Summary

The background to this Act is the Cabinet Resolution of 10 May 2013, whereby a committee of experts on corporate governance (“Committee of Experts”) was created for the purposes of ensuring the good governance of Spanish companies. This Committee was tasked with safeguarding the proper functioning of corporate bodies, which comprise the Board of Directors and the General Meeting, to promote the highest levels of competitiveness, generating trust and transparency for domestic and foreign investors and shareholders, improving internal control and corporate responsibility and ensuring an adequate separation of functions, duties and responsibilities, with the utmost professionalism and rigour.