1. Barros García, Bárbara Fernández Oraá, Ana Iglesias Fernández, Laura Junquera Belzunce, Coro ICGN Global Corporate Governance Principles: Revised (2009)

2. PREAMBLE The International Corporate Governance Network is a global membership organisation which mission is to raise standards of corporate governance worldwide. Solving issues concerning investors (international dialogue) Helping in decision making of companies Monitoring of risk management, shareholders and investors AIMS:

3. PREAMBLE HOW? - Application of high standards of corporate governance. - Flexibility according to companies and market circumstances. - Participation of owners in their own governance. WHAT FOR? - Companies compete effectively. - Make economies prosper.

4. PRINCIPLES (I) CORPORATE OBJECTIVE : ensure long-term viability and manage relationships with stakeholders. CORPORATE BOARDS : independent leadership. CORPORATE CULTURE : cultivate and sustain an ethical corporate culture (employees’ responsibility for appropriate behaviour) in the company. RISK MANAGEMENT : ensure that the company implemets an effective process to identify risks and measure the potential outcomes. REMUNERATION : board’s policies on remuneration.

5. PRINCIPLES (II) SHAREHOLDERS RESPONSIBILITIES : generate long-term value. SHAREHOLDERS RIGHTS : right to participate in key corporate governance decisions. DISCLOSURE AND TRANSPARENCY : open communication about aims, achievements, relationships… AUDIT : representation of the financial position and performance of the company.

6. THANK YOU FOR YOUR ATTENTION