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Criminal Corporate Liability in Spain

The new requirements for companies, directors and executives.

We hereby inform you about the new implications and liabilities for companies, directors and executives to be considered and applied in the financial year 2015 as a consequence of reforms of the Criminal Code and the Companies Act in Spain to improve corporate governance.

The reform of the Criminal Code was finally approved in Spain on 30.03.2015. This reform requires companies to adopt and implement a crime prevention scheme as a necessary condition of avoiding possible criminal liabilities for companies, directors and executives.

1.07.2015 is the deadline for companies and legal persons to have begun implementing and certifying the said prevention scheme based on the requirements and procedures specified by the reform itself.

The requirement to certify effective adoption of the crime prevention scheme is in line with the new due diligence and supervision obligations imposed by the Companies Act, which must be taken into account in the forthcoming processes of formulation and approval of accounts, presentation of Corporation Tax and taking of mandatory minutes at meetings of the Boards of Directors.

In the light of this new framework of risks and regulatory requirements, it is necessary to evaluate and consider:
◾ the new criminal, personal and employers’ liabilities attributable to executives, directors and board members
◾ the implications  and  new features to be incorporated into the crime prevention procedures  and controls to avoid (direct and/or indirect) liabilities for companies, their directors and their executives
◾ the definition and certification of the internal organisation of the company.

If you require more information, do not hesitate to contact us.

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