28 Oct

CNMV publishes the reports on Annual Corporate Governance Reports

The Spanish National Securities Market Commission (CNMV) has published the reports on the Annual Corporate Governance Reports (ACGR) of issuing entities and the Annual Reports on the Remuneration of Board Members (IARC) for 2018.

Both documents reflect, in aggregate and summarised terms, the main conclusions of the reports on both matters that companies submitted to CNMV over the course of this year

Key conclusions

The degree of adherence to the Good Governance Code recommendations recorded in 2018 was 85.7%, just over one percentage point more than in 2017. 

42.9% of companies adhered to 90% of the Code and five claimed that they complied with it in its entirety. 

The presence of women on boards of directors increased slightly compared with the previous year, and the average in the IBEX 35 companies stood at 23.1%.

The percentage of female executive board members remained at a very low level (4.9% of the total number). 

In comparable terms, the average remuneration of Ibex 35 executive board members fell 6.8%, while in other listed companies it decreased by 1%.

In the case of non-executive board members, the figure remained unchanged in Ibex 35 companies and increased by 4.7% in other listed companies.

Annual Report on the Remuneration of Board members (IARC)

The report contains detailed information and various considerations on the system for the remuneration of board members, both executive and non-executive, of listed companies in 2018 and the way in which it is applied.

In 2018, the average remuneration of the executive board members, mainly executive chairpersons and CEOs, of the Ibex 35 companies fell by 1.1% (to stand at 3.07 million euros), while that of the executive board members of the other listed companies increased by 2.2% (up to 887,000 euros).

2018 was the first year in which companies prepared their IARCs in accordance with the new models contained in Circular 2/2018, which for the first time include as remuneration the vested savings systems.


By: Estela Martín

Linkedin TopVoices España 2020. DirCom & RSC en ...


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