Perseverare Diabolicum (a Propósito de la STS 26-II-2018 y la Retribución de los Consejeros Ejecutivos) (Perseverare Diabolicum (Around the Supreme Court Decision of 26 February 2018 on Executive Directors’ Remuneration))

52 Pages Posted: 22 May 2018

Date Written: May 2018

Abstract

Spanish Abstract: La ley establece que el sistema de retribución de los administradores debe ser establecido por los estatutos (art. 217.1 LSC) y que, dentro de dicho marco estatutario, corresponde a la junta general la fijación del importe concreto o del importe máximo de la remuneración (art. 217.3 LSC). Cuando la administración se organiza como consejo, el ámbito de aplicación de las citadas reglas es más limitado de lo que a primeramente vista pudiera parecer. Tratándose de consejeros ejecutivos, las reglas de la reserva estatutaria y de la competencia de la junta sólo resultan aplicables a su retribución qua consejeros, no qua ejecutivos. La competencia para retribuir las funciones ejecutivas eventualmente encomendadas a un consejero corresponde al propio consejo de administración que decide la encomienda (art. 249.3 y 4 LSC). Este entendimiento, pacífico tras la reforma de 2014, ha sido puesto en cuestión por la STS 26-II-2018, cuya aspiración es rehabilitar la llamada “doctrina del vínculo”. El presente trabajo somete dicha resolución a un detallado escrutinio crítico, tanto desde el punto de vista positivo como desde el punto de vista normativo.

English Abstract: According to the Spanish Companies Act the directors’ remuneration system must be set out in company’s bylaws (sect. 217.1) and, within that framework, the general meeting is vested with the power to determine the specific amount, or the maximum amount, of the remuneration (sect. 217.3). When the managing body takes the form of a board, the scope of the aforementioned rules is narrower that it might appear at first sight. As far as executive directors are concerned, the requirements of bylaw specification and general meeting approval apply in respect of their remuneration qua directors, not qua executives. The authority to remunerate the executive functions potentially bestowed on a board member lies with the board itself, for it is the board who bestows them (sect. 249.3 and 4). This understanding, undisputed as from the 2014 reform, has been challenged by the Supreme Court decision of 26 February 2018. This paper scrutinises in detail said decision from both a descriptive or positive and normative standpoint.

Note: Downloadable document is in Spanish.

Keywords: Spanish Corporate Law, directors remuneration, executive directors, say on pay, retribución de administradores, consejeros ejecutivos, reserva estatutaria, doctrina del vínculo

Suggested Citation

Paz-Ares, Candido, Perseverare Diabolicum (a Propósito de la STS 26-II-2018 y la Retribución de los Consejeros Ejecutivos) (Perseverare Diabolicum (Around the Supreme Court Decision of 26 February 2018 on Executive Directors’ Remuneration)) (May 2018). InDret, Vol. 2, 2018. Available at SSRN: https://ssrn.com/abstract=3174912

Candido Paz-Ares (Contact Author)

Universidad Autonoma de Madrid ( email )

Campus de Cantoblanco
Madrid, Madrid 28049
Spain

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