The average remuneration accrued by a director of a Spanish listed company stands at 382,000 euros per year, an amount that increases to 710,000 euros among the companies that are part of the Ibex 35 and stands at 204,000 euros for the rest of the companies, according to reflects the annual report of the National Securities Market Commission (CNMV) on the remuneration reports of the directors of listed companies for 2019.
The average compensation earned globally by the boards of directors of listed companies was, on average, 4.03 million euros in 2019, 6.4% higher than the previous year. This amount is 9.5 million on average for the Ibex 35 companies and 2.03 million for the rest of the listed companies.
The average remuneration per director who has held the position during the full year (382,000 euros per year) grew by 1.9% compared to the previous year, although this increase is affected by the severance pay of around 14 million euros paid to an executive director of Repsol as a consequence of his cessation of executive functions.
Discounting it, the average remuneration per director would have decreased by 1.5% .Within the Ibex 35, the highest remunerations correspond to executive presidents, whose average remuneration in 2019 was 4.1 million euros, compared to 4.46 million in 2018.
Behind, the CEOs obtained an average remuneration of 3 , 1 million (3.3 million in 2018), the rest of executive directors earned 2.8 million on average (2 million a year earlier) and non-executive presidents received 827,000 euros (compared to 870,000 in 2018).
In the companies that are not part of the Ibex 35, the average remuneration of the executive presidents was 1.2 million euros (+ 15.12%), mainly due to the expiration of multi-year variable plans in two companies (Sacyr and San José ) during that exercise.
The average remuneration of the CEOs was 886,000 euros(1.1 million in 2018), that of the rest of executive directors amounted to 548,000 euros (491,000 euros in 2018) and that of non-executive presidents was 212,000 euros (189,000 euros in 2018).
In general, the most significant amount of the components that make up the remuneration accrued corresponds to the fixed remuneration, which represents 47% of the total (44% in the Ibex 35 companies and 54% in the rest of the companies).
On the other hand, the variable remuneration represents 33% (33% in the Ibex 35 and 32% in the rest), the allowances 4% (3% and 6%, respectively), the remuneration consolidated in the year by systems of Saving represents on average 4% (5% in Ibex 35 and 2% in the others). The rest corresponds to other remuneration items, including compensation.
Likewise, the CNMV has verified a significant increase in the presence of women on the boards of directors of Spanish listed companies to 23.4% in 2019 , almost four points higher than a year before and 6.8 points more than in 2016.
This is stated in its annual report for 2019 on the annual report on corporate governance of issuers, in the fifth year of application of the Code of Good Governance for listed companies of 2015, which recommends that companies have a number of female directors representing at least 30% of the total members of the board of directors in 2020.
In 2019, the percentage of female directors rose by 3.7 points, to 23.4%, with increases in all categories. Specifically, independent directors reached 35.8% (+5.4 points) and executive directors 5.5% (+0.6 points) . The percentage of councils with a female presence also rose, to 90.6% (+5.6 points).
A total of 46 entities appointed directors over the past year, of which 87.7% were independent, 10.5% proprietary and 1.8% executive. Women chaired the boards in 4.7% of those listed (+0.2 points compared to 2018) and the percentage of female directors who do not belong to any committee of the board decreased from 26.4% to 23.6%.
The increase in the presence of women on the boards of directors was more pronounced among the Ibex 35 companies , which increased the quota of women by 4.5 points, to 27.5%. All of these companies had female advisers.
However, with regard to senior management , there is a decrease both in the percentage of senior managers, which went from 16% in 2018 to 15.9% in 2019, and in companies that have women in their workforce. senior management, which stood at 58.3%, compared to 59.9% a year earlier.
