Thursday 30 October 2008

Spain: Unified Good Governance Code available on ECGI website

The European Corporate Governance Institute website now contains a copy (in English) of the Spanish Unified Good Governance Code. The Code adopts the comply or explain approach and makes clear that it is for shareholders to evaluate the explanations provided by companies with regard to their degree of compliance with the Code. 

Interestingly, the Code does not take a position on the desirability of one person occupying the position of chairman and chief executive but, where this takes place, it recommends that: independent director should be empowered to request the calling of board meetings or the inclusion of new business on the agenda; to coordinate and give voice to the concerns of external directors; and to lead the board's evaluation of the Chairman".

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