Proposal for a new corporate governance code for listed companies
11 November 2026
The Spanish National Securities Market Commission has launched a public consultation on its proposal for a new Corporate Governance Code for listed Companies. The proposal sets out significant changes to board leadership and directors’ independence.
Key changes include additional factors for assessing directors’ independence. The proposal also recommends that IBEX 35 companies separate the roles of chair and chief executive officer, and that companies appoint a lead independent director if the chair is not independent. It would also reduce the number of recommendations in the Code from 64 to 52.
Our newsletter examines the key changes in the proposal. The public consultation remains open until 15 December.
Download pdf 