2026 Proxy Season Review: Spain

Use Ibex-35 benchmarks to pressure-test your remuneration disclosure, committee composition, AI oversight and AGM plans before next season.

Spain’s 2026 proxy season shows why headline approval rates are only part of the picture. Remuneration remained contentious, committee independence was associated with different voting outcomes, and AI oversight varied across boards.

Sodali & Co’s 2026 Proxy Season Review Spain examines 33 Spanish-incorporated Ibex-35 issuers and the implications for shareholder engagement and AGM preparation.

• Remuneration: annual remuneration reports averaged 88.4% support, but five issuers received 65% or less.
• Committee independence: nomination resolutions averaged 98.5% support where the relevant committee was fully independent, compared with 78.9% where independence was below 50%.
• AI oversight: 27% of sampled issuers explicitly assigned AI oversight to a board committee; another 46% exercised indirect oversight.
• Meeting formats: virtual-only AGMs increased from 9% in 2025 to 21% in 2026, while hybrid meetings remained predominant at 73%.

Want to discuss the findings? Contact our Spain team at Madrid@sodali.com to arrange a company or board briefing.