Spain’s National Securities Market Commission (CNMV, by its Spanish acronym) has published its Annual Corporate Governance Report on listed companies for the 2015 fiscal year, the first under the new Good Governance Code for listed companies, approved by the Board of the CNMV in February 2015.

The report shows that OHL maintains its leadership position in terms of Corporate Governance among the major Spanish construction companies. With an 89.4% score, it is the company in the sector with the highest degree of compliance with the recommendations of the new Good Governance Code applicable to each of them. 

OHL’s degree of compliance is also above the 81.8% average for listed companies overall, a percentage classified as “high” by the CNMV in the first year in which companies had to respond to the new recommendations and which shows to advantage OHL’s commitment to good corporate governance among the companies listed on the Spanish stock exchange taken overall. 

This commitment had also been evidenced over the last few years in relation to the former Unified Good Governance Code. The history of the annual reports prepared by the CNMV showed that OHL was the only company on the Ibex 35 that had complied, year after year, with all of the applicable recommendations of the Unified Code in the last six fiscal years since 2009. Moreover, in 2014, the last year of that code, OHL was the only construction company with 100% adherence to the applicable recommendations. 

The global data of the annual report for 2015 indicate that 27% of companies have followed 90% of the recommendations applicable to them and that two stated that they comply with 100%. There were also two companies that followed less than 50%. The recommendations least followed were those relating to the new practices of the code on the transparency of the information on the general shareholders’ meetings in general. 

The CNMV’s good governance report is based on a review of the Annual Corporate Governance Reports that listed companies are obliged to send to the regulator.