Spanish Securities Commission publishes Group of Eight Chairs joint declaration on corporate governance codes and European competitiveness

The Spanish Securities Commission (CNMV) published a joint declaration agreed by the Group of Eight Chairs, an informal forum of the heads of national bodies responsible for corporate governance codes in Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden and the United Kingdom. The statement reaffirms commitment to the core principles of corporate governance, namely accountability, trust and transparency, and positions national and European governance codes as dynamic, principles-based frameworks supporting long-term value creation and competitiveness. The declaration highlights that European companies are increasingly operating across fragmented regulatory environments and may face divergent or conflicting international expectations, referencing ongoing debates on ESG and DEI. It calls on policymakers to deliver clear, principles-based frameworks and a stable, proportionate regulatory setting that maximises international coherence and enables companies and boards to remain agile. It also argues that disclosure should support transparency without substituting for corporate accountability, and that governance codes should support entrepreneurial freedom while maintaining an appropriate balance as companies address emerging challenges such as cybersecurity and artificial intelligence.