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A new Sustainable Environment Act strengthening disclosure requirements has been passed in Spain.
The law makes two corporate governance provisions, greatly increasing requirements for executive remuneration disclosure, and making the submission of annual CSR reports compulsory for the first time.
For executive pay, listed companies will be required to publish a breakdown of all elements in each director’s pay package, and to submit it to shareholder vote as a separate point at AGMs.
CSR reports, meanwhile, will be required by companies with more than 1000 employees, and must state whether they have been externally verified. The reports must also be based on international standards and include information on certain issues, such as human rights, equal opportunities and environmental commitments.
The law makes two corporate governance provisions, greatly increasing requirements for executive remuneration disclosure, and making the submission of annual CSR reports compulsory for the first time.
For executive pay, listed companies will be required to publish a breakdown of all elements in each director’s pay package, and to submit it to shareholder vote as a separate point at AGMs.
CSR reports, meanwhile, will be required by companies with more than 1000 employees, and must state whether they have been externally verified. The reports must also be based on international standards and include information on certain issues, such as human rights, equal opportunities and environmental commitments.
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