January 20, 2021

The CNMV approves the reform of the Code of Good Governance of listed companies

The National Securities Market Commission (CNMV) has approved the reform of the Code of Good Governance of listed companies, which is based on four axes, including promoting the presence of women on boards of directors and paying more attention to risks reputational.

According to the new wording, before the end of the 2022 financial year, the boards must have at least 40% female directors, a percentage that should not be less than 30% until that date.

The other two axes that articulate the reform are granting more relevance to non-financial information and sustainability, and clarifying aspects related to the remuneration of directors, the CNMV reported today.

The review updates and adapts several recommendations of the Code to the legal modifications approved since its publication and clarifies the scope of others that had raised doubts.

In the final text, the wording of twenty recommendations of the 64 that make up the Code has been revised.


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