CNMV launches public consultation on the draft update of the Good Governance Code for listed companies
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The CNMV has opened a public consultation on the draft update of the Good Governance Code for listed companies, approved in 2015 and partially revised in 2020. The text is simplified and reorganised into three areas, led by the board, and adds recommendations to strengthen independent directors and the balance of power, while incorporating sustainability, digitalisation, cybersecurity and artificial intelligence.
Key points
- Recommends that IBEX 35 companies separate the roles of chair and CEO.
- Adds stricter circumstances of possible lack of independence and protects independent directors against removal without prior notice.
- Removes recommendations already followed by virtually all listed companies and shortens the text.
- Sustainability becomes a cross-cutting element; digitalisation, cybersecurity and AI are included.
Who is affected
Listed companies, their boards and nomination committees, investors and governance advisers.
Deadlines
Comments until 15 December 2026 ([email protected]).
Plain-language version
The CNMV, Spain's market watchdog, wants to update the governance rules for listed companies and is asking for feedback first. The new code is shorter, gives more weight to independent board members who keep an eye on management, and adds cybersecurity and AI for the first time. Comments close on 15 December 2026.
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