Following the conclusion, in May 2014, of the Programme of Economic and Financial Assistance (involving the International Monetary Fund, the European Commission and the European Central Bank), the Portuguese Government launched the ´Green Growth Strategy´ and recently approved the ´Green Growth Commitment´, which aims to link economic growth with responsible and sustainable economic behaviour.
On 3 December, 2014, Law 31/2014 (the ‘Act’), which modifies the Corporate Enterprises Act to improve corporate governance was approved. The Act, which was published in the Official State Gazette on 4 December, became effective – with the exception of the specific instructions for certain precepts of its transitional provision – on 24 December, 2014. One of its main objectives is to foster transparency in corporate enterprises and improvements in corporate governance. In this way, the legislator tries to generate value in companies, improve economic efficiency, and strengthen the confidence of the investors.
On 24 February 2015, the Spanish National Securities Market Commission, Comisión Nacional del Mercado de Valores (CNMV), published the new Unified Good Governance Code for listed companies, drafted by a group of experts created especially for this purpose. The objective of the code is to harmonise and update the recommendations in the Olivencia and Aldama reports and the 2006 code of good governance for listed companies, as well as make additional recommendations deemed necessary.
The Royal Decree Law on Second Opportunity Mechanism, Financial Load Reduction and Other Social Measures – which modifies the Spanish Insolvency Act (Law 22/2003 Concursal) was published on 28 February.
At the beginning of 2015, new rules related to the taxation of individuals came into effect, as well as a new “green tax reform”. Meanwhile, in parallel, policies related to corporate taxation are being continuously improved with a view to ensuring an increase in foreign investment.
On 4 December, 2014, the Spanish Official State Gazette published Ley 31/2014, de 3 de diciembre, por la que se modifica la Ley de Sociedades de Capitalpara la mejora del gobierno corporativo (the LSC Reform Act) which amends the Spanish Companies Act (LSC) with a view to improving corporate governance. The LSC Reform Act entered into force on 24 December, 2014.