The average remuneration obtained by the executive directors of the companies that make up the Ibex 35 stock index during the year 2022 is 54 times higher than the average salary received by their employees, according to the Annual Report on Board Remuneration published by the National Commission. of the Securities Markets (CNMV).
This is the second year in which the supervisory body has prepared comparative data between these two figures. The difference between the income of different jobs has been reduced compared to the previous year, 2021, in which executive directors earned 60 times more than their employees.
For companies outside the Ibex 35, however, the multiple was 17 times, the same as that registered the previous year. Regarding the total number of contributions, the average would be 31 times, slightly above the 32 in 2021. Directors who do not occupy executive positions earn three times more than ordinary workers.
An average remuneration of 1.6 million euros
The report published by the CNMV also states that the average remuneration of executive directors decreased by 4.3% in 2022, to 1.6 million euros, while that of non-executive directors decreased by 8.4%, to 153,000 euros.
In total, the average remuneration of boards of directors decreased by 4.4% due, among other reasons, to the extraordinary remunerations that took place the previous year due to the dismissal of directors in a company. Although in 2022, there were also extraordinary remunerations, these were of lesser importance than those of the previous year. Without these extraordinary remunerations, the decrease would have been 2.6%.
FEMALE EXECUTIVE DIRECTORS RECEIVED A REMUNERATION 0.3% HIGHER THAN THAT OF MEN, A DIFFERENCE THAT INCREASED TO 41.7% IN THE CASE OF THE HIGHEST AVERAGE REMUNERATION OF THE EXECUTIVE DIRECTORS OF THE IBEX COMPARED TO THE MALE EXECUTIVE DIRECTORS OF said index. The CNMV has indicated, however, that “the small number of executives reduces the representativeness of said average.” In the case of non-executive directors, the remuneration of men is 20% higher than that of women.
In parallel, the CNMV has also published the annual Corporate Governance report. According to this document, the average size of the boards of directors was 10 members, compared to 10.2 in 2021. In addition, the average age of the directors was 60.8 years.
Almost a third of women on boards
The presence of women on boards increased by 2.6 percentage points, up to 31.9% for the total number of contributors. Only in the Ibex 35, the number of female directors was 37.6% of the total. In addition, women in senior management positions were 21.7% of the total, 2.1 points more.
The CNMV has highlighted that, with its recommendations, the percentage of women on boards has gone from 5.9% of the total in 2004 to more than 30% in 2022.
On the other hand, the supervisor has indicated that the free float contracted half a point last year, to 42.5%. Furthermore, in 79 companies (one more than in 2021), the sum of significant stakes and packages of shares held by the board exceeded 50% of the capital. In 31 companies, the free float was less than 25% and in three listed companies, less than 5%.
Regarding the independence of the board members, the CNMV indicates that 67.7% of the companies kept at least half of the board members as independent, three percentage points less than in 2021. Of the rest of the companies, the majority had at least a third independent.
The percentage of presidents of the administrative body with the category of executives decreased by 2.1 points, standing at 49.6% (51.7% in 2021). At the same time, the percentage of independent directors who acquired the position of president of the board decreased to 11.6%, compared to 14.2% in 2021.
In general, during 2022 the degree of follow-up of the Good Governance Code was 86.8% of the recommendations, while another 7% were partially followed. 51.2% of the listed companies (47.9% in 2021) followed 90% or more of the recommendations, while six listed companies claimed to comply with 100% and another two had less than 60% follow-up.
The recommendations that were least followed, both absolutely and partially, continued to be those related to the new practices regarding large capitalization companies having an appointments committee and a separate remuneration committee, and that variable remuneration. the directors are linked to the delivery of shares.
