The Spanish government approves a decree-law to allow companies to move their headquarters by decision of the board of directors

The Council of Ministers approves a decree-law on urgent measures that allows companies to move their headquarters to another municipality by decision of the board of directors, even when the corporate bylaws state that this is a competence of the general shareholders’ board. This allows companies to leave Catalonia quickly. On the same day, Caixabank’s board of directors approves the transfer of its headquarters from Barcelona to Valencia. The day before, Banco Sabadell’s board of directors had approved the transfer of its headquarters from Barcelona to Alicante. This entity had already modified its bylaws in 2015 to allow the transfer without the approval of the general shareholders’ board.