Executive Remuneration: An Enigma

74 Pages Posted: 1 Apr 2009

Date Written: February 12, 2008

Abstract

According to section 130 of the Spanish Public Limited Companies Act, directors' remunerations must be established in the bylaws. Within this framework, the decision on the specific or maximum amount to be paid to directors is vested on the General Shareholders Meeting. When the management of the Company is organized as a board of directors, the scope of the aforementioned rules, contrary to the common view, shall not include pays to remunerate executive functions. The power to remunerate executive directors shall be granted, as it results from the spirit of section 141 of the Act, to the Board of Directors.

Keywords: Spanish Corporate Law, Executive Remuneration, Executive Directors, Frau Legis

Suggested Citation

Paz-Ares, Candido, Executive Remuneration: An Enigma (February 12, 2008). InDret, Vol. 1, 2008. Available at SSRN: https://ssrn.com/abstract=1371149

Candido Paz-Ares (Contact Author)

Universidad Autonoma de Madrid ( email )

Campus de Cantoblanco
Madrid, Madrid 28049
Spain

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