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 best 20 economies all over the world and one of many 5 biggest in Europe. the numerous alterations among the Spanish procedure and the Anglo-Saxon procedure (i.e., the U.S., the united kingdom, Canada and Australia) make this e-book attention-grabbing not just for the Spanish or ecu viewers, yet for a few attainable readers within the foreign area. It discusses the most features of Spanish company governance, the criteria underlying the present scenario, and frames Spain within the overseas context of company governance. The e-book also will discover the functioning of the most mechanisms of company governance, either by way of inner and exterior mechanisms. The ebook offers a transparent view of ways company governance has developed in Spain, the new tendencies in company governance, and the most proof and figures to appreciate the Spanish method within the overseas framework. The publication is meant to be used through executives in or out of the administrative schooling setting in addition to MBAs and complex undergraduates in enterprise colleges world wide

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5), the greatest contributions to the value of traded shares come from banks (largely as a result of capital increases and the rise in the share price of the two largest banks, which offset the fall in the share price of other banks) and former utilities firms that were privatized (energy and water, and transport and telecommunications). The value of the consumer goods industry is due to the sharp rise in the price of Inditex shares in recent years. 7 shows the ranking capitalization in 2012 for the Spanish Stock Market.

Beyond the Audit committee (compulsory by law), we observe that the Nomination and Remuneration committee is nowadays in almost all the companies. Likewise, Executive committee is much more common in the samples with a bigger median firm size. Finally, Strategy and Risks committees are the ones less used. 3 100 Continuous market 9 97 83 100 IBEX-35 10 81 46 100 Continuous market 2007 Sources: Fundación de Estudios Financieros (2011) and PricewaterhouseCoopers (2013). 7 95 45 100 Continuous market 2010 12 18 100 66 100 IBEX-35 + 16 firms 2012 48 A PRIMER ON CORPORATE GOVERNANCE Internal Mechanisms of Corporate Governance in Spain 49 Next, we analyze the main committees deeply.

Both documents reflect Spain’s economic policy strategy for the coming years. One of the points in the National Reform Program is the reform of corporate governance. The aim is to reform and expand the current framework of corporate governance best practices in Spain in order to enhance efficiency and accountability in the management of Spanish companies and, at the same time, to set the bar for Spanish standards at the highest level of compliance. Preparing an analysis of international corporate governance best practices and the areas in which Spain can improve its current framework with a view to implementing appropriate reforms in the near future.

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