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Spanish IBEX 35 companies lagging behind their European peers in 'free float' support for remuneration during the 2022 proxy season

03 November 2022 Articles

In the 2022 AGM season, IBEX 35 companies received only 67.2% support from the free float for their remuneration policies and 68.8% for the remuneration reports.

"Spain is the only country, of the seven analyzed, to garner a favorable vote of less than 70% ", according to the latest Lighthouse 2022 Europe edition published by Morrow Sodali.

In this article by the Spanish economic media El Economista, Morrow Sodali's experts explain why these percentages, close to 67% and 69%, contrast with the circa 90% and 76% of votes obtained by the companies of the German DAX, or with the Italian data which is close to 78%. This survey shows that Greece, Switzerland and Portugal exceed 80% in all cases and that French-listed companies are also above their Spanish peers by exceeding 74% of average approval to both their remuneration policies and reports.

Another interesting aspect to highlight from Morrow Sodali's report is that the number of companies submitting their climate plans for board approval has skyrocketed in Europe.  An increase of 89.5% compared to 2021. This rise at a European level is particularly striking when compared to the zero growth in Spain, with only three companies taking their climate strategies to the board in 2022 which is the same number as the previous year.

Read the full article here.

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