The CNMV’s Chairman, Sebastián Albella, opened on 19 June the “Seventh Annual Directors Forum”. In his speech, he referred to the new Technical Guide on Nomination and Remuneration Committees (NRCs) and pointed out that “we at the CNMV are convinced that the Guide is already proving to be a useful instrument for disseminating the best operating practices of the NRCs and, in short, for improving the quality of the governance system of Spanish listed companies.” Sebastián Albella referred to three aspects on the Spanish Preliminary Draft Law which transposes the 2017 Directive on shareholders’ rights:

• the removal of the duty to publish quarterly information
• the so-called loyalty shares
• the requirement that directors of listed companies must always be natural persons

The CNMV’s Chairman conveyed a message to listed companies: “to use clear language and to be loyal to the market and the CNMV, both in terms of price-sensitive information and when they respond to our requests for explanations of situations that affect them.” In particular, in relation to price-sensitive information published following a leak, he assures that ” it is not necessary to report everything or give details, but we do not like reports drafted in calculated language, language that is deliberately ambiguous so as not to incur risks, with the intention of distorting the facts.”

“The current situation of IPOs” was the topic of the closing speech of the Actualidad Económica awards granted to the 100 top CFOs, held on 27 June, in which Albella supported the advantages of companies going public. He assured that at the CNMV “we are committed to developing our markets, facilitating better financing and strengthening our companies and the Spanish economy.”