Iberdrola’s Executive President, Ignacio Sánchez Galán, received total compensation for his duties in 2022 of €13.06 million, down 1.1% from €13.2 million in the previous year. According to the annual compensation report that the electric company filed with the National Securities Market Commission (CNMV) this Friday, $6.34 million of its compensation was equivalent to cash compensation; 6.32 million to gross profit of shares or consolidated financial instruments; and €389,000 for serving on the boards of the group’s subsidiaries (American Avangrid and Brazilian Neoenergia).
In 2022, the average salary cost of each Iberdrola employee was 83,000 euros. That is, 157 times less than that of its CEO. In 2021, the difference was 171 times.
Iberdrola CEO Armando Martínez, named number two by Sánchez Galán last fall, received 3.24 million. Former CEO Francisco Martínez Córcoles, who stepped down as director on October 25, 2022 – just as Martínez took over day-to-day operations – received a total of 1.41 million. Due to his resignation as director, Martínez Córcoles was compensated with 297,000 euros.
In total, the remuneration of the Board of Directors of Iberdrola in 2022 amounted to 22.52 million euros, more than half of which corresponded to the salary of its President.
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