Spanish 2022 AGMs focus on Remuneration and ESG criteria

The 2022 Spanish AGM season will be characterized by "increasing scrutiny" from investors on issues related to board remuneration and ESG criteria.

This article, by the Spanish news agency  Europa Press, analyzes the perspectives and key issues on the agenda for the next Spanish AGM season. According to Morrow Sodali's latest report, the importance of climate change issues at shareholders' meetings in 2022 is already recognized due to the "pressure that certain investors are exerting" on this subject.

Independence criteria will also be a "hot topic" during the next season.  This report shows that there is a higher level of independence in the Ibex 35 than in the top 40 of the continuous market. Specifically, 68% of the companies analyzed in the Ibex 35 have more than 50% independence, while in the top 40 of the continuous market, 35% of the companies have more than 50% independence, and 48% have a level of independence between 33% and 50%.

A target of 40% female representation on boards must be reached by this year according to the Spanish Good Governance Code of Listed Companies by the National Securities Market Commission (CNMV) and Morrow Sodali foresees that those boards that do not present a minimum gender balance of 70%-30% "will face significant levels of opposition in the board elections".

Read more here (in Spanish).