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Revision of Spanish Governance Code Increases Gender Diversity Targets and Emphasis on Non-Financial Risks

On June 26, 2020 the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores or “CNMV”) published some amendments to the Spanish Good Governance Code of Listed Companies (the “Code”). CNMV outlined four [...]

By |July 9, 2020|Blog, Regulatory Matters|Comments Off on Revision of Spanish Governance Code Increases Gender Diversity Targets and Emphasis on Non-Financial Risks

Glass Lewis Comments on Spanish Corporate Code Revision

Glass Lewis has submitted a response to the Spanish consultation on the proposed changes to the Spanish Corporate Governance Code. The current proposal for the revision of the Code focuses on adapting the recommendations to [...]

By |February 13, 2020|Blog, Regulatory Matters|Comments Off on Glass Lewis Comments on Spanish Corporate Code Revision

Glass Lewis Submission on Spanish SRD II Consultation: Introduction of Loyalty Shares

Glass Lewis has submitted a response to the Spanish consultation on the proposed changes to Spanish Companies Law which transposes Shareholder Rights Directive II ("SRD") into national legislation. While most of the proposed changes are [...]

By |June 13, 2019|Blog, Regulatory Matters|Comments Off on Glass Lewis Submission on Spanish SRD II Consultation: Introduction of Loyalty Shares

Spain is first country to mandate shareholder votes on “non-financial” ESG reporting

On December 28, 2018 the Spanish government approved Law 11/2018, which transposes EU Directive 2014/95/EU on disclosure of non-financial and diversity information into Spanish law. The new law amends the Spanish Commercial Code by specifying [...]

By |February 20, 2019|Blog|Comments Off on Spain is first country to mandate shareholder votes on “non-financial” ESG reporting

Spanish Court Ruling Delivers Uncertainty on Director Pay

Oversight and governance of public company remuneration in Spain had long been straightforward – until a recent Supreme Court ruling muddied the waters. Article 217 of Spanish Companies Law (“LSC”) provides shareholders at the general [...]

By |June 21, 2018|Blog|Comments Off on Spanish Court Ruling Delivers Uncertainty on Director Pay

Spanish Companies Exiting Catalonia After Referendum

When voters took to polls on 1 October to decide on the independence of Catalonia, there were seven companies in IBEX-35 with registered office in the autonomous community. A week after, and with the Catalan [...]

By |October 10, 2017|Blog|Comments Off on Spanish Companies Exiting Catalonia After Referendum

What Does the Pay Say?

The increasing spotlight on executive compensation shows no sign of abating, with the topic remaining a hot-button issue for shareholders and the general public alike, leading to critical headlines and political exhortations across the globe. Indeed, [...]

By |November 23, 2016|Blog|Comments Off on What Does the Pay Say?

A Last-Minute Revamp of Spanish Corporate Governance for 2015

As the year draws to a close, there is still time for significant developments in the area of European corporate governance for the coming year. Just in time to cause issuers and shareholders to reevaluate [...]

By |December 16, 2014|Blog|Comments Off on A Last-Minute Revamp of Spanish Corporate Governance for 2015
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