“The quality of Spanish boards of directors is on a par with those in leading European countries”, declared Rodrigo Buenaventura, chairman of CNMV, Spain’s stock exchange committee, during the conference to celebrate the 10th anniversary of the Esade and PwC ‘Program for Board Members’ held yesterday at CaixaBank All in One Madrid. Buenaventura was also pleased about the considerable improvement in gender diversity on boards of directors and the numbers of women in senior management over the last decade although much still remained to be done. “A pass in this subject is not enough, we must aim to lead the way in this realm in Europe, so I encourage companies to carry on pushing ahead with these changes,” he said during the closing ceremony.

The CNMV president also underlined two areas that boards of directors could improve: the role of independent directors and the involvement of shareholders, which he has described as “essential on account of the fiduciary responsibility and positive impact of their active participation.” On the same line, he announced the publication of the final version of the CNMV’s 'Code of Good Practice for Institutional Investors, Asset Managers and Proxy Advisors.’ Likewise, Buenaventura mentioned the considerable regulatory debate currently under way and the demands upon corporate governance as the cornerstone of investor confidence. “There’s no place for shortcuts or simplification in this instance.”

Juan María Nin, president of Itínere, Habitat and MoraBanc, chairman of the board at ITP Aero and board member of Société Générale de Banque, highlighted during his contribution to the panel discussion the importance of teaching values, culture and behavior in business, high standards and technical capability. “Employees must be part of good governance”, he explained. As regards the purpose of a company, he underlined the relationship with employees and consumers, whilst not overlooking greater profits or value. “Without governance, nothing can exist,” he declared. 

Helena Herrero, president of HP Southern Europe, the Middle East and Africa, weighed up the complexity of today’s world, “in which all spheres are interconnected in a climate of uncertainty.” Amongst others, she highlighted “sustainability, the impact of technology and business on society, changes in how people work and the impact of business models.” Herrero also pointed out several challenges, such as progress in transparency and the ESG world; the shift in technology and the impact of artificial intelligence; and work on strategy in such a complex, uncertain world. “We need to look ahead and be proactive and flexible,” she concluded. Nin also mentioned the responsibility of the board, the obligation to have a demanding regulatory and supervisory framework, and the importance of metrics and technology as levers to face the challenges of corporate governance in the 21st century.

Also taking part in the conference were Xavier Mendoza, Esade director general; Mario Lara, director of Esade Madrid and the Esade Center for Corporate Governance; Carlos Losada, professor in the Esade Department of Strategy and General Management and co-director of the Program for Board Members; Rafael Herrador, manager of the Metropolitan Madrid region at CaixaBank, and Cristina Monge, political scientist and political analyst.