Spanish Securities Commission begins overhaul of the listed companies Good Governance Code with an expert group and Q2 2027 approval target

The Spanish Securities Commission (CNMV) has launched the initial steps to renew the Good Governance Code for listed companies, last revised in 2020, and will establish an expert group to support and advise the work as part of its CNMV2030 plan. In the coming weeks, the CNMV will constitute a corporate governance expert group chaired by CNMV chair Carlos San Basilio and vice-chair Paloma Marín, bringing together representatives from public authorities, the Banco de España, law firms, and a range of industry, issuer, governance, investor and user associations, as well as the audit profession. Former CNMV chair Sebastián Albella will participate in a personal capacity. The plenary group may be complemented by additional experts engaged bilaterally when needed. The review is expected to reflect recent domestic and international developments affecting corporate governance, including measures to encourage long-term shareholder engagement, Spain’s Organic Law on parity representation and balanced presence of women and men, updated OECD corporate governance principles, European sustainability and due diligence requirements including on climate change, and board-level issues linked to digitalisation, cybersecurity and the use of artificial intelligence. Under a tentative timetable, the CNMV expects meetings with the expert group through 2026, a public consultation in the first quarter of 2027, and approval of the new Code by the CNMV Board in the second quarter of 2027 after analysing consultation feedback.