Home > Compensation > A report on boards compensation in Spain, 2013.

A report on boards compensation in Spain, 2013.

The Spanish CNMV, (the equivalent of USA Sec) has recently released the report on Boards remuneration in the biggest Spanish public firms, (those belonging to the index Ibex-35).

Here you will find its main conclusions:

  • The average compensation per board and director has been slightly reduced in 2013,
  • Fixed compensation amounts to 55% of the total, whereas variable pay is made up of shares granted and stock options exercised, (34%), and assistance payments,
  • Bigger capitalization companies pay more for the same kind of responsibility in the job, (Ceos, other executives, independents), but there is not a clear connection between financial results and pay levels.
  • As for fixed pay, there is an uniform pay design.
  • Short-term (annual) variable pay shows a certain convergence in metrics, (usually two that reflect volume and profitability) and a third of firms also use a qualitative metric. Only in a few cases, (mainly banks), risk management has been included into the metrics pool.
  • Long term incentive plans are not generally adopted, and when they are, retirement plans are prefered.
  • Although all firms`s compensation plans have been approved for more than 70%, some companies have introduced changes pursuing a more long-term approach and conflict of interest avoidance.
  • Compensation Committees are generally receiving external advise.

The report can be found here,


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