During 2022 the transposition of the Directive (EU) amending Directive EC (Shareholders' Rights Directive) in terms of promoting long-term shareholder involvement (SRD II). The Directive is a key part of the European Action Plan for Company Law and Corporate Governance launched in with the aim of creating “a modern legal framework for greater shareholder participation and company viability”. The Plan highlights the short-termism of investors revealed by the financial crisis and the will of the Board of Directors to refocus on corporate sustainability: "if the majority of shareholders maintain a passive attitude, do not seek interaction with the company and do not exercise their right vote, the functioning of the corporate governance system is less effective.
In 2020, the involvement obligations for insurers Mexico Mobile Number List and pension funds were regulated in Spain, taking advantage of the transposition of their respective Directives (IDD and IORP II, both from ), which came into force last year, as well as the advisors of vote: notification to the CNMV, publication of its Code of Conduct and annual compliance information. It is included in the Draft Law on the Securities Market and Investment Services, which regulates for the first time the figure of proxy advisor. But the key piece of legislation was the which modifies the Law on Capital Companies, and other Laws such as those on Collective Investment Institutions, Venture Capital Entities, Audit of Accounts and Stock Market. Institutional investors and asset managers are required to be transparent in their relationship with issuers, and now they have to define, publish and comply with their voting and involvement policies, integrated into their investment strategy, including environmental, social and security factors.
Good governance (ESG), linked to performance, risks, long-term objectives. Managers are additionally required to publish how they meet the investor's mandate in all these respects. Finally, everyone must report their involvement activities and the management of their conflicts of interest. Although insurance companies, the investors traditionally most committed to involvement and voting at meetings, already began in to vote responsibly and get involved with the companies with the most weight in their portfolios, it is this year, with the entry in force of the regulations that affect asset managers, when the activity has intensified. The role of managers is key since most investors (insurers, pension plans, private portfolios) delegate investment decisions, and now voting and involvement, to them.
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