The top executives of Ibex 35 companies received remuneration equivalent to 74.5 times the average salary of their staff in 2024. This wage gap widened by 1.1 points compared to 2023, when the ratio stood at 73.4, according to the report "Evolution of good governance indicators in Ibex 35 companies," prepared by the 1º de Mayo Foundation together with the Secretariat of Public Policies and Social Protection of CCOO.
In parallel, the aggregate average remuneration of Ibex 35 company directors in relation to the average salary of their workers reached a ratio of 11.9 in 2024, practically the same as in 2023, with a null year-on-year variation.
The study identifies Inditex as the company with the largest gap between the salary of its top executive and the average salary of its staff, with a ratio of 295.1. Following are Banco Santander (225.8), Puig (216.6), Iberdrola (168.4), Telefónica (166.4), BBVA (165.4), Sacyr (143.3), Logista (138.4), Ferrovial (132.5), and ACS (132.4). At the opposite end, Aena (4.2) and Solaria (3.1) show the smallest differences compared to the average remuneration of their employees.
If the joint average remuneration of directors is analyzed against the average salary of the staff, the largest gaps are observed at Inditex (37.5), Banco Santander (37.1), BBVA (32.2), ACS (28.1), Telefónica (25.4), Ferrovial (23.3), and Iberdrola (20.7). The lowest ratios correspond to Aena (0.8), Fluidra (0.8), and Solaria (1.8).
Regarding salary evolution, the document indicates that the most significant increases in top executive remuneration were recorded at Telefónica, with 74.8 points more than in 2023, and at Bankinter, with an increase of 49 percentage points. Conversely, the most significant drops occurred at Indra, with a reduction of 403 percentage points, and at Cellnex, with a decrease of 17.9 percentage points.
The report also details that the aggregate remuneration of top executives accounts for 48% of the total received by the boards of directors. In the most extreme cases, the top executive of Sacyr concentrates 79.5% of what the entire board earns, while at Inditex this proportion rises to 68.7%.
In absolute terms, the highest remunerations for top executives in 2024 were at Iberdrola, Banco Santander, Puig, and Inditex, all of them above 11 million euros.
Regarding the average salary, the secretary of Public Policies and Social Protection of CCOO, Carlos Bravo, explained that the report works with two references: 45,000 euros, which only include the salary received, and 63,000 euros, a figure used by the CNMV that adds concepts such as indemnities, contributions, and pension plan contributions.
"If we use the lowest variable, which is what workers truly earn as salary, the ratios would be much higher than what we have at this moment," he indicated.
Bravo also stressed that the effective rate paid by these companies in Spain stands at 12.1%, "much lower" than the nominal Corporate Tax rate, set at 25%, or the 30% applicable to banking.
According to the report, Ibex 35 companies achieved joint profits of 67.3 billion euros in 2024, 21.5% more than the previous year, while their tax contribution in Spain decreased by 6.7%, to 6.4 billion. On a global scale, Bravo highlighted that "profits have risen by 21% and tax contribution by 3.9%", with a total tax contribution from the index of 21.8 billion euros in 2024.
In this vein, Bravo added that Ibex 35 groups concentrate 50% of turnover and 55% of profit, but only contribute 32.8% of the net tax liability. He attributed this situation to "the ability to influence legislation and tax teams" which allows these companies to "optimize tax contribution to the maximum".
"Comparing the country's tax structure with the taxation of Ibex companies, we fear that the commitment our country had in the Recovery, Transformation and Resilience Plan to carry out a tax reform that would equate us to the countries around us in terms of collection capacity and internal equity is not being met," Bravo assured.
42% of personnel costs go to shareholders
Regarding shareholder remuneration, the report concludes that the theoretical remuneration directed to investors absorbed 41.9% of personnel costs in 2024 (equivalent to 42% in aggregated terms), compared to 37.6% registered in the previous year.
The sociologist of the 1º de Mayo Foundation, Luis de la Fuente, detailed that in eight companies, shareholder remuneration exceeds the total cost of personnel. These include Naturgy and Aena, with percentages close to 230%, as well as Enagás, Endesa, and Iberdrola, which exceed 100%.
In addition, De la Fuente pointed out that some companies have maintained payments to their shareholders despite presenting negative consolidated results, and others in which the consolidated profit is lower than the amount allocated to dividends, as is the case with Telefónica or Redeia.