The benefits of listed Spanish companies have been rising for several years in the heat of the recovery of the national economy started in 2013. And with it the retribution to its executives and senior executives. The average remuneration of the directors of the listed companies of the country, both of the Ibex 35 and of the continuous market, has increased since then and until 2017 in 29.5% or 84,000 euros per year, from 285,000 to 369,000 euros on average per vowel, according to the report on remuneration of directors of listed companies published yesterday by the National Securities Market Commission (CNMV).
In 2013, the year in which Spain emerged from recession, the average remuneration charged by the members of the top management bodies of these companies fell by 1.4%, and the total remuneration to the top management fell by 5.2%. However, since then they have not stopped growing. The CNMV explains that this increase is explained by the increase in those four years of the remuneration of directors with management functions (+ 43%), since the variable part of the salary has increased in line with the good results of these companies, whose joint operating result improved 58% since 2013.
Last year alone, the average salary per director rose by 6% to 369,000 euros per year, an improvement that is partly due to the expiration of multi-year incentive plans in Acciona and CIE Automotive. Without this effect, the average remuneration per director would have decreased by 1.1%. The Ibex, with an average of 680,000 euros, are better paid than those of other listed companies (220,000).
The companies of the Stock Exchange allocated in 2017 an average of 3.7 million, a 15.9% more, to remunerate their councils, an increase that remains at 6.3% without counting the multi-year remuneration schemes of ACS and CIE Automotive . In the case of the main selective stock market, that figure rises to 8.97 million euros (+ 13.4%).
The members with executive position, basically the president and the executive director, are evidently the best paid. Last year, those of the Ibex 35 charged an average of 3.11 million euros, 12.3% more, while the executive directors of the rest of the listed companies pocketed 20% more, up to 868,000 euros. Meanwhile, the average compensation for directors without executive functions improved by 4%, to 210,000 euros, in the Ibex companies, and 14.9%, to 85,000 euros, in the rest.
The best paid
The executive chairman of a group that trades on the Ibex charged, on average, 4.9 million, and his "number two" 2.9. The CEO of ACS, Marcelino Fernández Verdes, was the best paid with 20.46 million, in front of Pablo Island (10.69 million), José Manuel Entrecanales (10.4), Ignacio Galán (9.74) and Ana Botín (7.87).
The figures of the stock market supervisor show that, within the policy of remuneration of listed companies, the variable salary has been gaining weight and already means, on average, 43% of the total, although short-term incentives are more widespread than long term.
Along with this report, the CNMV publishes a report on corporate governance every three years and in which it reports on compliance by companies with the good governance code. The follow-up of the recommendations of this code grows every year and is already 84.6%. For example, there has been a lot of progress in the presence of independent directors, so that they already represent half of the highest management body in 60% of the Ibex companies. The presence of women in councils has also improved, and these are already 22.8% of the members of the Ibex. However, the counselors do not usually have executive functions, and those that have them are only 4.5% of the total.