The annual reports of the CNMV on the 2025 fiscal year reveal a rebound in the salaries of senior management, while the degree of compliance with the Good Governance Code reaches 88.7% and the presence of women on boards approaches 37.5%.
The leadership of Spanish listed companies saw their remuneration increase in the 2025 fiscal year. According to the Annual Corporate Governance Reports (IAGC) and Remuneration Reports (IARC) published by the National Securities Market Commission (CNMV), the average remuneration per director stood at 477,000 euros per year, representing a 12.2% increase compared to 2024. The growth was significantly more pronounced in executive roles.
The average remuneration of executive directors rose by 26.3%, reaching 2.4 million euros, while that of non-executive directors fell by 1.14%, to 173,000 euros. This increase has widened the salary gap compared to the workforce. Excluding extraordinary concepts, the salary of an executive of the listed company represented on average 42 times the average remuneration of its employees (compared to 32.9 times in 2024). In Ibex 35 companies, this difference rose to 67 times the workforce average (compared to 55 in 2024), reducing to 22 times in companies outside the index.
Regarding the gender gap in senior management, the remuneration of female executive directors was on average 1.9% lower than that of men, although there is a strong disparity: outside the Ibex 35 they earn 48.6% less, a figure influenced by the small number of female executives.
Progress in governance and diversity
Beyond the remuneration aspect, the CNMV notes a sustained progress in complying with the recommendations of the Good Governance Code, which reached 88.7% (five tenths more than in 2024).
Seven companies reported a 100% compliance, while the requirement to separate the nomination and remuneration committees in the Ibex continued to be the recommendation with the least adherence.
In terms of diversity, the female quota on boards increased by 1.1 points, reaching 37.4% of the total (42.1% in the Ibex 35). Notably, the progress of female executive directors increased by two points to represent 10.3%.
However, the presence of women in senior management slightly decreased to 25.56%, primarily concentrated in corporate areas such as legal advice, human resources, and communication.