The number of women on the boards of directors of Ibex 35 companies grew in 2019, but still does not reach the minimum recommendation of 30% established by the National Securities Market Commission (CNMV). Specifically, it stood at 27.5% of the total number of directors, despite rising more than four points from the 23.1% recorded in 2018.
The balance, according to the 2019 corporate governance and director compensation reports of listed companies published this Wednesday by the markets supervisor, is more negative if the range is opened to all listed companies in the country. In this case, female presence on boards remains at 23.4%, although it is also higher than the 19.7% of the previous year.
“This increase occurred in all categories although it was mainly concentrated in independent directors. 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 throughout 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 board committee decreased from 26.4% to 23.6%.
Board compensation
Both studies offer a photograph of the corporate core of listed companies in Spain and that includes, among other things, the remuneration system. According to their data, the average remuneration of the executive directors of the Ibex 35 in 2019, mainly executive presidents and CEOs, increased by 3.3% to 3.2 million euros, while that of executive directors of the rest of listed companies fell by 7.4%, to 821,000 euros.
Regarding the executive directors of the Ibex, the CNMV clarifies that the increase in their remuneration is explained by the severance pay of around 14 million euros paid to an executive director as a result of their termination of executive duties. Without this extraordinary payment, the average remuneration of the executive directors of the main index of the Spanish stock market would have decreased by 3.6%.
Regarding non-executive directors, their remuneration increased in the Ibex 35 companies by 5.7% (up to 222,000 euros, 197,000 euros without considering non-executive chairmen) and remained unchanged at 89,000 euros (81,000 euros).
Regarding the age of the council members, it stood at a mean 60.1 years, although in the Ibex 35 the level rises to 61.3 years.
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