{"id":11861,"date":"2022-09-02T11:26:21","date_gmt":"2022-09-02T11:26:21","guid":{"rendered":"https:\/\/vila.es\/?p=11861"},"modified":"2023-07-05T09:28:35","modified_gmt":"2023-07-05T09:28:35","slug":"articles-of-association-directors-remuneration","status":"publish","type":"post","link":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/","title":{"rendered":"ARTICLES OF ASSOCIATION \u2013 DIRECTORS’ REMUNERATION"},"content":{"rendered":"

In the Official State Gazette of the 9th<\/sup> of August 2022, the Resolution of the Directorate General of Legal Security and Public Trust \u00ad\u2013 GDLSPT (Direcci\u00f3n General de Seguridad Jur\u00eddica y Fe P\u00fablica<\/em> \u2013 DGSJFP<\/em>) of the 27th<\/sup> of July 2022, was published, in relation to the refusal of the registrar of the commercial registry of Mah\u00f3n to register a deed containing the articles of association of a limited liability company (LLC.).<\/p>\n

In this case, the articles of association of a limited liability company established that the position of director \u201cshall be remunerated through fixed remuneration, which is to be set by the Assembly of Partners.\u201d<\/p>\n

The registrar rejected the registration in consideration of the fact that the remuneration structure of the management body remained undetermined and, therefore, was in violation of article 23 e) of the Spanish Companies’ Act <\/a>\u2013 SCA (Ley de Sociedades de Capital \u2013 LSC<\/em>).<\/p>\n

An appeal was filed against this decision, alleging the following:<\/p>\n

The purpose of company bylaws is not to establish the quantity nor the items of remuneration, but rather that, through statutory reserve, the company resorts to the Assembly of Partners to set the quantity and items of remuneration, a system which guarantees the rights of partners and members of the management body.<\/p>\n

The Directorate General rejected the appeal and confirmed the registrar\u00b4s decision for the following reasons:<\/p>\n

With regards to the issue of the remuneration structure of directors, it must be clearly determined in the company bylaws whether said structure includes the benefits of (i) a share in the company\u00b4s profits, within the legally-established limits; (ii) allowances; (iii) a monthly or yearly salary; (iv) a life insurance plan; (v) a private pension plan; (vi) access to in-kind company benefits; (vii) delivery of membership interests in the company, or option rights to those membership interests; (viii) or whichever other structure the company wishes to establish.<\/p>\n

Since the company bylaws limit the remuneration of the position of director to be established by the general meeting of partners for each fiscal year, it is evident that the company is leaving the concrete remuneration structure of directors to the discretion of this body, and is thereby lacking in the security that said structure is assumed to provide for both current and future partners of the company, as well as the director him\/herself, whose remuneration would depend on the concrete majorities that are formed within the general meeting.<\/p>\n

As a consequence, a mere reference to the future agreement of a partners\u00b4 meeting is not sufficient to consider that the cut-and-dry demands of the SCA have been met.<\/p>\n

 <\/p>\n

\n

Vil\u00e1 Abogados<\/p>\n

 <\/p>\n

For more information, please contact:<\/p>\n

va@vila.es<\/a><\/span><\/p>\n

 <\/p>\n

2nd<\/sup> September 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

In the Official State Gazette of the 9th of August 2022, the Resolution of the Directorate General of Legal Security and Public Trust \u00ad\u2013 GDLSPT (Direcci\u00f3n General de Seguridad Jur\u00eddica y Fe P\u00fablica \u2013 DGSJFP) of the 27th of July 2022, was published, in relation to the refusal of the registrar of the commercial registry […]<\/p>\n","protected":false},"author":4,"featured_media":5986,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[],"class_list":["post-11861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate"],"yoast_head":"\nArticles of association. Directors' remuneration - Vil\u00e1 Abogados<\/title>\n<meta name=\"description\" content=\"The remuneration of directors must be clearly established in the articles of association. We analyse a specific case.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Articles of association. Directors' remuneration - Vil\u00e1 Abogados\" \/>\n<meta property=\"og:description\" content=\"The remuneration of directors must be clearly established in the articles of association. We analyse a specific case.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\" \/>\n<meta property=\"og:site_name\" content=\"Vil\u00e1 Abogados\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-02T11:26:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-05T09:28:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"669\" \/>\n\t<meta property=\"og:image:height\" content=\"272\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vil\u00e1 Abogados\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Vil\u00e1 Abogados\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\"},\"author\":{\"name\":\"Vil\u00e1 Abogados\",\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904\"},\"headline\":\"ARTICLES OF ASSOCIATION \u2013 DIRECTORS’ REMUNERATION\",\"datePublished\":\"2022-09-02T11:26:21+00:00\",\"dateModified\":\"2023-07-05T09:28:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\"},\"wordCount\":451,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg\",\"articleSection\":[\"Corporate\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\",\"url\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\",\"name\":\"Articles of association. Directors' remuneration - Vil\u00e1 Abogados\",\"isPartOf\":{\"@id\":\"https:\/\/vila.es\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg\",\"datePublished\":\"2022-09-02T11:26:21+00:00\",\"dateModified\":\"2023-07-05T09:28:35+00:00\",\"author\":{\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904\"},\"description\":\"The remuneration of directors must be clearly established in the articles of association. We analyse a specific case.\",\"breadcrumb\":{\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage\",\"url\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg\",\"contentUrl\":\"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg\",\"width\":669,\"height\":272},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\/\/vila.es\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ARTICLES OF ASSOCIATION \u2013 DIRECTORS’ REMUNERATION\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/vila.es\/en\/#website\",\"url\":\"https:\/\/vila.es\/en\/\",\"name\":\"Vil\u00e1 Abogados\",\"description\":\"Damos soporte jur\u00eddico a proyectos e iniciativas de negocio de empresas y de emprendedores extranjeros y nacionales\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/vila.es\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904\",\"name\":\"Vil\u00e1 Abogados\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/vila.es\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g\",\"caption\":\"Vil\u00e1 Abogados\"},\"url\":\"https:\/\/vila.es\/en\/author\/vilaes\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Articles of association. Directors' remuneration - Vil\u00e1 Abogados","description":"The remuneration of directors must be clearly established in the articles of association. We analyse a specific case.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/","og_locale":"en_US","og_type":"article","og_title":"Articles of association. Directors' remuneration - Vil\u00e1 Abogados","og_description":"The remuneration of directors must be clearly established in the articles of association. We analyse a specific case.","og_url":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/","og_site_name":"Vil\u00e1 Abogados","article_published_time":"2022-09-02T11:26:21+00:00","article_modified_time":"2023-07-05T09:28:35+00:00","og_image":[{"width":669,"height":272,"url":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg","type":"image\/jpeg"}],"author":"Vil\u00e1 Abogados","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Vil\u00e1 Abogados","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#article","isPartOf":{"@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/"},"author":{"name":"Vil\u00e1 Abogados","@id":"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904"},"headline":"ARTICLES OF ASSOCIATION \u2013 DIRECTORS’ REMUNERATION","datePublished":"2022-09-02T11:26:21+00:00","dateModified":"2023-07-05T09:28:35+00:00","mainEntityOfPage":{"@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/"},"wordCount":451,"commentCount":0,"image":{"@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage"},"thumbnailUrl":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg","articleSection":["Corporate"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/","url":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/","name":"Articles of association. Directors' remuneration - Vil\u00e1 Abogados","isPartOf":{"@id":"https:\/\/vila.es\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage"},"image":{"@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage"},"thumbnailUrl":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg","datePublished":"2022-09-02T11:26:21+00:00","dateModified":"2023-07-05T09:28:35+00:00","author":{"@id":"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904"},"description":"The remuneration of directors must be clearly established in the articles of association. We analyse a specific case.","breadcrumb":{"@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#primaryimage","url":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg","contentUrl":"https:\/\/vila.es\/wp-content\/uploads\/2020\/07\/societario2.jpg","width":669,"height":272},{"@type":"BreadcrumbList","@id":"https:\/\/vila.es\/en\/corporate\/articles-of-association-directors-remuneration\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/vila.es\/en\/"},{"@type":"ListItem","position":2,"name":"ARTICLES OF ASSOCIATION \u2013 DIRECTORS’ REMUNERATION"}]},{"@type":"WebSite","@id":"https:\/\/vila.es\/en\/#website","url":"https:\/\/vila.es\/en\/","name":"Vil\u00e1 Abogados","description":"Damos soporte jur\u00eddico a proyectos e iniciativas de negocio de empresas y de emprendedores extranjeros y nacionales","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/vila.es\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/vila.es\/en\/#\/schema\/person\/1338568a83d16fbfd6073c8cc4834904","name":"Vil\u00e1 Abogados","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/vila.es\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/80372a28ffd84e8b62261dc710c686e32c574bf8a1c71bfd6ebfba0f351a081b?s=96&d=mm&r=g","caption":"Vil\u00e1 Abogados"},"url":"https:\/\/vila.es\/en\/author\/vilaes\/"}]}},"_links":{"self":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts\/11861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/comments?post=11861"}],"version-history":[{"count":2,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts\/11861\/revisions"}],"predecessor-version":[{"id":12517,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/posts\/11861\/revisions\/12517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/media\/5986"}],"wp:attachment":[{"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/media?parent=11861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/categories?post=11861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vila.es\/en\/wp-json\/wp\/v2\/tags?post=11861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}