Analysis of corporate governance in the Ibex in 2007: first implementation of the Unified Code of Corporate Governance

Resumen

Since the establishment of the first initiative on corporate governance, in Spain there have been three commissions: Olivencia (1998), Aldama (2003) and the Conthe Commission (2006). From the latter arose one of the most advanced corporate governance codes in the European Union, the Unified Code (UC), consisting of 58 recommendations, and whose first application was for 2007. In this article, we analyze the reports of the 20 companies that have been normally traded in the Ibex index (integrated by the 35 listed Spanish companies with greater liquidity in the Spanish Stock Exchange) in the last 10 years. The objective is to ascertain the health of corporate governance in Spain: what is the overall state of corporate governance in the listed companies in Spain?.