Manuel Olivencia Award places emphasis on corporate governance and second edition is announced for 2019

2018年10月31日

Manuel Olivencia Award for Good Corporate Governance
Manuel Olivencia Award for Good Corporate Governance
  • IAG receives award for good corporate governance practices
  • Manuel Olivencia Award is aimed at acknowledging and promoting best practices in corporate governance
  • Pedro Sánchez, primer minister of Spanish government, attends award ceremony and considers corporate governance key to progress of society

Madrid, October 30, 2018: Yesterday, the award ceremony for the Manuel Olivencia Award for Good Corporate Governance was held, with International Airlines Group (IAG) receiving the award. Created by the Cuatrecasas Foundation, this award aims to acknowledge business actions and conduct that promote and improve corporate governance in Spain.

Participating in the event were Pedro Sánchez, prime minister of the Spanish government, and Sebastián Albella, chair of the Spanish Securities and Exchange Commission (“CNMV”). Rafael Fontana, senior partner of Cuatrecasas and vice chair of the foundation, and Juan Aguayo, partner at Cuatrecasas and director of the Manuel Olivencia Award, hosted the ceremony at which 200 guests attended, representing listed companies, authorities, academics and the legal sector.

Rafael Fontana took the opportunity to remember the person after whom the award takes its name: the late Manuel Olivencia, a renowned lawyer, professor of commercial law at the University of Seville, vice chair of Cuatrecasas and chair of the committee that drafted the first Spanish code of corporate governance in 1998, who died on January 1. In his words: “we are excited to start this initiative, convinced of how important and beneficial it will be for our companies and, in general, for Spanish society, which we want to serve. We are also convinced that, next year, the Manuel Olivencia Award for Good Corporate Governance will be even more cherished.”

Pedro Sánchez, primer minister of the Spanish government, highlighted the importance of good corporate governance for the progress of the country and of society. “The value of the intangible gains importance thanks to ethics management. The disruption in the financial and legal sectors is not only due to technological progress; it is also due to society’s moral progress. A good government anticipates these changes. It gives us a clear competitive advantage, making us a leading social player.”

 

The panel, chaired by Manuel Pizarro, permanent member of the Royal Academy of Case Law and Legislation, considered outstanding aspects of IAG’s corporate governance practices before taking the decision to grant it this award.

Juan Aguayo indicated the aspects assessed by the panel. “One aspect is that IAG’s board of directors has an ample majority of independent directors, including its chair. The panel also valued its investor relation policy, the duration of directors’ term of office (the directors are subject to yearly voting by the shareholders meeting), and the selection and training policies for the directors. IAG also stands out for its transparency both in corporate governance and in director remuneration.

IAG’s chair, Antonio Vázquez, collected the award and stated the following: “We thank the Cuatrecasas Foundation and the Manuel Olivencia Award panel for this acknowledgment that IAG, as a Spanish company, is particularly proud to receive. This distinction reinforces our commitment to good corporate governance, and we are firmly convinced of the value it brings to business management from the perspective of “complying and explaining,” as the Olivencia Code so appropriately established in Spain.”

Sebastián Albella, chair of the CNMV, closed the award ceremony and praised Manuel Olivencia and his legacy, emphasizing the high quality of both the report and the governance code prepared by the commission Manuel Olivencia set up. Mr. Abella described the Olivencia Code as “the fundamental milestone of the positive development of good governance practices by Spanish listed companies in the last 20 years, with the outstanding contribution of the figure of the proprietary director.”

The Cuatrecasas Foundation and the Manuel Olivencia Award Management Committee took advantage of the ceremony to announce the continuity of the award with a second edition planned for 2019. This continues the Manuel Olivencia legacy and helps promote the best initiatives in good corporate governance.

About Manuel Olivencia Award for Good Corporate Governance

The Cuatrecasas Foundation awards the Manuel Olivencia Award for Good Corporate Governance, which annually rewards specific actions and behaviors that reflect the importance of corporate governance and the transparent management of businesses as key factors in generating value in a sustainable manner.

The award takes its name from the late Manuel Olivencia, a renowned lawyer, professor of commercial law at the University of Seville, vice chair of Cuatrecasas and chair of the committee that drafted the first Spanish code of corporate governance in 1998.

About the Cuatrecasas Foundation

The Cuatrecasas Foundation, created in 1991, focuses its activity on projects relating to rule of law and access to justice in line with the United Nations Global Compact and the Sustainable Development Goal 16: peace, justice and strong institutions. The foundation’s flagship activities are the Manuel Olivencia Award for Good Corporate Governance and the creation of the Spanish Pro Bono Foundation, a platform including a wide representation from the legal world to develop pro bono projects in Spain. The Cuatrecasas Foundation also continues to contribute to society by supporting social, cultural and financial initiatives.

 

For more information:

Daniel Giralt
Communications manager at Cuatrecasas

daniel.giralt@cuatrecasas.com

+34 93 272 64 64

 

Deva Comunicación Financiera

Juan Torres

jtorres@deva.es

+34 91 360 17 20

Marián Casado

mcasado@deva.es

+34 91 360 16 68

 

Cristina García

cgarcia@deva.es

+34 91 360 17 20

 

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