Statement on supplementary notices for exclusively online general meetings

The Spanish Securities and Exchange Commission (CNMV) and the Association of Registrars issued a joint statement, in connection with Royal Decree-Law 5/2021, on the supplementary notices for exclusively online or remote general meetings.

As discussed in a previous blog entry, Royal Decree-Law 5/2021, of March 12, modifies the exceptional regime of Royal Decree-Law 34/2020 on corporate enterprises’ general meetings during 2021 (including listed and non-listed companies). Governing bodies may call general meetings to be held exclusively online, even if not provided in the bylaws, as long as there be reasonable guarantees to identify voting members and attendance be possible through all of these means: (i) online attendance; (ii) representation granted to the chairperson by remote means; and (iii) advance online voting.

The CNMV and the Association of Registrars issued a joint statement recalling that, companies calling general meetings with the option of holding them exclusively online, depending on the course of the COVID-19 pandemic, may do so, as allowed by Royal Decree-Law 8/2020, by sending a supplementary notice at least five days in advance of the scheduled date.