{"id":16980,"date":"2025-09-26T08:13:52","date_gmt":"2025-09-26T08:13:52","guid":{"rendered":"https:\/\/seegman.com\/good-governance-code-2025-review-2025-and-cnmv-updates\/"},"modified":"2025-09-26T08:15:35","modified_gmt":"2025-09-26T08:15:35","slug":"good-governance-code-2025-review-2025-and-cnmv-updates","status":"publish","type":"post","link":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/","title":{"rendered":"Good Governance Code: 2025 Review 2025 and CNMV Updates"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16980\" class=\"elementor elementor-16980 elementor-16960\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aeb57ba elementor-section-height-min-height elementor-section-content-middle elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"aeb57ba\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7c289b3\" data-id=\"7c289b3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66ee9c0 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66ee9c0\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5bfa664\" data-id=\"5bfa664\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50b0ecd elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"50b0ecd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Good Governance Code: 2025 Review 2025 and CNMV Updates<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-09b7820\" data-id=\"09b7820\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4d0c1ad elementor-section-height-min-height elementor-section-items-stretch elementor-reverse-tablet elementor-section-content-top elementor-section-boxed elementor-section-height-default\" data-id=\"4d0c1ad\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2966d49\" data-id=\"2966d49\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e7733ef elementor-widget elementor-widget-text-editor\" data-id=\"e7733ef\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em><strong>Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG). The last update took place in 2020, and the new version is expected in early 2026. The goal is to align the Code with new market challenges, sustainability requirements and international best practices.<\/strong><\/em><\/p>\n<h2><strong>What is the Good Governance Code?<\/strong><\/h2>\n<p>The Good Governance Code, first issued in 2015 and updated in 2020, has become a benchmark framework for Spanish listed companies. Despite being soft law, many private companies adopt it voluntarily as a standard of transparency and a commitment to board professionalism.<\/p>\n<h2><strong>Objectives of the Good Governance Code in 2025<\/strong><\/h2>\n<p>The review to be carried out in 2025 aims to update the Good Governance Code to incorporate key elements such as financial sustainability, digitalization, cybersecurity, and the use of artificial intelligence in boards of directors. These factors are considered crucial to maintaining competitiveness and meeting international standards<\/p>\n<h2><strong>Focus areas of the Good Governance Code<\/strong><\/h2>\n<p>The review process of the Good Governance Code involves a comprehensive update of its main areas, ensuring that Spanish companies align with the most demanding international standards in governance, sustainability, and digital transformation.<\/p>\n<ul>\n<li>Board of directors: diversity, periodic assessment and training.<\/li>\n<li>Sustainability: ESG criteria and alignment with new EU directives.<\/li>\n<li>Digitalisation and technology: cybersecurity protocols and data governance.<\/li>\n<li>Transparency: greater demands to investors and of non-financial information.<\/li>\n<li>Artificial intelligence: impact on decision-making and risk management.<\/li>\n<\/ul>\n<p><\/p>\n<h2><strong>Practical implications and recommendations for companies<\/strong><\/h2>\n<p>Listed companies should anticipate these changes to avoid compliance discrepancies once the new Code is adopted. Non-listed companies may also benefit from applying these practices as a differentiating factor when appealing to investors, clients and international partners. Corporate governance assessments and adaptation roadmaps are advisable.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-aa8a01e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa8a01e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1a6805f\" data-id=\"1a6805f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d92145 elementor-align-left elementor-mobile-align-center elementor-hidden-desktop elementor-hidden-tablet elementor-hidden-mobile elementor-widget elementor-widget-button\" data-id=\"9d92145\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-size-sm\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-download\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">DOWNLOAD<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f944d18\" data-id=\"f944d18\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-752a4d4 elementor-align-right elementor-mobile-align-center elementor-widget elementor-widget-button\" data-id=\"752a4d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.cnmv.es\/Portal\/AlDia\/Discursos-Articulos%20\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-readme\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">SEE OFFICIAL REFERENCE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5874b56 elementor-section-height-min-height elementor-section-items-stretch elementor-reverse-tablet elementor-section-content-top elementor-section-boxed elementor-section-height-default\" data-id=\"5874b56\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e452e7a\" data-id=\"e452e7a\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3db9f20 elementor-share-buttons--view-icon elementor-share-buttons--skin-flat elementor-share-buttons--shape-circle elementor-share-buttons--color-custom elementor-grid-0 elementor-widget elementor-widget-share-buttons\" data-id=\"3db9f20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-grid\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Share on linkedin\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-linkedin\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ad57e70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ad57e70\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c880adc\" data-id=\"c880adc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ae0aaf elementor-widget elementor-widget-heading\" data-id=\"1ae0aaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">More Technical Articles<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-650ed96 elementor-grid-3 elementor-grid-tablet-2 elementor-grid-mobile-1 elementor-posts--thumbnail-top elementor-posts__hover-gradient elementor-widget elementor-widget-posts\" data-id=\"650ed96\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;pagination_type&quot;:&quot;numbers&quot;,&quot;cards_columns&quot;:&quot;3&quot;,&quot;cards_columns_tablet&quot;:&quot;2&quot;,&quot;cards_columns_mobile&quot;:&quot;1&quot;,&quot;cards_row_gap&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:35,&quot;sizes&quot;:[]},&quot;cards_row_gap_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;cards_row_gap_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"posts.cards\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-posts-container elementor-posts elementor-posts--skin-cards elementor-grid\" role=\"list\">\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-22288 post type-post status-publish format-standard has-post-thumbnail hentry category-all category-article category-article-tec category-small-market-ma-en tag-article\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/seegman.com\/en\/how-to-structure-deferred-payments-and-cross-guarantees-in-small-market-ma-transactions\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"169\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_3-300x169.jpg\" class=\"attachment-medium size-medium wp-image-9518\" alt=\"Sliders 23 1\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_3-300x169.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_3-1024x576.jpg 1024w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_3-768x432.jpg 768w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_3-1536x864.jpg 1536w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_3.jpg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/seegman.com\/en\/how-to-structure-deferred-payments-and-cross-guarantees-in-small-market-ma-transactions\/\" >\n\t\t\t\tHow to structure deferred payments and cross-guarantees in small-market M&#038;A transactions\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>In small-market M&amp;A transactions, deferring part of the purchase price is not an exception but a common feature of the deal structure. It reflects not<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/seegman.com\/en\/how-to-structure-deferred-payments-and-cross-guarantees-in-small-market-ma-transactions\/\" aria-label=\"Read more about How to structure deferred payments and cross-guarantees in small-market M&#038;A transactions\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-21743 post type-post status-publish format-standard has-post-thumbnail hentry category-all category-article category-article-tec category-tax tag-article\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/seegman.com\/en\/stock-options-rsus-and-phantom-shares-for-individuals-relocating-to-spain-key-tax-considerations\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"300\" height=\"146\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-300x146.jpg\" class=\"attachment-medium size-medium wp-image-8575\" alt=\"textura\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-300x146.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-1024x498.jpg 1024w, https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura-768x373.jpg 768w, https:\/\/seegman.com\/wp-content\/uploads\/2022\/12\/textura.jpg 1160w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/seegman.com\/en\/stock-options-rsus-and-phantom-shares-for-individuals-relocating-to-spain-key-tax-considerations\/\" >\n\t\t\t\tStock options, RSUs and phantom shares for individuals relocating to Spain: key tax considerations\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Equity compensation plans raise particularly complex tax questions when the beneficiary relocates to Spain. In these cases, it is not enough to look at the<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/seegman.com\/en\/stock-options-rsus-and-phantom-shares-for-individuals-relocating-to-spain-key-tax-considerations\/\" aria-label=\"Read more about Stock options, RSUs and phantom shares for individuals relocating to Spain: key tax considerations\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-21490 post type-post status-publish format-standard has-post-thumbnail hentry category-all category-article category-article-tec category-business-law tag-article\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/seegman.com\/en\/private-limited-company-or-public-limited-company-in-portugal-practical-guide-for-investors\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"300\" height=\"169\" src=\"https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-300x169.jpg\" class=\"attachment-medium size-medium wp-image-9520\" alt=\"Sliders 23 1\" srcset=\"https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-300x169.jpg 300w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-1024x576.jpg 1024w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-768x432.jpg 768w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2-1536x864.jpg 1536w, https:\/\/seegman.com\/wp-content\/uploads\/2023\/12\/sliders_23_1_2.jpg 1920w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/seegman.com\/en\/private-limited-company-or-public-limited-company-in-portugal-practical-guide-for-investors\/\" >\n\t\t\t\tPrivate limited company or public limited company in Portugal: practical guide for investors\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Investors setting up a company in Portugal usually end up choosing between two corporate forms: the private limited company (sociedade por quotas, Lda.) and the<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/seegman.com\/en\/private-limited-company-or-public-limited-company-in-portugal-practical-guide-for-investors\/\" aria-label=\"Read more about Private limited company or public limited company in Portugal: practical guide for investors\" tabindex=\"-1\" >\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"55\" data-next-page=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/page\/2\/\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">Page<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/page\/2\/\"><span class=\"elementor-screen-only\">Page<\/span>2<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/page\/3\/\"><span class=\"elementor-screen-only\">Page<\/span>3<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/page\/4\/\"><span class=\"elementor-screen-only\">Page<\/span>4<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/page\/5\/\"><span class=\"elementor-screen-only\">Page<\/span>5<\/a>\t\t<\/nav>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG). The last update took place in 2020, and the new version is expected in early 2026. The goal is to align the Code with new market challenges, sustainability requirements and international [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[99,79,100],"tags":[87],"class_list":["post-16980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-article","category-corporate-governance","tag-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Good Governance Code: 2025 Review 2025 and CNMV Updates<\/title>\n<meta name=\"description\" content=\"Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good Governance Code: 2025 Review 2025 and CNMV Updates\" \/>\n<meta property=\"og:description\" content=\"Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/\" \/>\n<meta property=\"og:site_name\" content=\"Seegman\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-26T08:13:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-26T08:15:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/seegman.com\/wp-content\/uploads\/2024\/04\/destacado2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"564\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Antonio.Leon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Antonio.Leon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/\"},\"author\":{\"name\":\"Antonio.Leon\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#\\\/schema\\\/person\\\/5a05ec2253d6d36c4c4d0ecacd78e319\"},\"headline\":\"Good Governance Code: 2025 Review 2025 and CNMV Updates\",\"datePublished\":\"2025-09-26T08:13:52+00:00\",\"dateModified\":\"2025-09-26T08:15:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/\"},\"wordCount\":302,\"publisher\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/destacado2.jpg\",\"keywords\":[\"Article\"],\"articleSection\":[\"All\",\"Article\",\"Corporate Governance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/\",\"name\":\"Good Governance Code: 2025 Review 2025 and CNMV Updates\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/destacado2.jpg\",\"datePublished\":\"2025-09-26T08:13:52+00:00\",\"dateModified\":\"2025-09-26T08:15:35+00:00\",\"description\":\"Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG).\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#primaryimage\",\"url\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/destacado2.jpg\",\"contentUrl\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/destacado2.jpg\",\"width\":1160,\"height\":564,\"caption\":\"destacado\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/good-governance-code-2025-review-2025-and-cnmv-updates\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/seegman.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Good Governance Code: 2025 Review 2025 and CNMV Updates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/\",\"name\":\"Seegman\",\"description\":\"Servicios jur\u00eddicos de calidad para una inversi\u00f3n exigente.\",\"publisher\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/seegman.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#organization\",\"name\":\"Seegman\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/logo_seegman_white.png\",\"contentUrl\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/logo_seegman_white.png\",\"width\":600,\"height\":112,\"caption\":\"Seegman\"},\"image\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#\\\/schema\\\/person\\\/5a05ec2253d6d36c4c4d0ecacd78e319\",\"name\":\"Antonio.Leon\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/author\\\/antonio-leon\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Good Governance Code: 2025 Review 2025 and CNMV Updates","description":"Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG).","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/","og_locale":"en_US","og_type":"article","og_title":"Good Governance Code: 2025 Review 2025 and CNMV Updates","og_description":"Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG).","og_url":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/","og_site_name":"Seegman","article_published_time":"2025-09-26T08:13:52+00:00","article_modified_time":"2025-09-26T08:15:35+00:00","og_image":[{"width":1160,"height":564,"url":"https:\/\/seegman.com\/wp-content\/uploads\/2024\/04\/destacado2.jpg","type":"image\/jpeg"}],"author":"Antonio.Leon","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Antonio.Leon","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#article","isPartOf":{"@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/"},"author":{"name":"Antonio.Leon","@id":"https:\/\/seegman.com\/en\/#\/schema\/person\/5a05ec2253d6d36c4c4d0ecacd78e319"},"headline":"Good Governance Code: 2025 Review 2025 and CNMV Updates","datePublished":"2025-09-26T08:13:52+00:00","dateModified":"2025-09-26T08:15:35+00:00","mainEntityOfPage":{"@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/"},"wordCount":302,"publisher":{"@id":"https:\/\/seegman.com\/en\/#organization"},"image":{"@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#primaryimage"},"thumbnailUrl":"https:\/\/seegman.com\/wp-content\/uploads\/2024\/04\/destacado2.jpg","keywords":["Article"],"articleSection":["All","Article","Corporate Governance"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/","url":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/","name":"Good Governance Code: 2025 Review 2025 and CNMV Updates","isPartOf":{"@id":"https:\/\/seegman.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#primaryimage"},"image":{"@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#primaryimage"},"thumbnailUrl":"https:\/\/seegman.com\/wp-content\/uploads\/2024\/04\/destacado2.jpg","datePublished":"2025-09-26T08:13:52+00:00","dateModified":"2025-09-26T08:15:35+00:00","description":"Spain\u2019s National Securities Market Commission (CNMV) has announced the creation of an Expert Committee to revise the Good Governance Code for listed companies (CBG).","breadcrumb":{"@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#primaryimage","url":"https:\/\/seegman.com\/wp-content\/uploads\/2024\/04\/destacado2.jpg","contentUrl":"https:\/\/seegman.com\/wp-content\/uploads\/2024\/04\/destacado2.jpg","width":1160,"height":564,"caption":"destacado"},{"@type":"BreadcrumbList","@id":"https:\/\/seegman.com\/en\/good-governance-code-2025-review-2025-and-cnmv-updates\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seegman.com\/en\/"},{"@type":"ListItem","position":2,"name":"Good Governance Code: 2025 Review 2025 and CNMV Updates"}]},{"@type":"WebSite","@id":"https:\/\/seegman.com\/en\/#website","url":"https:\/\/seegman.com\/en\/","name":"Seegman","description":"Servicios jur\u00eddicos de calidad para una inversi\u00f3n exigente.","publisher":{"@id":"https:\/\/seegman.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/seegman.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/seegman.com\/en\/#organization","name":"Seegman","url":"https:\/\/seegman.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seegman.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/seegman.com\/wp-content\/uploads\/2020\/05\/logo_seegman_white.png","contentUrl":"https:\/\/seegman.com\/wp-content\/uploads\/2020\/05\/logo_seegman_white.png","width":600,"height":112,"caption":"Seegman"},"image":{"@id":"https:\/\/seegman.com\/en\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/seegman.com\/en\/#\/schema\/person\/5a05ec2253d6d36c4c4d0ecacd78e319","name":"Antonio.Leon","url":"https:\/\/seegman.com\/en\/author\/antonio-leon\/"}]}},"_links":{"self":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/comments?post=16980"}],"version-history":[{"count":3,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/revisions"}],"predecessor-version":[{"id":16983,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/posts\/16980\/revisions\/16983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/media\/10232"}],"wp:attachment":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/media?parent=16980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/categories?post=16980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/tags?post=16980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}