SP - Revision in Spain of the Code of good practices for institutional investors and asset managers

The objective of this type of Code is to promote greater involvement of institutional investors and asset managers with listed companies, so that they have better informed, more active investors who are more involved in their strategy and decisions. This will in turn benefit the openness and attention of issuers to the interests of their shareholders, in a process of continuous improvement of their corporate governance and management. 

The Code is aimed at institutional investors and asset managers based in Spain, although it can also be applied by investors or managers from other jurisdictions. 

It is voluntary and there will be a three-year adaptation period for those entities that decide to adhere to it. 

It contains seven main principles: the need for a long-term strategy, knowledge of investee companies, development and disclosure of the engagement policy, exercise of voting rights, transparency, management of conflicts of interest, internal corporate governance and remuneration policy. 

Its application shall be proportionate to the size, scale or complexity of the entity, as well as to the nature of the investors and the resources of the investee companies.