The literature has shown that, much the same as other employers in southern Europe, the Spanish employers’ peak association, the Spanish Confederation of Employers’ Organisations (CEOE), did not take advantage of the radical legislative deregulation of 2010–2012 and, to the contrary, helped perpetuate the traditional institutions that order the industrial relations system. This article contributes to a better understanding of the underlying reasons that guided the CEOE’s behaviour, and also incorporates the Spanish case into the literature on the adaptation of employers’ organisations – and how the institutions and path dependence have an influence – in the face of the widespread trends of economic deregulation. Finally, this article provides up-to-date, solid and reliable data on membership of employers’ associations in Spain, the lack of which is one of the shortcomings of the literature.