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Implications for Spanish funds managers and engagement: latest developments of the Capital Company Law

31 March 2021 Articles

In this article, published in Social Investor, the first publication in Spanish on ESG investments and sustainability strategies in listed companies, Eduardo Sancho, Corporate Governance manager at Morrow Sodali, analyses the new Capital Company Law in Spain, to be published in the BOE (Official State Bulletin), that will bring many changes for fund managers, listed companies and proxy companies in the next proxy season.

The text requires the identification of the ultimate beneficiaries of the shares of listed companies.

Eduardo details what will be the three most relevant changes for companies and investors. First of all, the requirement to "identify the last owner of the shares of listed companies"; the second change that stands out will be the creation of "engagement policies" by institutional investors and active funds mangers, and finally, the'loyalty shares', which will reward investors for long-term investments.

In addition, he points out that "new changes in remuneration policy may entail less specificity, and thus their contents may include more flexibility to be able to accommodate any changes that may arise."

 Read more here (in Spanish)

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