Managing or Executive Directors’ Remuneration

In terms of Managing or Executive Directors’ remuneration, the Supreme Court judgment handed down on February 26, 2018 provides that although directors must sign an agreement with the company, approved by the Board of Directors with the favourable vote of two-thirds of its members and with the abstention of the Director in question, as set forth in the Consolidated Text of the Law on Corporations (TRLSC – Texto Refundido de la Ley de Sociedades de Capital) Art. 249, the content of said agreement must be adapted to the “statutory framework” and to the maximum annual sum of remunerations for administrators in the performance of their duties, said sum being fixed by resolution of the general meeting, where the Board of Directors exercises its authority to make decisions concerning the distribution of corresponding remunerations to the administrators.