Spanish Sustainable Economy Law, 2011

Spain Current 2012

Updated in 2012, the law introduces modifications to annual corporate governance reports. The National Securities Market (CNVM – Comisión Nacional del Mercado de Valores) has published new templates for corporate governance reports, based on the new amendments of the law. All listed companies must publish their annual corporate governance reports using the official template. It states that listed companies must publish a separate report about the retribution of the board, including the general retribution policy as well as detailed information about individual remuneration of board members. The law also includes an amendment that encourages Spanish limited companies to disclose their CSR policies and achievements publicly, in a specific annual report. This report should state whether the published information has been examined by an independent third party. Companies with more than 1000 employees that publish CSR reports must send their reports to the Spanish Corporate Social Responsibility Council (Consejo Estatal de Responsabilidad Social Empresarial or CERSE). The law also stipulates that state-run public entities, including government-sponsored commercial companies and state-owned business enterprises attached to the central government, must file annual corporate governance reports and sustainability reports.

Scope

General sustainability/ESG/non-financial

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

All listed companies

Type of instrument

Legislation

Mandatory or voluntary

Voluntary

The geographical scope

National/federal

Project Partners