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Spanish Sustainable Economy Law ( revision of 2011)

Spain Current 2012

The law includes modifications into: Annual Corporate Governance reports. The CNVM has published new templates for corporate governance reports, according to the new amendments included in the law. All listed companies must publish their annual corporate governance report according to the official template.

Issuer name

The National Securities Market (CNVM)

Government ministry


More information

It states that corporations included in financial markets (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 always state whether or not the published information has been examined by an independent third party. This is not a strong obligation; however, the law states that companies with more than 1000 employees that publish CSR reports must send their report to the Spanish Corporate Social Responsibility Council (Consejo Estatal de Responsabilidad Social Empresarial or CERSE). This enforcement has not been applied, since the CERSE has not made public how or where these reports should be submitted. The law also stipulates that state-run public entities, including government-sponsored commercial companies and state-owned business enterprises attached to the central government, are required to file annual corporate governance reports and sustainability reports (within a year of the law coming into force, March 2011).

Comply or explain


Organizations covered by the instrument

Large private and listed companies

Industry scope

All/none specified

Disclosure venue

Annual Report (corporate governance) and Sustainability Report

ESG coverage - E (Environment)


ESG coverage- S (Social)


ESG coverage- G (Governance)


ESG coverage- Eco (Economic & General)








Date of publication


Issuer type

Financial Market Regulators

Reporting requirements

Public law and regulation

Mandatory or voluntary


The geographical scope


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