Suchergebnisse

The fight for the control of the Mediaset group has given rise to several judicial decisions issued in various national jurisdictions and even by the European Court of Justice. Three orders of Spanish Courts have been of particular interest. Two of them were issued by a Commercial Court in Madrid and the third one was issued on appeal by the Provincial Appeal Court Madrid. They instructed the suspension of the shareholders meeting resolutions of the Spanish Mediaset company approving a cross-border merger. The content of this resolution was to approve the acquisition of the Spanish company by another company domiciled in the Netherlands thus changing the applicable law. The resolution approving the merger was presumed (provisionally) to be abusive and, eventually, null and void. The decisions of the Spanish Court were grounded on the fact that the articles of association of the resulting Dutch company would be detrimental to the minority in the Spanish company. This limits the freedom of establishment (Art. 49 TFEU) and is based on a multilevel scrutiny, resulting from the national laws applicable to each company that participates in the merger. Those judicial decisions handled with other issues of interest in company law, such as the conclusive effect of the registration of a cross-border merger, the legitimation of the minority to challenge shareholders resolutions, or the effects of a shareholders meeting resolution replacing a previous merger resolution that has been challenged before the courts.

Zur Zeit liegt dem spanischen Parlament ein Entwurf zur gesetzlichen Regelung der Vergütung von Verwaltern börsennotierter Gesellschaften vor. Zugleich soll der spanische Corporate Governance-Kodex den jüngsten europäischen Empfehlungen zur Vergütung von Mitgliedern der Unternehmensleitung angepasst werden. Der folgende Beitrag fasst die bisher geltende Rechtslage zusammen und beleuchtet im Anschluss die nderungen, welche sich durch die Reformvorhaben ergeben würden