In a press release by the CNMV it was announced that five additional firms have joined the Code of good practice for institutional investors, asset managers, and proxy advisors (eventid=19876). The total number of adhering firms now stands at six, with Corporance being the first to join as a Spanish proxy advisor. The new firms are Caser Pensiones, GestiĆ³n de PrevisiĆ³n y Pensiones, Fonditel Pensiones, Santander Pensiones, and Santander Asset Management.
The Code aims to increase shareholder engagement and includes principles on strategy, governance, monitoring, voting rights, transparency, conflicts of interest, and remuneration.
The firms will have a three-year transitional period to comply with the Code, with Principle 6 on conflict of interest management being mandatory from the start. They will publish their progress and plans on the CNMV’s website for transparency.