“On 9 July, we will have the final meeting of the group of experts who have participated in the drafting (a group that includes issuers, investors...) and afterwards we will meet with companies and other agents who have not participated in the drafting, to see their contributions, before putting it out for public consultation before the end of the year. The idea is that it can come into effect in 2027”. This is the timetable outlined today by Carlos San Basilio, president of the CNMV, at the inauguration of the Corporate Governance Forum and the KPMG Council.
San Basilio has insisted that “this is not a new code, it is a revision of the 2015 Code of Good Governance, already revised in 2020” in which the aim is to reorganise the topics, following the comparative criteria of the partners that make up the so-called “group of 9” (which includes the main countries of the EU and the United Kingdom, “and to which Switzerland will probably join”) and in which less space is intended to be dedicated “to the usual topics: the independent director, the executive chair, the committees...” on which there is already a general agreement, to focus on the new issues that are on the table, “sustainability, artificial intelligence...”
“We do not intend to produce a 200-page tome, we want to simplify and eliminate the topics that lend themselves to confusion, to make it easier to comply or explain. But simplifying does not mean deregulating,” San Basilio pointed out. “The goal is to move in the direction of the motto of this meeting, that Good Governance is a tool to increase the competitiveness of our companies.”