/\" aria-label=\"Read more about Stock options, RSUs and phantom shares for individuals relocating to Spain: key tax considerations\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-21490 post type-post status-publish format-standard has-post-thumbnail hentry category-all category-article category-article-tec category-business-law tag-article\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/seegman.com\/en\/private-limited-company-or-public-limited-company-in-portugal-practical-guide-for-investors\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"300\" height=\"169\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-300x169.jpg\" class=\"attachment-medium size-medium wp-image-9520\" alt=\"Sliders 23 1\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-300x169.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-1024x576.jpg 1024w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-768x432.jpg 768w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-1536x864.jpg 1536w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2.jpg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/seegman.com\/en\/private-limited-company-or-public-limited-company-in-portugal-practical-guide-for-investors\/\" >\n\t\t\t\tPrivate limited company or public limited company in Portugal: practical guide for investors\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Investors setting up a company in Portugal usually end up choosing between two corporate forms: the private limited company (sociedade por quotas, Lda.) and the<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/seegman.com\/en\/private-limited-company-or-public-limited-company-in-portugal-practical-guide-for-investors\/\" aria-label=\"Read more about Private limited company or public limited company in Portugal: practical guide for investors\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"55\" data-next-page=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16650\/page\/2\/\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">Page<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16650\/page\/2\/\"><span class=\"elementor-screen-only\">Page<\/span>2<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16650\/page\/3\/\"><span class=\"elementor-screen-only\">Page<\/span>3<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16650\/page\/4\/\"><span class=\"elementor-screen-only\">Page<\/span>4<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16650\/page\/5\/\"><span class=\"elementor-screen-only\">Page<\/span>5<\/a>\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A statutory clause authorizing the company to take out civil liability insurance (D&amp;O) for its directors is not sufficient to clearly and bindingly integrate the remuneration system. To be registrable, such a provision must establish the insurance as part of the remuneration regime with a determined and mandatory nature, in accordance with the requirements of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[99,79,100],"tags":[87],"class_list":["post-16650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-article","category-corporate-governance","tag-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Take out civil liability insurance<\/title>\n<meta name=\"description\" content=\"Statutory clause authorizing the company to take out civil liability insurance for its directors\" \/>\n<meta name=\"robots\" content=\"index, follow, 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