{"id":21761,"date":"2025-11-17T14:08:34","date_gmt":"2025-11-17T13:08:34","guid":{"rendered":"https:\/\/www.uhy-fay.com\/?p=21761"},"modified":"2026-08-24T11:20:24","modified_gmt":"2026-08-24T10:20:24","slug":"voting-prohibitions-due-to-conflicts-of-interest-what-does-the-spanish-companies-act-say","status":"publish","type":"post","link":"https:\/\/www.uhy-fay.com\/en\/blog\/voting-prohibitions-due-to-conflicts-of-interest-what-does-the-spanish-companies-act-say\/","title":{"rendered":"Voting Prohibitions Due to Conflicts of Interest: What Does the Spanish Companies Act Say?"},"content":{"rendered":"

The Spanish Companies Act (\u201cLey de\u00a0Sociedades\u00a0de Capital\u201d,\u00a0or\u00a0<\/span>LSC<\/span><\/i>)\u00a0establishes\u00a0specific restrictions on the exercise of voting rights by shareholders when conflicts of interest arise. Article 190 of the LSC expressly sets out the circumstances in which a shareholder may not\u00a0participate\u00a0in a vote, with the aim of protecting the company\u2019s best interests and ensuring transparency in corporate decision-making.\u00a0<\/span>\u00a0<\/span><\/p>\n

When is a shareholder prohibited from voting?<\/span><\/b>\u00a0<\/span><\/p>\n

    \n
  1. Authorization to transfer shares or interests subject to legal or statutory restrictions.<\/span>\u00a0<\/span><\/li>\n
  2. Resolutions\u00a0regarding\u00a0the exclusion of a shareholder from the company.<\/span>\u00a0<\/span><\/li>\n
  3. The release of obligations or the granting of rights in\u00a0favor\u00a0of a shareholder.<\/span>\u00a0<\/span><\/li>\n
  4. Financial\u00a0assistance\u00a0to a shareholder, including guarantees issued on their behalf.<\/span>\u00a0<\/span><\/li>\n
  5. The\u00a0exemption\u00a0of the duty of loyalty where the shareholder also serves as a director.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n

    Although these limitations apply only in exceptional circumstances, they serve as an effective mechanism for balancing internal relations within capital companies and, in particular, for\u00a0protecting minority shareholders against potential abuses of power by majority shareholders.\u00a0<\/span>\u00a0<\/span><\/p>\n

    The practical significance of Article 190 LSC becomes most\u00a0evident\u00a0in the context of challenging corporate resolutions. If a shareholder subject to a voting prohibition nonetheless\u00a0participates\u00a0in the vote, the resolution may be contested.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

    When the conflicted shareholder\u2019s vote was decisive in achieving the required majority, a minority shareholder with standing may seek annulment of the resolution simply by proving that fact\u2014without the need to\u00a0demonstrate\u00a0that the content of the resolution is detrimental to the company.\u00a0<\/span>\u00a0<\/span><\/p>\n

    Therefore, it is essential that the resolution pass what is known as the\u00a0<\/span>resilience test<\/span><\/i>\u00a0(the \u201c<\/span>test de\u00a0resistencia<\/span><\/i>\u201d) set out in Article 204.3(d) of the LSC. In other words,\u00a0<\/span>if the resolution would still have been approved even after excluding the improperly cast votes, its validity will be upheld.\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n

    In calculating the required majority, the holdings of any conflicted shareholder are set aside from the company\u2019s share capital. This approach ensures that voting outcomes reflect the will of the non-conflicted shareholders, safeguarding balanced decision-making without compromising the company\u2019s ability to\u00a0operate\u00a0efficiently or to achieve the qualified majorities mandated by law.<\/span>\u00a0<\/span><\/p>\n

    For instance, in limited liability companies (<\/span>sociedades\u00a0limitadas<\/span><\/i>), certain resolutions\u2014such as amendments to the articles of association or the exclusion of a shareholder\u2014require the approval of more than half, or even two-thirds, of the share capital. When a conflicted shareholder holds a significant stake, excluding their votes becomes essential to allow the company to pass the resolution.\u00a0<\/span>Otherwise,\u00a0the\u00a0company\u00a0could\u00a0face\u00a0a\u00a0deadlock,\u00a0unable\u00a0to\u00a0move\u00a0forward\u00a0with\u00a0key\u00a0decisions\u00a0simply\u00a0because\u00a0one\u00a0conflicted\u00a0shareholder\u00a0holds\u00a0enough\u00a0capital\u00a0to\u00a0block\u00a0the\u00a0required\u00a0majority.<\/span>\u00a0<\/span><\/p>\n

    The chairperson of the shareholders\u2019 meeting plays a decisive role in such situations. It is their responsibility both to warn the shareholder that they lack the right to vote and to disregard any votes cast in breach of the duty to abstain when announcing the voting results.\u00a0<\/span>If\u00a0this\u00a0power\u00a0is\u00a0exercised\u00a0incorrectly,\u00a0the\u00a0resolution\u00a0will\u00a0be\u00a0subject\u00a0to\u00a0challenge.<\/span>\u00a0<\/span><\/p>\n

    It is important to note that the voting prohibition does not deprive the conflicted shareholder of their other rights: they may attend and\u00a0participate\u00a0in the meeting and express their views, although their votes will not count toward the majority.\u00a0<\/span>\u00a0<\/span><\/p>\n

    Beyond the specific cases outlined above, shareholders do not lose their right to vote solely because they are in a situation of conflict of interest. However, if a resolution is passed with the decisive vote of the conflicted shareholder, the responsibility lies with both the company and the shareholder to\u00a0demonstrate\u00a0that the decision does not prejudice the company\u2019s best interests.\u00a0In essence, the\u00a0law reverses the burden of proof to reinforce safeguards against potential abuses.<\/span><\/b>\u00a0<\/span><\/p>\n

    In such cases, Article 190.3 of the LSC establishes a presumption that the resolution is detrimental to the company\u2019s interest, while allowing proof to the contrary.\u00a0Accordingly, the company or the conflicted shareholder may\u00a0demonstrate\u00a0that, despite the conflict, the resolution genuinely serves the company\u2019s legitimate interest\u2014addressing a reasonable business need and being\u00a0appropriate to\u00a0fulfill\u00a0it.<\/span>\u00a0<\/span><\/p>\n

    When a resolution is challenged due to a conflict of interest, it is not enough to prove that it causes no harm or that it does not reflect an abuse of majority control. The law demands more: it calls for clear and positive evidence that the resolution addresses a genuine business need and that its adoption is consistent with advancing the company\u2019s best interests.<\/span>\u00a0<\/span><\/p>\n

    In this context, several factors may serve as meaningful indicators of validity. A positive sign, for instance, is when non-conflicted shareholders support the proposal, or when the conflicted shareholder gains no personal advantage from it. Such circumstances reinforce the idea that the decision was made for the benefit of the\u00a0company, and\u00a0not to\u00a0favor\u00a0the individual interests of a particular shareholder.<\/span>\u00a0<\/span><\/p>\n

    \"\"
    \nVictoria Perera<\/strong>
    \nPartner & Head of Corporate Law & M&A
    \nvpn@uhy-fay.com<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Spanish Companies Act (\u201cLey de\u00a0Sociedades\u00a0de Capital\u201d,\u00a0or\u00a0LSC)\u00a0establishes\u00a0specific restrictions on the exercise of voting rights by shareholders when conflicts of interest arise. Article 190 of the LSC expressly sets out the circumstances in which a shareholder may not\u00a0participate\u00a0in a vote, with the aim of protecting the company\u2019s best interests and ensuring transparency in corporate decision-making.\u00a0\u00a0 When…<\/p>\n","protected":false},"author":5,"featured_media":21759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-21761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-news"],"yoast_head":"\nVoting Prohibitions Due to Conflicts of Interest | UHY Fay & Co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uhy-fay.com\/en\/blog\/voting-prohibitions-due-to-conflicts-of-interest-what-does-the-spanish-companies-act-say\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Voting Prohibitions Due to Conflicts of Interest | UHY Fay & Co\" \/>\n<meta property=\"og:description\" content=\"The Spanish Companies Act (\u201cLey de\u00a0Sociedades\u00a0de Capital\u201d,\u00a0or\u00a0LSC)\u00a0establishes\u00a0specific restrictions on the exercise of voting rights by shareholders when conflicts of interest arise. Article 190 of the LSC expressly sets out the circumstances in which a shareholder may not\u00a0participate\u00a0in a vote, with the aim of protecting the company\u2019s best interests and ensuring transparency in corporate decision-making.\u00a0\u00a0 When...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uhy-fay.com\/en\/blog\/voting-prohibitions-due-to-conflicts-of-interest-what-does-the-spanish-companies-act-say\/\" \/>\n<meta property=\"og:site_name\" content=\"UHY Fay & Co\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/UHYFayCo\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-17T13:08:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-24T10:20:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uhy-fay.com\/wp-content\/uploads\/2025\/11\/pexels-mikhail-nilov-8297652-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" 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