A new good governance code designed to improve business competitiveness and economic development
Initiatives concerned with best practices in corporate governance are increasingly gaining credence as a means of improving the competitiveness of companies and ensuring more transparent and responsible management.
This trend is apparent in the new Good Governance Code for Listed Companies, published on February 24 by the Spanish Securities Market Commission (CNMV), prepared with the support of the Committee of Experts on corporate governance matters, and approved by the board of the CNMV on February 18.
The new Code contains 64 recommendations, grouped under three main headings (i.e. general aspects, shareholders’ meetings and boards of directors), and completes the reform of the regulatory framework for corporate governance in Spain, initiated with the recent reform of the Corporate Enterprises Law (LSC) in December 2014, through Law 31/2014, of December 3, to enhance corporate governance.
In order to analyze the innovations introduced by the new Code, our experts in Corporate Governance and Corporate Responsibility have drawn up a document with a commentary on the main changes to be considered.
We have also organized a series of workshops on the changes to the LSC, mainly those relating to shareholders’ meetings, boards of directors, the duties and obligations of directors and, in particular, their remuneration, which have already been held in Alicante, Madrid, Seville and Valencia.
Garrigues Corporate/Commercial Department