Neither Ana Botin nor Ignacio Galan: who is the highest paid executive in Spain

According to CNMV, the CEO of CIE Automotive is the highest paid executive in Spain. Specific, The automotive components company paid you €23.7 million in 2023..

Reportedly ConfidentiallyJesús Maria Herrera Barandyaran manages to surpass colleagues such as Ignacio Sánchez Galán, president of Iberdrola, who earned 13.8 million euros last year, and Ana Botín, president of Banco Santander, with 12.2 million. In total, this executive has earned more than 47 million euros over the past five years..

In addition, the media reports in detail that the remuneration received by this CEO increased by 256.42% compared to 2022 thanks primarily to the payment of an extraordinary remuneration of 20 million euros, since, according to the criteria of the board, administration, preconditions, on which the multi-year bonus corresponding to the period 2018-2022 was calculated are outdated.

According to data provided by the CNMV, in addition to the 20 million bonus and an additional 2.55 million as a non-compete agreement, as well as a continuity and exclusivity bonus, It can be seen that Herrera Barandyaran’s fixed salary in 2023 was 600,000 euros. and his annual variable had the same amount – 600,000 euros.

Such remunerations are quite normal, given who sits on the board of directors of CIE Automotive: several of Spain’s richest families.

The payment came after approval by the board of directors of a company owned by some of Spain’s richest families. Among them, the March family stands out, investing through Corporación Financiera Alba (10%). There are also the Riberas family (15%), Egaña (10%), CIE Automotive President Anton Pradera (10%), Salegi (5%), Fidelity (5%), Alantra (3.3%) or the Indian company Mahindra (15 %).

On February 23, 2023, the board of directors approved a change to the terms of its CEO’s compensation because he would otherwise not have met the stock performance requirement to receive the bonus. However, The directors’ remuneration policy received 20% of the vote against..

The company’s owners approved “adjustments to the amounts, elements, criteria, thresholds and limits of executive compensation in the event of exceptional circumstances motivated by extraordinary factors or events, internal or external,” the document said. to the decision of the board.

According to the company, the company’s problems arose due to external factors such as the pandemic, the war in Ukraine or the semiconductor crisis. But the truth is that share price has declined slightly since 2017when it was 24.21 euros, to 24.06 euros in 2022. On the contrary, sales and EBITDA have increased in recent years.

Of course, in anticipation of 2027, when the plan will finally be completed, the demand was raised and You will only be able to receive the corresponding multi-year payment this year if the share reaches a value of 34 euros.. By 2024, their regular salary will rise to 2.7 million euros, to which other allowances will have to be added.