A primer on corporate governance : Spain by Felix Lopez-Iturriaga, Spain, Full Professor of Finance,

By Felix Lopez-Iturriaga, Spain, Full Professor of Finance, University of Valladolid

This booklet examines the most features of Spanish company governance. Spain is likely one of the most sensible 20 economies world wide and one of many 5 biggest in Europe. the numerous modifications among the Spanish method and the Anglo-Saxon approach (i.e., the U.S., the united kingdom, Canada and Australia) make this publication attention-grabbing not just for the Spanish or eu viewers, yet for a couple of attainable readers within the foreign area. It discusses the most features of Spanish company governance, the standards underlying the present scenario, and frames Spain within the overseas context of company governance. The booklet also will discover the functioning of the most mechanisms of company governance, either by way of inner and exterior mechanisms. The publication offers a transparent view of ways company governance has advanced in Spain, the hot traits in company governance, and the most proof and figures to appreciate the Spanish approach within the foreign framework. The publication is meant to be used via executives in or out of the administrative schooling atmosphere in addition to MBAs and complicated undergraduates in enterprise faculties world wide

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The regulatory framework was updated in 1998 (Law 37/98) in order to introduce the requirements of the EU and favor the development of European Stock Markets. Another significant yardstick in the Spanish corporate governance regulatory framework is the so-called Financial Law (Measures for the Improvement of the Financial System Act) in 2002. It was passed to increase the efficiency and competitiveness of Spanish financial markets and to strengthen investor protection. This law incorporated several EU Directives into Spanish law.

A director can only be termed independent if he or she meets the minimum conditions that the Unified Code specifies that enable a person to perform their duties in a reasonable objective and independent manner. The principle of complain or explain is also easier to apply with the new Code as, previously, the coexistence of two codes made it more difficult to explain the compliance with their recommendations. 1 percent of recommendations (13 percent in 2010). , the ones in the IBEX-35 index) present a degree of noncompliance (4 percent on average) considerably below that of remaining firms.

These reflect the contract and relationship between shareholders and contain the rules for the company, including rules on shareholder meetings, powers and duties of directors, and many other aspects related to governance. In case of conflict, legal provisions normally prevail over Articles of Association (Cajigas García-Inés and López Muñoz 2013). There are two main types of companies: public limited companies and private limited companies. ]) shareholder liability is generally limited to the amounts contributed to the company’s equity.

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