The CNMV has launched the process of reviewing the Corporate Governance Code for listed companies. To this end, it has announced the creation of a Group of Experts to support and advise on the work. The process is expected to conclude in the second quarter of 2027. See the press release for details.
According to Chairman Carlos San Basilio: “The economic, technological and social transformations of recent years compel us to rethink corporate governance structures to ensure they remain effective, sustainable and trustworthy.” In his remarks yesterday at PWC’s annual Corporate Governance Conference, the Chairman of the CNMV explained:
- the challenges and trends shaping the future of corporate governance,
- how Europe and the United States are responding, and
- some details on the upcoming update of the Corporate Governance Code for listed companies in Spain.
Vice-Chair Paloma Marín also inaugurated yesterday the 2nd Corporate Good Governance Congress of the Governance Institute. In her speech, she referred to the review of the Corporate Governance Code for listed companies that was launched yesterday: “We will do it, of course, with transparency, involving experts and listening to stakeholders’ contributions.” For her, “the experience accumulated over these years of implementation, new challenges, the trend toward simpler and more efficient frameworks, and the need to move toward a certain convergence are some of the factors driving this moment of reflection and review.”
The CNMV Vice-Chair also reviewed several aspects of corporate governance, such as:
- the independence and role of the independent director,
- transparency, and
- ESG factors (ASG in Spanish) and diversity in decision-making.
