Ministerial Order on Corporate Governance, 2013

Spain Current 2013

The ministerial order regulates the structure of the Corporate Governance Report, the Annual Report of Remunerations and other filings expected of listed companies and other entities related to official stock markets. The aim is to strengthen and expand the information required in the Corporate Governance Report of these companies and add the requirement to submit an Annual Report of Remunerations. The ministerial order adapts the rules on corporate governance obligations of Law 2/2011 on the Sustainable Economy and the Royal Decree 11/2010 on governance and other aspects of the legal regime of savings. The rule also addresses the definition of the types of directors that was broadly contained in the Code of Good Governance. The definition now includes a general provision, subject to the provisions of the Securities Market Act, regarding non-compliance on social issues. The Annual Report of Remunerations must contain the policy approved by the Board of Directors and the individual details of the remuneration received by each of the directors.

Scope

Social & Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Listed companies

Issuer type

Ministry of the Economy and Competition

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners