OECD Corporate Governance Factbook 2025: Spain
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Spain’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In February 2023, the Spanish Stewardship Code was published (Code of good practice for institutional investors, asset managers and proxy advisors in relation to their duties regarding assets conferred or the services provided). As of 1 September 2025, nine companies have adhered to the code.
In June 2024, the Technical Guide 1/2024 on audit committees at public-interest companies was published. This Technical Guide updates Technical Guide 3/2017 on the same topic.
In August 2024, Organic Law 2/2024 on equal representation and gender balanced between women and men, implemented into Spanish national legislation Directive (EU) 2022/2381 of the European Parliament and of the Council of 23 November 2022. It aims to improve the gender balance among directors of listed companies and related measures. Organic Law 2/2024 amends, among other pieces of legislation, article 529 bis of the consolidated text of the Companies Law and sets out that “Listed companies must ensure that the composition of the board of directors includes, at a minimum, 40 percent of individuals from the less represented gender…”. A similar provision is applicable to the top management of the companies.
In the fourth quarter of 2025, the CNMV will publish a Q&A document on the Organic Law 2/2024 to clarify any interpretative questions related to the new responsibilities in this area.
Recently, the Chair of the CNMV has publicly announced that a review of the Spanish Good Governance Code of listed companies (last version approved in 2015 and reviewed in June 2020) will be carried out. This project will probably start by the end of 2025.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Spain |
157 |
|
34.2% |
USD 780 bn |
45.3% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.