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.
Industry sectors covered by the instrument
Organizations covered by the instrument
Large listed companies
Type of instrument
Code of conduct or guideline
Mandatory or voluntary
The geographical scope