{"id":1436,"date":"2013-08-08T11:02:58","date_gmt":"2013-08-08T11:02:58","guid":{"rendered":"https:\/\/vila.es\/en\/?p=1436"},"modified":"2021-11-15T14:57:25","modified_gmt":"2021-11-15T14:57:25","slug":"remuneration-of-directors-comments-on-the-resolution-of-the-general-directorate-for-registries-and-public-notaries-dated-27th-april-2013","status":"publish","type":"post","link":"https:\/\/vila.es\/en\/corporate\/remuneration-of-directors-comments-on-the-resolution-of-the-general-directorate-for-registries-and-public-notaries-dated-27th-april-2013\/","title":{"rendered":"REMUNERATION OF DIRECTORS. COMMENTS ON THE RESOLUTION OF THE GENERAL DIRECTORATE FOR REGISTRIES AND PUBLIC NOTARIES DATED 27TH APRIL 2013"},"content":{"rendered":"

I.- INTRODUCTION.<\/strong><\/p>\n

The company SERCATRANS LOG\u00cdSTICA 2000, S.L. (hereinafter, \u201cSERCATRANS\u201d) modified its by-laws stating that the post of director would be remunerated, always provided that the latter performs duties as manager or chief executive.<\/p>\n

However, the commercial registrar in Huelva decided not to register said modification because in her opinion it was in breach of articles 6 and 50 of the Commercial Registry Regulation and article 217.2 of the Capital Companies Act. SERCATRANS brought an appeal against said decision before the General Directorate for Registries and the Notaries (\u201cDGRN\u201d).<\/p>\n

II.- CASE BACKGROUND.<\/strong><\/p>\n

It is interesting to stress the fact that the\u00a0resolution of 27th April 2013 of the DGRN<\/a><\/span>\u00a0states that in some cases it is possible to remunerate only some of the members of the administrative body of a company. This may happen when the administrative body has a complex structure and it is possible to objectively distinguish the functions carried out by each member depending on his\/her post. Therefore, in a board of directors it is lawful for instance to remunerate only the managing director.<\/p>\n

However, this unequal treatment is not possible in the event of joint and several or joint directors, since in this case all of the members of the administrative body are bestowed with the same faculties.<\/p>\n

III.- THE DGRN RESOLUTION.<\/strong><\/p>\n

Bearing in mind that the management system of SERCATRANS was formed by a sole director, the resolution of the DGRN dismisses the appeal brought by the company and confirms the qualification issued by the commercial registrar due to the following reasons:<\/p>\n

The clause grants an unequal treatment to the remuneration of the directors based on duties that are, pursuant to Spanish law, the same for any director.<\/p>\n

The clause submits to the decision of the general meeting of partners whether the directors have fulfilled the entrusted duties, which is a clear breach of the law, since this issue must be clearly stated in the by-laws of the company. The general meeting of partners can decide on the amount of the remuneration, but not on its existence.
\nFor more information, please contact:<\/p>\n

 <\/p>\n

 <\/p>\n

Vil\u00e1 Abogados<\/p>\n

 <\/p>\n

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

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

 <\/p>\n

8th<\/sup> of August 2013<\/p>\n","protected":false},"excerpt":{"rendered":"

I.- INTRODUCTION. The company SERCATRANS LOG\u00cdSTICA 2000, S.L. (hereinafter, \u201cSERCATRANS\u201d) modified its by-laws stating that the post of director would be remunerated, always provided that the latter performs duties as manager or chief executive. However, the commercial registrar in Huelva decided not to register said modification because in her opinion it was in breach of […]<\/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-1436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate"],"yoast_head":"\nREMUNERATION OF DIRECTORS. 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(hereinafter, \u201cSERCATRANS\u201d) modified its by-laws stating that the post of director would be remunerated, always provided that the latter performs duties as manager or chief executive. 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