Consejeros

Opinion

The Case of Galletas Gullón: Mediation for Business Families

By Nuria Lasheras

In September 2010, a surprising photograph caught Spain's attention: María Teresa Rodríguez, widow of José Manuel Gullón and the main shareholder of Galletas Gullón, was holding a general meeting inside a car, at the gates of the Aguilar de Campoo factory. A security guard had prevented her from accessing the facilities. The meeting, convened by court order, was held with her daughter Lourdes, the former managing director Juan Miguel Martínez Gabaldón, and a notary. The attendees represented more than 80% of the capital...

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  27 Oct 2026

  A CNMV for bricks

  Editorial Opinion

  The real estate market, where 80% of the wealth of Spanish households is concentrated, continues to be marked by opacity, illiquidity, informality, and deep information asymmetries. It could issue non-binding recommendations on housing needs in each region, fight against money laundering...

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  26 Oct 2026

  D&O Insurance Following the Supreme Court Ruling on Popular

  Opinion

  By Alicia Martín and Juan Sanz

  In listed companies, the law holds each of its directors responsible for the information in the securities issuance prospectus towards investors. Directors and officers civil liability insurance (D&O) presents itself as the natural response to that risk. However, in its Judgment 1127/2026, of 10 July, the Civil Chamber of the Supreme Court denied the former president of Banco Popular the advance of his defence costs in the criminal case.

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  23 Oct 2026

  Five, seven and twenty years: the three clocks of an energy board

  Opinion

  By Ignacio López Martín

  An independent director averages five years on their board, a buyout fund about seven in its portfolio company, and a battery can have guarantees of twenty. That difference rarely has an owner at the table and is paid on the day of sale.

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  16 Oct 2026

  50 years of indexing: From radical idea to pillar of investment

  Opinion

  By Pablo Bernal

  A $10,000 investment in the Vanguard 500 Index Fund at its launch in 1976 would have exceeded $2.4 million by 31 July 2026. The essential promise of indexing has not changed: broad diversification, low costs, and patience. Its compass remains intact: stop searching for the needle and own the whole haystack.

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  13 Oct 2026

  Bonds: A New Paradigm or a Return to Normality?

  Opinion

  By Enrique Marazuela CFA

  The US bond, the benchmark on which other markets apply their particularities, marked a historical low following the outbreak of the pandemic. Since then, it has traced a clear upward trend to the current levels. More than a new paradigm, it is a return to normality. Bonds have become bonds again.

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  12 Oct 2026

  ... But is the CDS of US debt falling?

  Opinion

  By James Bilson

  The financing costs of sovereigns are under scrutiny. Yields have risen considerably worldwide, especially in the case of long-term bonds. However, we believe that there has been a misdiagnosis of the...

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  12 Oct 2026

  Total Portfolio Approach: Managing the portfolio as a whole

  Opinion

  By CFA Society Spain

  The growing complexity of institutional portfolios is testing traditional asset allocation models. The Total Portfolio Approach (TPA) proposes an evolution: to manage capital, risk, and liquidity from...

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  9 Oct 2026

  Financial education: ensuring cost does not determine access

  Opinion

  By Maria Redondo

  Talking about financial education usually leads us to savings, investment, debt, or planning. However, there is a prior question that deserves attention: who has access to financial knowledge and unde...

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  9 Oct 2026

  Joining the PSOE

  Editorial Opinion

  It is absurd to keep reading articles about how bad it is. Even those who are going to vote for it on 29 November know it. And so what? In this century, the PSOE transitions from the Tinell to the wall with an increasingly reduced membership that is more capable of swallowing anything. Reversing such degeneration will require bravery.

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  7 Oct 2026

  RIS and SIU: a fundamental incompatibility

  Opinion

  By Ángel Martínez-Aldama

  Accessing a cryptocurrency through a mobile application requires four steps, but buying an investment fund requires almost 20. The final text of the Retail Investment Strategy (RIS) goes against the objectives suggested in the proposal of the Savings and Investment Union (SIU). And it postpones key decisions, delaying decisions about the business model of financial entities, including Fund Managers and their distributors. In its current drafting, RIS will cause the European financial sector to fall even further behind in terms of global competitiveness.

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