The Secretary of State for Economy and Business Support, Fernando Jiménez Latorre, today signed the resolution on the appointment of the Committee of Experts on Corporate Governance. The presidency and vice-presidency will be exercised by the president and vice-president of the CNMV, Elvira Rodríguez Herrer and Lourdes Centeno Huerta, respectively. In addition, it will have the following members:

  • As representatives of the Ministry of Economy and Competitiveness, Miguel Temboury Redondo and Íñigo Fernández de Mesa.
  • As representatives of the Ministry of Justice, Juan Bravo Rivera and Marta Silva de la Puerta.
  • As representatives of the private sector, Cándido Paz-Ares and Fernando Vives Ruiz at the proposal of the Ministry of Justice; Fernando Peñalva Acedo and Tomás Garicano Rojas at the proposal of the Ministry of Economy and Competitiveness; Manuel Conthe Gutiérrez and Enrique Piñel López at the proposal of the CNMV.

The creation of the Commission of Experts was agreed by the Council of Ministers on May 10 and is part of the 2013 National Reform Plan. The objective is to expand the current framework of Good Corporate Governance in Spain, with the aim of improving the efficiency and responsibility in the management of Spanish companies and placing national standards at the highest level in the international context.

This Commission of Experts must submit to the Government, through the Ministry of Economy and Competitiveness, within a maximum period of four months, a study that analyzes the current framework of corporate governance and proposes measures to improve it. Among them, the enhancement of the role of the shareholders' meetings in the control of the remuneration policies of the company's management and senior management bodies and the possibility of drawing up a Code of Good Practice for unlisted companies will be valued.

The measures to be adopted so that the function of the administrators pursues the increase in the value of the company and the adequate remuneration of the shareholder will be analyzed, as well as initiatives aimed at ensuring that the information provided by the administrators to the partners and the markets is truthful and understandable. The Government will adopt the necessary regulatory changes within two months after receiving that report.

In addition, once the report of the Committee of Experts has been completed, the CNMV will complete the review of the Unified Code of Good Governance of listed companies within four months.

Source of the new