2023-04-30 15:30:26
The first swords of the large listed Spanish companies saw their remuneration increased again in 2022, the year marked by the recovery of corporate profits and, above all, by the impact of inflation. However, the set of remuneration received (fixed salaries, variable bonuses and other concepts that make up the million-dollar payrolls of these executives) increased above the average cost of living. If the average inflation of the Spanish economy was 8.4% last year, the 35 managers of the Ibex firms earned 18% more. That is, ten points above the rate set by the CPI (Consumer Price Index).
Between all of them, more than 146 million euros entered in 2022. This is the highest amount for all those responsible for the Ibex-35 in history, according to the data communicated by the companies to the National Securities Market Commission (CNMV) and collected by this newspaper in its annual reports on remuneration of the boards of directors. Although they may not always be comparable with those of the previous year -the set of companies that make up the stock index changes every semester and the executives themselves leave and take up their positions-, those 146 million continue in the dynamics of salary recovery that suffered a decline in 2020, the year of the pandemic. Already in 2021 it was noticed in the remuneration after the ‘hibernation’ of the accounts due to the economic slowdown.
Ignacio Sanchez Galan
CEO
IBERDROLA
Perceived compensation
in 2022
Result of
the company
in 2022
Bruce W. Brooks
CEO
FLUIDRA
Francisco Reynes
CEO
NATURGY
Antonio Llarden
president
ENAGAS
Beatrice Corridor
Chairwoman
RED ELECTRICA
Arturo Díaz-Tejeiro
CEO
SOLARIA
Ignacio Sanchez Galan
CEO
IBERDROLA
Perceived compensation
in 2022
Result of
the company
in 2022
Bruce W. Brooks
CEO
FLUIDRA
Francisco Reynes
CEO
NATURGY
Antonio Llarden
president
ENAGAS
Beatrice Corridor
Chairwoman
RED ELECTRICA
Arturo Díaz-Tejeiro
CEO
SOLARIA
Bruce W. Brooks
CEO
FLUIDRA
Ignacio Sanchez Galan
CEO
IBERDROLA
Perceived compensation
in 2022
Result of
the company
in 2022
Francisco Reynes
CEO
NATURGY
Antonio Llarden
president
ENAGAS
Beatrice Corridor
Chairwoman
RED ELECTRICA
Arturo Díaz-Tejeiro
CEO
SOLARIA
Bruce W. Brooks
CEO
FLUIDRA
Francisco Reynes
CEO
NATURGY
Ignacio Sanchez Galan
CEO
IBERDROLA
Perceived compensation
in 2022
Result of
the company
in 2022
Antonio Llarden
president
ENAGAS
Beatrice Corridor
Chairwoman
RED ELECTRICA
Arturo Díaz-Tejeiro
CEO
SOLARIA
The diversity of structures and executives makes it necessary to clarify how the averages are highly distorted in each type of company. For example, the one who until March of last year was the president of Inditex, Pablo Isla, has received more than 27 million euros of remuneration, although this amount includes all the compensation that corresponded to him after leaving office. He was replaced by Marta Ortega (he received 800,000 euros for her new non-executive role) and by Óscar García Maceiras (more than eight million as CEO from April to December 2022).
Ana Botin
Chairwoman
SANTANDER BANK
Carlos Torres
president
BBVA
Anthony Huertas
president
MAPFRE
Jose Ignacio Goirigolzarri
president
CAIXABANK
Joseph Olive
president
SABADELL BANK
Maria Dolores Dancausa
CEO
BANKINTER
Manuel Azuaga
president
UNICAJA
Ana Botin
Chairwoman
SANTANDER BANK
Carlos Torres
president
BBVA
Anthony Huertas
president
MAPFRE
Jose Ignacio Goirigolzarri
president
CAIXABANK
Joseph Olive
president
SABADELL BANK
Maria Dolores Dancausa
CEO
BANKINTER
Manuel Azuaga
president
UNICAJA
Carlos Torres
president
BBVA
Ana Botin
Chairwoman
SANTANDER BANK
Anthony Huertas
president
MAPFRE
Jose Ignacio Goirigolzarri
president
CAIXABANK
Joseph Olive
president
SABADELL BANK
Maria Dolores Dancausa
CEO
BANKINTER
Manuel Azuaga
president
UNICAJA
Carlos Torres
president
BBVA
Anthony Huertas
president
MAPFRE
Ana Botin
Chairwoman
SANTANDER BANK
Jose Ignacio Goirigolzarri
president
CAIXABANK
Joseph Olive
president
SABADELL BANK
Maria Dolores Dancausa
CEO
BANKINTER
Manuel Azuaga
president
UNICAJA
Beyond this circumstance, the executives who earn the most from the Ibex-35 are once again the president of Iberdrola, Ignacio Galán (more than 13 million euros, 1% less), re-elected this Friday in office until 2027 by the shareholders’ meeting of the electric company; o Ana Botín, president of Banco Santander, whose remuneration was 11.7 million, almost 4% less.
Manuel Manrique
President and CEO
SACYR
Florentino Perez
president
ACS
Jose Manuel Entrecanales
president
ACTION
raphael del pino
president
RAILWAY
ishmael clemente
president
MERLIN
Pedro Viñolas
CEO
INM. COLONIAL
Manuel Manrique
President and CEO
SACYR
Florentino Perez
president
ACS
Jose Manuel Entrecanales
president
ACTION
raphael del pino
president
RAILWAY
ishmael clemente
president
MERLIN
Pedro Viñolas
CEO
INM. COLONIAL
Florentino Perez
president
ACS
Manuel Manrique
President and CEO
SACYR
Jose Manuel Entrecanales
president
ACTION
raphael del pino
president
RAILWAY
ishmael clemente
president
MERLIN
Pedro Viñolas
CEO
INM. COLONIAL
Florentino Perez
president
ACS
Jose Manuel Entrecanales
president
ACTION
Manuel Manrique
President and CEO
SACYR
raphael del pino
president
RAILWAY
ishmael clemente
president
MERLIN
Pedro Viñolas
CEO
INM. COLONIAL
In the entire list of senior executives, the case of José María Álvarez-Pallete stands out, the eighth highest paid. The president of Telefónica pocketed 6.78 million euros. This is a salary 22% lower than he received in 2021, when he received an extraordinary bonus for the operations of Telxius and Virgin.
Maurice Lucena
president
AENA
Maurice Lucena
president
AENA
Maurice Lucena
president
AENA
Maurice Lucena
president
AENA
These figures contrast with the average salaries received by the staff of those same Ibex companies during the past year. In all cases, their workers saw their salaries increase above inflation. But not in all cases. And this circumstance caused the average rise of Ibex employees to be around 12%, according to those same annual reports.
Telecommunication and media
Jose Maria Alvarez-Pallete
CEO
TELEFÓNICA
Tobias Martinez Gimeno
CEO
CELLNEX
Mark Murtra
president
INDRA
Telecommunication and media
Jose Maria Alvarez-Pallete
CEO
TELEFÓNICA
Tobias Martinez Gimeno
CEO
CELLNEX
Mark Murtra
president
INDRA
Telecommunication and media
Jose Maria Alvarez-Pallete
CEO
TELEFÓNICA
Tobias Martinez Gimeno
CEO
CELLNEX
Mark Murtra
president
INDRA
Telecommunication and media
Jose Maria Alvarez-Pallete
CEO
TELEFÓNICA
Tobias Martinez Gimeno
CEO
CELLNEX
Mark Murtra
president
INDRA
The company that best rewards its employees is Merlin Properties (121,000 euros per year), followed by Colonial (87,000) and Iberdrola (83,000). Only four more companies paid their workers more than 75,000 euros per year: Endesa and Redeia (78,000 euros in both cases), IAG (76,000) and Enagás (75,000). On the contrary, those with the lowest salaries are Meliá Hotels (17,000 euros) and Inditex (25,000 euros).
Victor Grifols
president
GRIFOLS
John Lopez Belmont Oak
President and CEO
ROVI
Victor Grifols
president
GRIFOLS
John Lopez Belmont Oak
President and CEO
ROVI
John Lopez Belmont Oak
President and CEO
ROVI
Victor Grifols
president
GRIFOLS
John Lopez Belmont Oak
President and CEO
ROVI
Victor Grifols
president
GRIFOLS
The companies included in the Ibex earned almost 56,000 million euros in 2022. This is practically the same level as in 2021, the year in which the corporate profits of the Spanish listed companies broke their all-time record. Despite the decline, the income statements showed notable strength in a year like the past marked by the economic slowdown, runaway inflation and rapid increases in interest rates by central banks.
Paul Island
president
INDITEX
millions of euros
(until March plus compensation)
Paul Island
president
INDITEX
millions of euros
(until March plus compensation)
Paul Island
president
INDITEX
millions of euros
(until March plus compensation)
Paul Island
president
INDITEX
millions of euros
(until March plus compensation)
If the impact of extraordinary items is excluded in the analysis of the results, the data shows how the businesses of the Ibex 35 groups were solid in an unfavorable environment.
Bernardo Velazquez
CEO
ACERINOX
Bernardo Velazquez
CEO
ACERINOX
Bernardo Velazquez
CEO
ACERINOX
Bernardo Velazquez
CEO
ACERINOX
On the other hand, the shareholder remuneration of the Spanish Stock Market stepped on the accelerator in 2022. Dividends paid by listed companies during the past year were close to 26,000 million euros, which is the highest amount paid to shareholders since 2019 , when it exceeded 31,700 million euros.
#salaries #heads #Ibex #beat #inflation