In 2023 the average percentage of female directors on Ibex-35 boards reached 39.2%, reflecting an increase compared to the 2022 proxy season (36,1%), and closely approaching the recommended 40% threshold, as provided by law in Spain. 

Additionally, ESG metrics are increasingly linked to executive pay, with almost nine out of ten Ibex issuers incorporating ESG targets in annual bonuses, as reported in this article by Cronica de Cantabria, echoing the latest Morrow Sodali’s review of the 2023 Proxy Season in Spain, that portrays the national key trends in corporate governance and shareholder engagement.

Read the full article here (in Spanish).