Glossary entry

Spanish term or phrase:

Comisarios

English translation:

Statutory Auditors

Added to glossary by peterinmadrid
Jun 14, 2019 16:19
5 yrs ago
19 viewers *
Spanish term

Comisarios

Spanish to English Law/Patents Law (general) Articles of Association of a Mexican Company
Las convocatorias para Asambleas de Accionistas deberán ser hechas por el Secretario del Consejo de Administración, por el Administrador Unico o por los Comisarios.

Sin embargo, los accionistas que representen por lo menos xx% del capital social podrán pedir por escrito, en cualquier tiempo, que el Consejo de Administración, el Administrádor Unico o los Comisarios convoquen a una Asamblea de Accionistas para discutir los asuntos que especifiquen en su solicitud.
Proposed translations (English)
4 +4 Statutory Auditors

Discussion

Adolfo Fulco Jun 15, 2019:
In Cabanella's Law Dictionary it reads as a second entry: 2) (Mexico) shareholder's auditor or representative, person or body independent of corporation required by law to care for and protect shareholder's interest by checking on corporate management and administration.
Meridy Lippoldt Jun 15, 2019:
I agree. While Indian corporate law features something called a "statutory auditor," the term and function of a comisarios seems to be unique to company law in a limited number of Latin American countries.
peterinmadrid (asker) Jun 15, 2019:
Thank you. I think this must be something unique to Mexican law because I've never seen it before in documents from other countries. I'm not sure in English-speaking countries we really have an exact equivalent.
Meridy Lippoldt Jun 14, 2019:
I think it important to indicate in the translation that the comisarios are elected by the shareholders to oversee the actions of the Board of Directors. The word "statutory" can be misleading because a statutory audit can mean in English an audit mandated by law. Given the foregoing, I suggest a more descriptive translation such as "shareholders' deputies" or "shareholders' commissioners".

Proposed translations

+4
9 mins
Selected

Statutory Auditors

Persons appointed by the shareholders to oversee the acts of the Board of Directors.

Thomas West III
Peer comment(s):

agree Adrian MM. : eng.proz.com/kudoz/spanish-to-english/bus-financial/377714-comisario.html
8 mins
Thanks Adrian.
agree Richard Cadena
17 mins
Thanks Richard.
agree Adolfo Fulco : En el dicc. de Cabanellas da la opción «(Mex.) Shareholder's Auditor». Saludos :)
18 mins
Gracias Adolfo. El diccionario de Thomas West da la opción de Statutory Auditors para Dom, Ecu, Gua, Hon, Mex y Ven. Mis saludos para vos :-)
agree JohnMcDove
6 hrs
Thanks John.
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4 KudoZ points awarded for this answer. Comment: "Thanks, everyone agrees with you so I think this must be it!"

Reference comments

25 mins
Reference:

refs.

https://mexico.leyderecho.org/comisario/
Concepto de Comisario que proporciona el Diccionario Jurídico Mexicano (1994), de la Suprema Corte de Justicia de la Nación: (escrito por Jorge Barrera Graf) En las sociedades personales, S. en N.C. y S. en C. S., las labores propias de vigilancia del comisario, o sea, el examen del estado de la administración y de los estados financieros y papeles de la compañía, se pueden encomendar a un interventor, quien sólo podrá ser nombrado por los socios que no sean administradores (artículos 47 y 57 Ley General de Sociedades Mercantiles)... [sigue]
Peer comments on this reference comment:

agree JohnMcDove
6 hrs
Gracias, John :)
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