The stock market regulator in Spain is apparently asking company directors to confess every aspect of their business affairs – of all kinds.
In July, new disclosure rules come into force and directors will have to tell all about business transactions involving people with whom they have “affectionate relationships”. Business groups are unhappy with the idea, but the market commission said it is just updating regulations over “new forms of human relationships” to avoid conflicts of interests that might affect companies and their shareholders. A spokesman for Spanish bank BBVA could not keep a smile off his face when asked about the issue. Smirking he replied: “Of course, we always abide by all of the regulations with respect to everyone, in every country.” But the stock market guidelines have caused alarm in business circles, due to concerns they may infringe company directors’ right to privacy.