Spain: The CNMV launches the process to review the Good Governance Code for Listed Companies
The process will involve a group of corporate governance experts with the aim of approving, in 2027, a new code that strengthens areas such as long-term shareholder engagement, alignment with European regulations on sustainability and due diligence, and the impact of artificial intelligence.
On 18 November 2025, the CNMV announced that it has begun to take the first steps to renew the Good Governance Code for Listed Companies, which was last reviewed in 2020.
In the coming weeks, a group of corporate governance experts will be designated to support and advise the CNMV for the revision, with the aim of submitting the reform for public consultation in the first quarter of 2027 and approving the new code during the second quarter of that year.
Among the main trends to be included in this reform are, on the one hand, rules to promote the long-term engagement of shareholders in listed companies and the Organic Law on equal representation and a balanced presence of women and men; on the other hand, from an international perspective, the review of the OECD Principles of Corporate Governance, European regulations on sustainability and due diligence, and the revisions of good governance codes in other jurisdictions; and, finally, matters related to digitalization, cybersecurity, and artificial intelligence.
