It was a good sign the inclusion in the pact between Junts and the PSOE of the will to favor the return of the registered office of the companies that moved it as a result of the pro-independence process of 2017. The situation of the thousands of companies that, having the headquarters of the effective management and the main center of activities in Catalonia, maintain the registered office in other places of the Spanish territory is undesirable and the reversal must be one of the priorities of the business policy. But trying to change it to a copy of sanctions, as Junts suggested last week, is a serious mistake. And the error only reflects the internal contradiction of the group that promotes it between pragmatism and mythical narrative.
According to some, the transfer of the domiciles was promoted from Madrid to corner the Generalitat government in the secessionist attempt. Conspiracy theories even continue to circulate involving the King himself making calls to encourage it. Nothing could be further from the truth. The truth is that the only measure that was adopted in this regard was Royal Decree Law 15/2017, of October 6, which made it possible that, even without statutory provision, the board of directors could agree on the change of domicile to another place in Spanish territory without convening the general meeting of shareholders. CaixaBank needed this to stop the withdrawal of deposits that was bleeding its solvency, because, in accordance with its statutes and the legislation then in force, the board had to meet to agree the transfer, and this in a listed company it takes time and preparation.
It was the tremendous legal uncertainty caused by the unilateral action of the Generalitat that caused that panic among depositors. From then on, an irrational movement took place, as are all business panics, which led to the transfer of thousands of registered offices. The vast majority did not need the regulatory change, since they were companies with a small number of members, they could easily meet the board universally. Blaming the decree in question or the policies of Madrid for the effect produced is, therefore, a serious diagnostic error that can only be explained by sectarianism.
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