2023 European Proxy Season Review (Spain edition)

Morrow Sodali 2023 European Proxy Season Review
France | Germany | Greece | Ireland | Italy | Portugal | Spain | Switzerland | United Kingdom

Morrow Sodali is pleased to share its review of the 2023 Proxy Season in Spain. This comprehensive review highlights several key trends in corporate governance and shareholder engagement.

Discover how 97% of Ibex-35 companies embraced hybrid meetings, offering shareholders the flexibility to choose between in-person and remote participation, while virtual-only meetings made up just 3%. The AGM quorum averaged above 74%, greatly influenced by strategic shareholders wielding approximately 37.4% of total voting rights, including company founders and state-controlled entities, a pivotal factor in quorum achievement.

Furthermore, explore the growing importance of board diversity and ESG (Environmental, Social, and Governance) integration in corporate decision-making. While the average percentage of female directors on Ibex-35 boards reached 39.2%, closely approaching the recommended 40% threshold, the distribution of female directors across different board categories did not align with the overall board composition. Additionally, ESG metrics found their way into executive pay, with 88.2% of companies incorporating ESG targets in annual bonuses and 58.8% using them in long-term compensation. These findings underscore a shifting landscape in Spanish corporate governance, with a stronger focus on diversity and sustainability within boardrooms and executive compensation structures.

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