The president of Ibedrola, Ignacio Sánchez Galán, received a compensation of 9.5 million euros in 2018, including the remuneration in shares corresponding to the strategic bonus 2014-2016, which is 0.7% more than the amount received in 2017 , as stated in the Annual Report on Remuneration of board of directors that the company has sent to the National Securities Market Commission (CNMV).
Of this total compensation, 6.224 million euros correspond to their salary, of which 3.25 million euros are in concept for annual variable remuneration. In addition, in 2018 the second delivery of shares of the 2014-2016 Strategic Bond was carried out, approved by the general shareholders' meeting of Iberdrola in 2014.
In accordance with the degree of compliance with the parameters established for this incentive, Galán has received in 2018 a total of 510,596 shares with a price of six euros per share, with a value of 3.06 million euros. For its part, the remuneration as a whole of the energy company's board of directors in 2018 amounted to 16.7 million euros in the year -including the second delivery of 2014-2016 strategic bond shares-, compared to 16, 6 million euros from the previous year.
Freeze of salaries for 2019
For the year 2019, the governing body of the company has agreed, unanimously and at the proposal of the Remuneration Committee, to maintain the fixed remuneration for belonging to the board of directors and the amounts for the attendance bonus to the meetings. These amounts have been frozen since 2008.
Likewise, the highest management body of the group has agreed to maintain fixed remuneration for this year for the performance of its executive functions of the president of Iberdrola, Ignacio Galán, and the general director of the Businesses, Francisco Martínez Córcoles.
In 2018, Iberdrola in 2018 exceeded for the first time the 3,000 million euros of net profit, with an increase of 7.5% -. The company will propose to the general meeting of shareholders, called for next March 29, a supplementary remuneration charged to the year 2018 of, at least, 0.20 gross euros per share.
This amount will be added to the 0.151 euros gross per share already paid on February 5 as an interim dividend, so that the total compensation to the shareholder charged to 2018 will amount to 0.351 euros gross per share, 7.7% more than the amount distributed in 2017. In this way, Iberdrola fulfills its commitment to increase the remuneration of its shareholders in line with the evolution of results, maintaining a pay out between 65% and 75%.