Stock market demands bosses bedroom secrets

11th May 2005, Comments 0 comments

11 May 2005, MADRID — In a move that has caused horror in boardrooms across Spain, the country's stock market regulator has demanded twice-yearly disclosures about the love lives of business leaders.

11 May 2005

MADRID — In a move that has caused horror in boardrooms across Spain, the country's stock market regulator has demanded twice-yearly disclosures about the love lives of business leaders.

From July, directors will have to own up not just to any dealings with their spouses and family, but also those with anybody else with whom they have developed an "affectionate relationship", the Spanish daily El Mundo reported.

This means lovers and gay partners will be part of the package.

The regulations, which were set up by the national stock market commission, are designed to stop lovers and their families being the beneficiaries of special contracts or privileged information about stock movements.

But how the directive will be enforced is unclear.

Nevertheless, there has been a discreet rebellion from business leaders already.

Ricard Fornesa, the president of the huge La Caixa savings bank, was reported as calling the deal "laughable".

Others preferred to remain off the record, though one corporate lawyer said it was unlikely that all senior executives would willingly provide lovers' names.

El Mundo newspaper denounced what it called a "impossible stock market inquisition".

"Where is this register of partners and lovers to be?" it asked. "What constitutional precept allows such an invasion of privacy?"

The commission said it was simply bringing the rules up to date to deal with "new forms of human relationships".

[Copyright EFE with Expatica]

Subject: Spanish news

 

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