• Markets.The CNMV will require that companies have at least 40% women on the boards of directors

Equality at the top of listed companies will have to wait. The National Securities Market Commission (CNMV) plans to delay its intention for women to occupy at least 40% of board positions for this year and postpones that goal for at least two more years. Until 2022 .

This was recognized this Tuesday by the president of the organization, Sebastián Albella , who at the beginning of the year was convinced that it was a feasible objective, as a result of the requests they have received within the process of modifying the Good Governance Code that is in March. "We have received numerous comments and observations on the initial proposal launched for consultation. Obviously, we will have to modify this recommendation," he assured during the inauguration of the VIII Annual Councilor Forum organized by KPMG, El País and IESE with the collaboration of AON and Gobertia.

Albella has admitted that they will be "sensitive" to the multiple requests to give the companies a deadline, although the CNMV clarifies this newspaper that "there is still nothing closed."

This line was one of the main bets of the CNMV in this reform process, together with the fight against corruption in societies. Regarding the lack of equality in the corporate nuclei, the Commission had established for this exercise a minimum percentage of 30% of female representation on the boards, although this objective was revised upwards last January. Now that review has become a piece of paper and the threshold to beat is still 30%, a figure that it does believe can be achieved.

The problem of this inequality in the upper part of the companies, according to what Albella said at the time, arises in the executive sphere and in senior management, since this level "is the nursery of the directors." Only 4.9% of executive directors are women, while in senior management, the percentage remains at 16%.

Reputation issue

Regarding the other great star measure of the revision of the code, which sought that the councils act in cases of irregular practices in earlier phases, the president of the CNMV has explained that some adjustments will be made to the recommendation on the steps to be followed in in the event that a director is affected by a circumstance that may seriously impact the reputation of the company.

In this sense, the code expressly mentioned the term 'corruption' and it is an expression that has also generated multiple suggestions, so the CNMV will consider them so as not to harm Spanish companies compared to companies from other countries.

In turn, Albella has said that the new document will lay the foundations for companies to establish communication and interaction policies with the media and to treat all shareholders equally and asymmetrically in terms of contact and information.

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