Spain: CNMV Assesses the Impact of ESG Controversies on Ibex 35 Companies
On 30 October 2025, the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) published a study in its second semi-annual Bulletin of 2025 analysing whether controversies related to environmental, social and governance (ESG) factors influence the stock-market performance of Ibex 35 companies.
The article, entitled “Do ESG controversies impact the performance of listed companies?”, reviews 192 incidents recorded between 2020 and 2024 and concludes that their effect on share prices is limited and short-lived, concentrated mainly in the days following their public disclosure.
According to the analysis, the negative impact is largely attributable to a small number of major controversies linked to governance matters, whereas environmental and social controversies do not appear to have any statistically significant effects.
The study analyses the relationship between ESG controversies and the stock-market performance of Ibex 35 companies, with the aim of providing evidence on their possible impact on the market.
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