Letter to the Three Wise Men from an Ibex director

Dear Three Wise Men:

I would like to start this letter by explaining how I have performed my duties during this year 2025 that is about to end: I have analyzed the documentation from meetings and have met with heads of finance, sustainability, and technology (among others) to help me understand the nuances. I have also kept up to date with economic, financial, geopolitical, sustainability, and legal news, attended all training sessions organized by the company, and brought suggestions and questions to board meetings and committees.

In summary, I believe I have done very well.

But I would be lying if I said I wasn't worried: I have a feeling that, despite everything we have achieved in 2025, it will not be enough...

Therefore, I would greatly appreciate it if you could bring me this for the coming year:

Firstly, I would like legislation to be reasonably permanent. Obviously, regulations need to adapt to economic and social changes, but it would be fantastic if they were written with enough flexibility to be useful for a reasonable period of time... without having to repeal it and replace it with a new one every five minutes, or approve so many implementing regulations that they make the tales of One Thousand and One Nights look trivial.

But if this is not possible, I would ask that we at least regain some legal certainty. It would be desirable for the rules to be technically correct, understandable, and have sufficient transition periods. Additionally, we are waiting for regulations that are taking time to arrive, such as the Corporate Sustainability Reporting Directive or the transposition of NIS2, and others that are constantly being added and changed, like Omnibus I, the Digital Omnibus, the Verifactu... With the ups and downs of recent times, it is increasingly difficult to know whether it is better to be diligent and do homework on time, or to be cautious and follow in the footsteps of others.

Secondly, I would like to be able to dedicate more time to supervision and less to report presentation. Of course, transparency is a fundamental value for listed companies, and this requires the disclosure of information on a wide range of issues. However, sometimes I find myself feeling more like a documentalist than a board member. If the information requirements could be reorganized so that everything is reported once and in one place, it would be a great gift.

Thirdly, I would ask for more female directors and senior managers in Spanish companies. The companies listed on the Ibex cannot complain: we all meet the legal target of 40% women on boards, and the proportion of senior managers is gradually increasing. In turn, among the listed companies as a whole, in 2024 the presence of women on boards grew to 36.58%, and the percentage of executives reached nearly 25%. But, as you well know, listed companies (especially those in the Ibex) are a small group within the Spanish business ecosystem.

On the other hand, it would be fantastic if you could do something about technological disruption. On days when we have no cybersecurity incidents, we face various other threats. When we are not hearing apocalyptic news about advances in artificial intelligence and its influence on the job market, we receive news about its consumption of natural resources and energy.

And this brings me to another request. We are making a real effort to incorporate sustainability into our business strategy. One way or another, sustainability permeates all our conversations, and we are trying to do things right and improve every process in the activity chain. However, sometimes I have the impression that we are being asked not only to aspire to business sustainability but also to the sustainability of human civilization...

Finally, I would like to ask you for a little geopolitical calm. Unfortunately, confrontation is part of human nature, but I would appreciate it if you could reduce the number of conflicts and bring a little peace. Establishing a strategy for the future is always very complex, but with the current situation of constant change and ideological polarization, it is even more so.

In summary, it seems that we are being asked to be much more than diligent businesspeople, so I can't help but feel a bit overwhelmed at times and wonder if all the effort I am putting in will be enough.

And I, after all, am one of the fortunate board members, as the Ibex companies have resources that, although not unlimited, as some seem to believe, are greater than those of the medium and small companies listed on the stock market. Not to mention small entrepreneurs and freelancers, of course... But I won't go into that, as I'm sure more than one of you will write about it.

Best wishes, and I wish you all a happy journey to the Three.

Read the full article, published in Cinco Días and written by Marina Torres, partner at ECIJA Madrid, here.