On 22 February 2023, the Spanish Securities Market Commission (using the Spanish acronym, “CNMV”) published the Code of good practice for institutional investors, asset managers and proxy advisors in relation to their duties regarding the assets conferred or the services provided (the “Code”), the main objective of which is to promote responsible, long-term oriented investment by institutional investors, asset managers and proxy advisors, so as to promote the sustainability of the entities in which they invest. The Code represents the CNMV’s alignment with the regulatory trend whereby, in recent years, more than 20 countries, seven of them European, have published this type of code, which are known
as stewardship codes.
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