OHL still holds a leading position in Corporate Governance

The Spanish Securities Market Commission (CNMV) has published its Annual Corporate Governance Report (IAGC) on listed companies, for the 2014 financial year. Once again, the Report indicates that OHL is the only company in the construction sector included amongst leading listed companies in good governance matters, both on the overall market and as part of the selective Ibex 35 index, due to its 100 % achievement of the recommendations foreseen in the Unified Code of Good Governance.

OHL is part of a reduced and exclusive group of 12 companies (of 141 listed companies) to have declared 100 % achievement in 2014 of the recommendations of the Unified Code of Good Governance, over 11 in 2013. Of these, seven (two less than in 2013) belong to Ibex 35: Banco Santander, Bankia, Bankinter, Gamesa, Red Eléctrica de España and Jazztel (de-listed in 2015), in addition to OHL. 

According to past annual reports of the CNMV, OHL is the only Ibex 35 company to have achieved, year after year, all of the Code’s applicable recommendation during the last six financial years since 2009. 

Global figures of the 2014 IAGC indicate that Ibex 35 companies have achieved 93.8% of the Unified Code recommendations, in line with the 93.7% rate of 2013. For all listed companies, the figures achieved were respectively 85.4% and 84%. Recommendations with the lowest level of achievement referred to the presence of independent directors on governance bodies. 

The CNMV’s IAGC is based on the annual corporate governance reports that all listed companies are obliged to forward to the regulatory authorities on their level of achievement of Unified Good Governance Code recommendations. Now, eight years since the Code came into force, all forthcoming annual reports must conform to the new Good Governance Code for Listed Companies, approved in February 2015.