Average Remuneration of Senior Managers in Galician Listed Companies

The senior managers of the five Galician companies listed on the Continuous Market earn on average just over 790,000 euros per year. This is reflected in the remunerations reported by the companies to the National Securities Market Commission (CNMV) for 2017. The largest figures, by far, are in Arteixo, where 21 executives of the A Coruña giant Inditex earn 1.64 million euros per year on average. They are the ones who assume the greatest responsibility, at the helm of the main company in Galicia and the second with the highest market capitalization in Spain -only behind Banco Santander-. Inditex, PharmaMar, San José, Adolfo Domínguez and Pescanova SA have 49 leaders in their front-line teams, 11 women and 38 men.

EInditex. These remunerations, included in the corporate governance reports of each firm, include payments to senior managers who do not have executive representation on the boards of directors. Therefore, the salary of the president of Inditex, Pablo Isla, is not included. Other well-known names do appear, such as the director of Zara Home, Eva Cárdenas – partner of the president of the Xunta, Alberto Núñez Feijóo -, or two brothers-in-law of the founder, Amancio Ortega, Jorge and Óscar Pérez Marcote -brothers of Flora, Amancio’s wife-, directors of Massimo Dutti and Zara, respectively. There are a total of four women and 17 men at the top of the A Coruña fashion multinational. Not only are they the best paid of the five Galician firms on the Stock Exchange, but they are among the highest paid in Spain. The leading Spanish textile company is the third on the Ibex – the 35 reference listed companies in Spain – that best remunerates its senior managers, only behind Iberdrola – where five senior executives pocket 3.2 million euros per head. and Banco Santander -where 20 high-ranking workers earn almost three million euros a year on average-. Remuneration for senior management at Inditex increased almost 10% in 2017.

EPharmaMar. Personal finances are not so comfortable in the rest of the Galician listed companies. The second most generous with the salaries of its senior managers is the pharmaceutical company PharmaMar, far behind Inditex. Last year six executives received an average remuneration of 290,000 euros. Two women and four men make up the front line of ancient Zeltia.

San José Group. The construction company Grupo San José has ten people – all men – in its senior management team. In 2017 they received an average remuneration of 147,000 euros. Six of them assume responsibility for the works of San José in different foreign territories: the Middle East, India, Peru, Portugal, Cape Verde, Brazil and other areas of South America. They are somewhat above what AENA directors earn, who with 131,000 euros per year per head are the lowest paid on the Ibex.

EAdolfo Domínguez. The textile company created by designer Adolfo Domínguez dedicates an average of 115,000 euros per year to remunerate each of his senior managers. Unlike the other four Galician listed companies on the Continuous Market, the latest data provided by the company from Ourense corresponds mainly to 2016 – the closing date of the year is February 28, 2017 -. In that period there were nine senior managers, in this case the majority were women, five, along with four men. Among them is the founder’s wife, Elena González Álvarez, as creative director of the women’s area. Adolfo Domínguez renewed his management leadership in the summer of 2016 seeking a change of direction in the company. A year later, his daughter Adriana assumed the position of general director with the aim of saving the family business. From March to November 2017, Adolfo Domínguez reduced his losses by 41%.

EPescanova SA. The corporate report of the old Pescanova – former parent company of the fishing group that now owns 1.6% of Nueva Pescanova SL – only includes remunerations of 16,000 euros to its three directors – all men – in 2017. The firm returned to the stock market in June after four years suspended.