Regulatory Alerts2015-12-04
Order ECC/2575/2015 Determining Content, Structure and Publication Requirements for Annual Corporate Governance Reports and Accounting Obligations for Banking Foundations
The Spanish Ministry of Economy and Competitiveness issued Order ECC/2575/2015 to mandate that banking foundations publish an annual corporate governance report detailing their governance structure, appointment policies, investment strategies, remuneration, and related-party transactions. The Order establishes specific accounting standards and financial reporting models for these foundations to ensure transparency and comparability, while also modifying previous regulations to align with recent corporate governance laws. It assigns ultimate responsibility for the preparation and submission of these reports to the foundation's board of directors and requires adherence to a standardized tabular format.
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