Corporate Governance

Garrigues

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  • 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.

  • Spain: The CNMV and the ICAC publish a second statement on sustainability reports pending the transposition of the CSRD Directive into the Spanish legal system

    The Spanish National Securities Market Commission (CNMV) and the Institute of Accounting and Auditing (ICAC) have issued a new statement updating their previous statement dated 27 November 2024, given the possibility that the CSRD and other related rules will not be transposed into the Spanish legal system before 31 December 2025.

  • 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.

  • Spain: CNMV clarifies how to apply parity on boards of directors and in senior management

    The authority provides practical criteria and reinforces its role in supervising and supporting compliance with the regulations.

  • The role of sustainability in institutional investors’ decision-making and what proxy advisors do

    The embedding of ESG factors in corporate governance and the prominent role of proxy advisors were key topics in the seminar How Institutional and Proxy Advisors Approach Sustainability at Listed Companies, organized by Garrigues Sustainable Dialogs.

  • ESRS: The consolidated version (including the corrigendum) of the first set of European sustainability reporting standards is now available in EUR-Lex

    These standards, which have applied since January 1, 2024, specify the information that companies must disclose on sustainability matters, as well as the uniform manner in which they must present it.

  • Spain: Publication of the Bill for an organic law on equal representation and a balanced presence of women and men

    This proposal transposes into Spanish law the European directive on improving the gender balance among directors of listed companies and related measures, although it is more demanding in its scope than the provisions in the EU act.

  • Spain: The CNMV analyzes ESG reporting by listed companies as required by the EU taxonomy

    The report looks at the documentation provided by companies and provides some brief general recommendations to help improve the information published.

  • Spain: The public consultation period has begun for the draft bill regulating the corporate reporting framework on environmental, social and governance issues

    The Council of Ministers agreed, on 3 May 2023, to initiate this procedure, which will be available until 25 May, to ensure that those interested in the text of the preliminary draft can make their contributions.

  • Spain: The steps for preparation of the Preliminary Bill for the Sustainability Reporting Law are officially in motion

    Ministry of Economic Affairs and Digital Transformation will be responsible for carrying out the transposition of the corporate sustainability reporting directive (CSRD).