The Supreme Spanish Court has finally admitted the appeal submitted against the new Companies Act of Capital Association of Minority Shareholders (AEMEC).
AEMEC understood that the removal of the ceilings of votes allotted to a single shareholder can be detrimental to minority shareholders. In the words of the Association, this “only facilitates the takeover of listed companies without presenting the corresponding bid.”
Although the Capital Company Act came into force last September, the invalidity of the statutory provisions set directly or indirectly, generally a maximum number of votes which can be cast by a single shareholder or by companies belonging to the same group, will not come into effect until the summer of 2011.
(Source: Difusión Juridica)