Revision of Spanish Governance Code Increases Gender Diversity Targets and Emphasis on Non-Financial Risks – Glass Lewis
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 main issues that would be addressed in this revision of the Code: i) gender diversity, ii) non-financial information and sustainability, iii) management of reputational and other non-financial risks, and iv) clarification of some aspects related to the remuneration.
The following are some of the key changes made to the Code:
Overall, while no sweeping changes to the Code were made at this time, Spain’s governance reform that gained momentum in mid-2010s remains on a positive path, and the amendments address some of the questions raised by shareholders in recent years.
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