January 19, 2021

The first executives of the IBEX earn 12% more on average in 2017

The first executives of the IBEX earn 12% more on average in 2017



The average remuneration of the executive directors, mainly chairpersons with these functions and CEOs, of the IBEX 35 increased by 12.3% in 2017, to 3.11 million euros, and that of the executive directors of the rest of the listed companies, a 20%, up to 868,000 euros.

Although these increases are explained mostly by the expiration of multi-year incentive plans in two companies, explains the National Securities Market Commission (CNMV) in a statement that includes the main data of the annual remuneration report of the tips.

As regards non-executive directors, their average remuneration increased by 4% in 2017, up to 210,000 euros, in the companies of the IBEX 35, and by 14.9%, up to 85,000 euros, in the rest of the listed companies.

Apart from this information, the supervisor believes that the information provided by companies on pension plans and other long-term savings systems, and on the criteria and metrics used to determine variable remuneration and its application in particular, should be improved. .

In addition, the CNMV publishes today the annual corporate governance report for the year 2017, the third in which the Corporate Governance Code has been applied, whose recommendations have been followed at 84.6%, compared to 83.9% of a year before.

Additionally, another 7% of the good governance councils were followed partially (7.4% in 2016), so that the total or partial follow-up was 91.6% of the recommendations, slightly above 91.3%. % of a year before.

It should be noted that 35.9% of companies – 1.3 percentage points less than in 2016 – followed 90% of the recommendations and four, just as a year before, declared 100% compliance. On the contrary, a company registered a degree of follow-up of less than 50%.

Among the recommendations that were least followed is that the high-capitalization companies have an appointments committee and a separate remuneration committee and the one that recommends information transparency in the general meeting through its website, with a follow-up of 31 , 6% and 36.7%, respectively.

In relation to the board of directors, it should be noted that the average size remained unchanged.

The presidents of the councils continued to be mostly executives (53.2%), especially in the IBEX companies, where this average reached 54.3%.

In 2017, 60% of the IBEX companies had on their boards at least half of independent directors (same percentage as in 2016); of the rest of the companies, 68.3% had at least one third of independent directors (66.7% in 2016).

The presence of women on the boards experienced a slight increase to 18.9%, compared to 16.6% in 2016, which reached 22.8% in the IBEX 35 companies.

This increase was concentrated, however, in positions without executive functions, since the percentage of executive advisers on the total was 4.5%, two tenths less than in 2016.

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