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, while fixed pay represented 34%. CNMV data show this was the first time since 2017 that variable pay exceeded fixed remuneration.
Annual bonuses were not the only factor. The value of shares and other financial instruments that vested 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.
