Public consultation on the update of the Good Governance Code of Listed Companies
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The CNMV opens a consultation on updating the Good Governance Code of Listed Companies (in force since 2015, revised in 2020): fewer and shorter recommendations, but more demanding in the key areas.
Key points
- It recommends that Ibex 35 companies separate the roles of board chair and chief executive.
- Stricter criteria for possible lack of independence than those in the Spanish Companies Act, and greater protection for independent directors against removal at the general meeting without prior notice.
- Sustainability as a cross-cutting element; new recommendations on digitalisation, cybersecurity and artificial intelligence.
- Recommendations already followed by almost the entire market are removed; structure in 3 areas (board, general meeting, stakeholders).
Who is affected
Spanish listed companies, especially those in the Ibex 35; independent directors; institutional investors and proxy advisors.
Deadlines
Comments until 15 December 2026.
Plain-language version
The CNMV, Spain's market watchdog, is asking for public feedback on an updated code of good practice for listed companies. One proposal is that in Ibex 35 firms, the person chairing the board should not also be the one running the company, so power is better balanced. Comments are open until 15 December 2026.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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