The new Governance Code in Spain according to IEB

Borja Miranda, Sodali Director for Spain, and Enrique Pérez-Hernández, Member of the Advisory Board, joined the Press conference on the new Spanish Corporate Governance Code organized by IEB Instituto de Estudios Bursatiles.

Borja Miranda affirmed that the board shall assess its functioning and, at least once every three years, shall consider also to count on the help of an external consultant. In addition to the Audit Committee , the board may also have an executive committee which shall report periodically to the entire council its decisions and another Nomination and remuneration committee (which may be divided into two commissions depending on the size of the company), which is responsible for establishing the remuneration policy of management and for the monitoring and confirmation of compliance.

Enrique Pérez-Hernández stated that the adopted measures are in line with the main international standards and try to avoid compromising situations in which directors have no minimum training related to the activity of the company, in which conflict of interest may exist regarding the shareholding percentage represented, or in which independent directors or women have a rather symbolic presence.