by Economics Newspaper, April 13th, 2011.
Sustainable Economy Act promotes corporate governance by requiring listed companies to disclose the salary policy of each director.
Who is the highest paid president of a Spanish company? At the moment, it is impossible to know, because only a few listed companies report their individual wage boards. But since 2012, all listed companies will have to do and know who is the executive who takes over from the big companies in the parquet.
Sustainable Economy Act require that listed companies publish a report with the individual remuneration of directors and members of senior management. Annually, this document also made reference not only to the salary received, but also wage policy to follow in the coming years.
For some companies, like banks, this new regulation is not an issue, because until now, are among the few entities that make public the salary of the chairman or CEO. “If I had to immediately implement some of the new rules, the first being transparent remuneration,” said José Ramón Arce yesterday, chairman of the Nomination and Remuneration Committee of Bankinter, while participating in the forum News: Corporate Governance Listed Companies, organized by the Institute of Directors-Managers (CI-A). (continue reading… )