“On 9 July, we will hold the final meeting of the expert group that has been involved in drafting the code (a group comprising issuers, investors, etc.), and afterwards we will meet with companies and other stakeholders who have not been involved in the drafting process, to hear their views and enable us to put it out for public consultation before the end of the year. The aim is for it to come into force in 2027”. This is the timetable outlined today by Carlos San Basilio, Chairman of the CNMV, at the opening of the Corporate Governance Forum and the KPMG Council.
Reported by Consejeros Editorial Team
“On 9 July, we will hold the final meeting of the expert group that has been involved in drafting the document (a group comprising issuers, investors, etc.), and we will then meet with companies and other stakeholders who have not been involved in the drafting process to hear their views, before putting it out for public consultation before the end of the year. The aim is for it to come into force in 2027”. This is the timetable outlined today by Carlos San Basilio, Chair of the CNMV, at the opening of the KPMG Corporate Governance Forum and Council.
San Basilio emphasised that “this is not a new code, but a revision of the 2015 Code of Good Governance, which was already revised in 2020”, aiming to reorder the topics in line with the comparative criteria of the members of the so-called “Group of 9” (which includes the main EU countries and the United Kingdom, “and which Switzerland is likely to join”) and which aims to devote less space “to the usual topics: independent directors, the executive chairmanship, committees…” on which there is already general agreement, in order to focus on the new issues currently under discussion, “sustainability, artificial intelligence…”
“We do not intend to produce a 200-page tome; we want to simplify matters and do away with issues that lend themselves to confusion, so that it is easier to comply with or explain the rules. But simplifying does not mean deregulating,” noted San Basilio. “The aim is to move in the direction set out by the theme of this meeting: that good governance should be a tool for increasing the competitiveness of our companies”
