English translation: familiar with the previous fiscal year
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Spanish to English translations [PRO] Law/Patents - Law: Contract(s) / Business Incorporation
Spanish term or phrase:...que conozca el ejercicio anterior.
What is meant by the above phrase in the following paragraph?
"Los Directores serán remunerados por sus funciones. La cuantía de sus remuneraciones deberá ser fijada en forma anticipada por la Junta Ordinaria de Accionistas que conozca el ejercicio anterior."
Does it mean that the Regular Shareholder's Meeting must have knowledge of the performance of the director's duties? Help!! The concept of "ejercicio anterior" has me totally puzzled as there is no mention of any other "ejercicio", other than that of the director's duties. Unless, they mean the previous fiscal year (in which case I'm pretty sure it should say "ejercicio fiscal anterior", right?) Thanks!!