The Spanish National Securities Market Commission published its 2025 reviews of corporate governance and director remuneration disclosures by listed companies. Full adherence to Good Governance Code recommendations rose 0.5 percentage points to 88.7%, while women’s board representation increased 1.1 points to 37.4%. Average remuneration per director climbed 12.2% to EUR 477,000. Full or partial adherence to the code remained broadly stable at 94.7%, with 58% of companies following at least 90% of recommendations and seven reporting full compliance. Women held 42.1% of board seats at IBEX 35 companies, while their share of executive director positions rose 2 percentage points to 10.3%. The least-followed recommendations continued to concern separate nomination and remuneration committees at IBEX companies and minimum three-year holding periods for shares and financial instruments awarded to executive directors. Average total board remuneration rose 26.4% to EUR 5.4 million, but the increase would have been 10.3% without EUR 78 million of extraordinary remuneration at one company. Average executive director pay increased 26.3% to EUR 2.4 million and, excluding extraordinary items, reached 42 times average employee pay. The review identified continuing scope to improve explanations of how nonfinancial and sustainability measures affect variable pay and of significant year-on-year remuneration changes.

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