Chapter 10: Directors’ Remuneration in Spain

In Spain, as in other international contexts, speculation that accompanied the stock market bubble and economic growth favored the proliferation of excessive compensation to senior officers and directors of companies. These remunerations have remained despite the obvious decline in business economic performance. This situation has resulted in the proliferation of a legal focus on control and transparency as measures to ensure remuneration commensurate with performance and responsibility, especially aimed at listed companies and financial institutions.

The following sections summarize some of the most important laws or recommendations relating to directors’ remuneration in Spain, with particular emphasis on those that are currently in place (from 2013) for listed companies and financial institutions.