Board remuneration is the hot topic of the next Spanish AGM season

The AGM season is set to be intense in 2022. The board remuneration of listed companies, especially those affected by COVID, is back on the agenda.

This article by the Spanish economic media, Cinco Días, explains that the main discontent observed in the 2021 AGM season was in regard to remuneration practices. According to Morrow Sodali, board diversity and remuneration will be key this season in 2022.

The Spanish National Securities Market Commission certifies that the average remuneration of the boards of listed companies fell by 7% in 2020 to 3.7 million.

The Commission, which reformed the Code of Good Governance for Listed Companies in 2020, urges boards to achieve a gender diversity of at least 40% by the end of 2022. "We predict that those who do not present a minimum gender balance of 70%-30% will face significant levels of opposition during the AGMs," warns Morrow Sodali.

Read more here (only in Spanish).