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.