Guide for management report by listed companies, 2012

Spain Current 2012

Issued by the National Stock Market Commission (CNMV), this guideline contains recommendations that listed companies can follow for the preparation of management reports accompanying annual financial accounts. The content of annual reports must provide an accurate description of the evolution of a business and the situation of the entity, together with a description of the principal risks and uncertainties that it faces. The demand for additional information from companies is justified by the need that users have to know material developments, both historical and emerging, in order to form their opinion and support their informed decision-making.


General sustainability/ESG/non-financial

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Large listed companies

Issuer type

Financial Regulators

Type of instrument

Code of conduct or guideline

Mandatory or voluntary


The geographical scope


Project Partners