The salary of the executive directors of the Ibex exceeds 3 million euros after falling 1.1% in 2018

One, two and up to three million euros charged on average the executive directors of the companies present in the Ibex 35 during 2018. Specifically, 3.07 million, 1.1% more than the previous year, according to the data released yesterday by the National Securities Market Commission (CNMV).

The executive directors are the members of the Board of Directors of a company that, in addition to these functions, also participates in the daily activity of the company performing senior management duties or as an employee of the company. Fundamentally, presidents and CEOs .

In the case of the executive directors of the rest of the companies listed outside of the Ibex, their salaries were significantly lower, up to 887,000 euros, despite which they increased by 2.2% compared to 2017, according to the Annual Remuneration Report of the Advice prepared by the supervisor.

Said report includes for the first time as compensation for the year the savings systems that are consolidated. Without taking this effect into account, the average remuneration of executive directors would have fallen by 6.8% in Ibex companies and 1% in the rest. The reduction in the remuneration of the executive directors of the Ibex 35 is mainly explained by a lower maturity of multiannual variable plans for this group during 2018.

As for non-executive directors , their remuneration remained unchanged at approximately 210,000 euros in Ibex 35 companies and increased 4.7% (up to 89,000 euros) in the rest of listed companies.

Overall, the remuneration of the boards of directors of the listed companies rose 1.5% year-on-year, to 3.8 million euros. In the case of external directors, that is, of the members of the Board of Directors who are not involved in the daily activity of the firm, their average salary reached 129,000 euros per year, 2.4% more. The CNMV attributes this increase to the compensation paid by Codere as a result of the termination as executive directors of two members of the board of directors who, as of December 31, were classified as proprietary.

Composition

Regarding the Boards of Directors , the supervisory body indicated that their average size remained without significant variations compared to 2017. The presidents of these Boards of Directors continued to be mostly executives (48.9%), especially in companies of the Ibex, where this average reached 57.6%. The percentage of independent directors who held the position of chairman of the board increased to 12.8% (11.5% in 2017).

During the past year, 63.6% of Ibex 35 companies had at least 50% of independent directors on their boards (60% in 2017). Of the other companies, 70% had at least one third of independent directors in their management bodies (68.3% in 2017).

On the other hand, the presence of women in the councils experienced a slight increase to 19.7% (18.9% in 2017), a percentage that reached 23.1% in Ibex societies. This increase was mainly concentrated in the independent directors, although the executive directors also increased slightly to 4.9% of the total executive directors, which is four tenths more than in 2017.

By way of conclusion, the report reflects how, in 2018, the average age of the directors was 59.9 years, while in the Ibex companies the average was slightly higher, standing at 61.8 years.

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