January 28, 2014 / 7:21 AM / in 4 years

BlackRock calls for more independents on Spanish boards

MADRID, Jan 28 (Reuters) - Fund manager BlackRock has written to the Spanish stock exchange regulator asking it to recommend increases to the minimum number of independent appointees on the boards of companies in Spain’s blue-chip index , Expansion reported on Tuesday.

BlackRock wants the regulator to recommend the 35 top listed companies in Spain have half their boards made up of independents, rather than the current third it recommends, the paper reported.

BlackRock’s directors of corporate governance wrote to the head of the CNMV regulator, Elvira Rodriguez, who is reviewing Spain’s corporate governance code.

“It would be another positive step to help balance the power within boards, especially in cases where there is a combination of chairperson and chief executive (in the same person)”, said the letter.

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