Regulatory Alerts2013-06-24
Circular 4/2013 of the National Securities Market Commission establishing models for annual remuneration reports of directors of listed companies and members of savings banks' administrative and control bodies
The Spanish National Securities Market Commission (CNMV) issued Circular 4/2013 to establish mandatory models and structures for annual remuneration reports of directors in listed companies and savings banks issuing securities. The regulation requires detailed disclosure of fixed and variable compensation components, long-term savings systems, and the rationale behind remuneration policies to enhance corporate governance transparency. These reports must be submitted electronically to the CNMV and are applicable to shareholder meetings held from January 1, 2014, onwards.
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