GA_P advises Segurcaixa Adeslas in the certification of its Criminal Risk Prevention System under the UNE 19601 Standard

The Court of Justice of the European Union (Fifth Chamber), in its judgment of 27 November 2025 (Case C-567/24, Svema Trade), concerning the equitable price in a squeeze-out requiring minority shareholders to sell their shares to an offeror who, following a mandatory takeover bid, has acquired more than 90% of the capital carrying voting rights in the company subject of the takeover bid, states that the presumption that the price offered in the bid, in the context of such a squeeze-out of holders of securities, is equitable is rebuttable.

Act 10/2025 amends Act 44/2002 and requires the updating of regulations for customer services. It comes into force on 28/12/2025, with a twelve-month adaptation period. It enhances accessibility and personalised assistance; it prohibits answering machines and call forwarding from toll-free numbers to paid lines. It requires the separation of customer services from commercial functions and specialised staff training, including assistance to vulnerable groups. It also expands customer information, prohibits complaints by telephone and allows co-official languages. It also establishes acknowledgement with an identification code and new grounds for non-acceptance; sets a deadline of one month for resolving complaints to customer services and ninety days for complaints to the Directorate-General for Insurance and Pension Funds, and specifies the requirements for acceptance.

In Judgment no. 142/2025 of 11 April, the Madrid Provincial Court (Twenty-Eighth Chamber) addressed two issues relating to the bringing of actions for declaration of invalidity of two sale and purchase agreements concluded by a company director in breach of his duty of loyalty. On the one hand, and in view of the specific circumstances, it ruled on whether the company could formally assume the role of claimant in the dispute. On the other hand, it ruled on the importance of the fact that the disputed transactions were beneficial to the company concerned and on the possibility of a ‘tacit’ dispensation.

Ireland has incorporated the mandatory presence of 40% of female non-executive directors on the boards of listed companies as of 30 June 2026, by amending the Companies Act 2014. Unlike the legislation in Spain, the percentage has been limited to this class of directors.

Once again: despite compliance with the formal requirements of a calling of meeting of shareholders, company resolutions may be unenforceable if there is an abuse of rights in said call

The Supreme Court applies the rules set out in Article 217(4) of the Companies Act to reach a decision concerning the contest of a board resolution that determined the remuneration of a company director.

In Alliance for Fair Board Recruitment; NCPPR v. SEC, the U.S. Court of Appeals vacates, by a one-vote margin, the Securities & Exchange Commission’s approval in 2021 of Nasdaq’s rules on board diversity for companies listed on its exchange.

In this judgment, the CJEU considers that shares whose transfer is subject to approval by the board of directors can be considered transferable securities for the purposes of the European prospectus legislation and MiFID.