The National Securities Market Commission (CNMV) will be on top of ensuring that listed companies and issuance brochures correctly reflect the impact of the change in the interest rate cycle and inflation. Rodrigo Buenaventura, president of the supervisor, explained that the body will supervise that the impairment tests carried out by companies on their balance sheets correctly reflect this new scenario.
During the presentation of the Activity Plan for 2023 of the CNMV, Buenaventura has also advanced that the supervisor will be aware of how the company reflects the alignment with the taxonomy of European sustainable activities. In this sense, progress has been made to promote a review of the technical guide for audit committees. Until now, only financial aspects will be respected, but with the regulatory development of sustainability issues, now they want to incorporate non-financial information into these commissions.
Buenaventura has explained that the supervisor will continue working to avoid cases of greenwashing or “ecoposturing”, something that the CNMV already worked on last year; especially with regard to supervising that the commercial information of the sustainable funds was aligned with the composition of the portfolio. The supervisor will continue reinforcing these works during this year, in coordination with their European counterparts integrated into ESMA.
Indra, one of the cases of 2022
The CNMV was involved in controversy last year for its actions in the Indra case. Buenaventura has recognized that cases such as the one used in the technology board are far from the best practices that should result in a listed company, but he did not say if he plans to carry out changes beyond the advertisers to prevent this from happening again. kind of facts. However, he did anticipate that work is being done on a legal reform that would affect the figure of independent directors, although he acknowledged that it is a process that is carried out “calmly.”
The president of the CNMV recalled that the characteristics of the independents are highly referred to, but that there are fields to review such as their permanence. Although he did not give any other clue, one of the figures that generates controversy is that of the other external directors. There are many listed companies that keep their independents in office once their positions expire (12 years) under this name.