By Felix Lopez-Iturriaga, Spain, Full Professor of Finance, University of Valladolid
This e-book examines the most features of Spanish company governance. Spain is among the best 20 economies world wide and one of many 5 greatest in Europe. the numerous variations among the Spanish method and the Anglo-Saxon method (i.e., the U.S., the united kingdom, Canada and Australia) make this ebook attention-grabbing not just for the Spanish or ecu viewers, yet for a few attainable readers within the foreign enviornment. It discusses the most features of Spanish company governance, the criteria underlying the present scenario, and frames Spain within the foreign context of company governance. The e-book also will discover the functioning of the most mechanisms of company governance, either by way of inner and exterior mechanisms. The ebook presents a transparent view of the way company governance has advanced in Spain, the hot tendencies in company governance, and the most proof and figures to appreciate the Spanish method within the foreign framework. The booklet is meant to be used through executives in or out of the administrative schooling surroundings in addition to MBAs and complex undergraduates in enterprise faculties all over the world
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Additional resources for A primer on corporate governance : Spain
However, in both cases, directors can be reelected for the same period of time, again unless the articles of the association provide otherwise. The Code of Corporate Governance recommends that the proposal for the appointment and renewal of members that the Board submits to the Shareholders’ Meeting should be approved by the Board of Directors on the proposal of the Nomination Committee (in the case of independent directors) or subject to a report from the Nomination Committee in other cases. 2 The Size of the Board Size is one of the more studied variables related with the board of directors.
Spanish listed companies must use the Unified Code as a reference when presenting their annual corporate governance reports from the information of year 2007 onward. The Unified Code on Good Corporate Governance, as the Olivencia Code and the Aldama Report, is confined to companies whose shares are traded on the Stock Exchanges, and only to governance issues, not corporate social responsibility issues being the fulfillment of its recommendations voluntary. The new report covers 58 recommendations to fulfill, that can be segmented in board of directors, directors, and committee recommendations.
Instead, they are appointed to the board on the strength of their personal and professional qualities. The Unified Code recommends that independent directors should occupy, at least a third of board places. 5, overall independents’ board representation falls short of the one thirds recommended. 6 68 51 8 9 2011 Source: CNMV (2011). Note: Number of firms according to the proportion of independent directors. 8 19 8 1 10 2011 Internal Mechanisms of Corporate Governance in Spain 45 46 A PRIMER ON CORPORATE GOVERNANCE capitalization below 1,000 million euros.