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 vowels:
- 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 Committee 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, in order to improve the effectiveness and responsibility in the management of Spanish societies and place national standards at the highest level in the international context.
This Committee 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 corporate governance framework and proposes measures to improve it. Among them, the strengthening of the role of the shareholders' meetings in the control of the remuneration policies of the management and senior management bodies of the company and the possibility of developing a Code of Good Practices for unlisted companies will be assessed.
It will also analyze the measures to be taken so that the function of the administrators pursues the increase of the value of the company and the adequate remuneration of the shareholder, as well as initiatives aimed at making the information provided by the administrators to the partners and to the markets are 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 is concluded, the CNMV will complete the revision of the Unified Code of Good Governance of listed companies within four months.