A New Spanish Corporate Governance Code For Listed Companies

by Inigo del Val and Antoni Valverde for JD Supra

The new Spanish Corporate Governance Code for listed companies, approved by resolution of the board of the National Securities Market Commission (CNMV) on 18 February 2015, dispenses with the recommendations that currently are legal rules, retains other recommendations that had already been included in the previous code, and incorporates some new recommendations regarding different subjects, based on the proposals made by the Committee of experts regarding corporate governance.

Main features

The Spanish Corporate Governance Code for listed companies (the Code), in contrast to its predecessors, is influenced by two unique circumstances: on the one hand, it was preceded by a broad reform of the Spanish Companies Act (Ley de Sociedades de Capital), a reform that made mandatory many of the rules that in the previous code were considered to merely be recommendations; on the other hand, the severe economic crisis that has afflicted the companies markedly increased the awareness of the convenience of improving the control and degree of transparency in the management of companies, specifically in the largest companies. Read more here.

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