La CNMV inicia la consulta pública del proyecto de actualización del Código de gobierno de las sociedades cotizadas

The revision aims to simplify the framework by reducing the number and length of principles and recommendations, while adding focus on board independence, balance of powers, sustainability, digitalisation, cybersecurity and artificial intelligence. It also seeks to align with national developments on long-term shareholder engagement and gender-balanced board representation, and with international standards such as the OECD Corporate Governance Principles and EU sustainability and due diligence rules. For compliance teams, the key implications are governance framework reviews, board composition and independence assessments, enhanced sustainability and technology oversight, and updated comply-or-explain disclosures.

Firms should monitor the consultation, assess current board practices against likely new expectations, prepare responses where appropriate, and plan for governance policy, committee charter and director training updates. The proposal is at consultation stage, so final requirements may change; however, early gap analysis is prudent, particularly for listed issuers and institutional investors with stewardship responsibilities.