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A primer on corporate governance : Spain by Felix Lopez-Iturriaga, Spain, Full Professor of Finance,

By Felix Lopez-Iturriaga, Spain, Full Professor of Finance, University of Valladolid

This publication examines the most features of Spanish company governance. Spain is among the most sensible 20 economies all over the world and one of many 5 biggest in Europe. the numerous variations among the Spanish process and the Anglo-Saxon method (i.e., the united states, the united kingdom, Canada and Australia) make this ebook attention-grabbing not just for the Spanish or ecu viewers, yet for a couple of attainable readers within the overseas area. It discusses the most features of Spanish company governance, the standards underlying the present scenario, and frames Spain within the overseas context of company governance. The ebook also will discover the functioning of the most mechanisms of company governance, either by way of inner and exterior mechanisms. The ebook presents a transparent view of ways company governance has developed in Spain, the hot traits in company governance, and the most evidence and figures to appreciate the Spanish approach within the overseas framework. The booklet is meant to be used by means of executives in or out of the administrative schooling atmosphere in addition to MBAs and complicated undergraduates in enterprise faculties world wide

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3 percent vs. 5 percent). We can infer that almost half of the Spanish quoted firms have a commercial bank as reference shareholder. 1 Distribution of banks as main shareholders Type of bank 1st shareholder 2nd shareholder Commercial banks 30% 24% Savings banks 39% 49% Credit cooperatives Total 31% 27% 100% 100% Source: Casasola et al. (2001). Notes: Percentage of each type of bank as largest (or second largest) shareholder of the nonfinancial firms whose largest (or second largest) shareholder is a bank.

The capital is represented by quotas, an instrument that closely resembles the shares of a public limited company, and which can also have a nonvoting nature. However, quotas may not be listed on stock markets. Although public limited company used to be the most common form of company in Spain, private limited company has become more popular because of its flexibility in terms of incorporation (more economical), organization, and management. It is currently by far the most common type of business organization for nonlisted companies.

There is a withdrawal right for shareholders who vote against a change of the company’s registered office to another member country). There are also three main types of partnerships in Spain, with a reduced presence in the Spanish business sector, due to the unlimited liability of their members (most of them). One of them can be the general partnerships, a private entity (sociedad colectiva) with legal personality and unlimited joint liability. There are also simple limited partnerships (sociedad comanditaria) and limited shareholders partnerships (sociedad comanditaria por acciones), both of which have legal personality and two types of partners: (1) general partners with unlimited liability; and (2) limited partners with limited liability up to their contribution.

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