New Corporate Governance Code for Spain

Spain's Comision Nacional del Mercado de Valores has proposed new corporate governance standards for listed companies. The proposed code (in Spanish) contains several key recommendations, including that:

• at least 1/3 of a company's directors be independent;
• companies have a lead outside director;
• companies seek qualified female directors;
• board remuneration be publicly disclosed; and
• poison pills be eliminated.

The proposed code is open for public comment until late March.