Variable pay made up 40% of Ibex 35 board remuneration in 2025, while fixed pay accounted for 34%. Rising share prices and completed incentive plans drove the change as the CNMV called for clearer links between pay and performance.
Share-based rewards have changed the balance of executive pay at Spain's largest listed companies. Variable remuneration accounted for 40% of total compensation received by Ibex 35 directors in 2025. Fixed pay represented 34%. According to data collected by the CNMV, this was the first time since 2017 that variable pay exceeded fixed remuneration.
Annual bonuses were not the only reason. The value of shares and other financial instruments consolidated during the year rose sharply after an exceptional market run pushed listed companies' stock prices to historic highs. Payments from completed incentive plans lifted total variable compensation. Severance packages and contractual protections also reduced the fixed share of the overall figure.
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