Cooption Mechanism for Appointment of New Directors
13/10/2003 - International Law Office, 13 Oct 2003
Under Spanish law, vacancies on the board of directors can only be filled by using a cooption mechanism. Through availing of this mechanism, the board of directors can appoint a shareholder to fill the vacancy until the next general shareholders meeting is held. However, problems can arise if the number of members of the board falls below that required for a quorum.