Regulatory Alerts2020-10-12
Circular 1/2020 of the National Securities Market Commission modifying Circulars 5/2013 and 4/2013 on corporate governance and remuneration reporting models
The Spanish National Securities Market Commission (CNMV) issued Circular 1/2020 to update the annual corporate governance and executive remuneration reporting models for listed companies and savings banks. These modifications align the reporting templates with the partial revision of the Code of Good Governance for Listed Companies approved in June 2020, specifically adjusting sections on compliance statements, gender diversity, and conflict of interest rules. The circular also establishes transitional rules for the 2020 reporting year and mandates that these updated models be used for financial years closing on or after December 31, 2020.
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