Acciona paid its president 36.61 million in 2020 in salary and a multi-year bonus

José Manuel Entrecanales, executive president of Acciona.

Acciona has registered with the National Securities Market Commission (CNMV) the document with the remuneration of its board in 2020. The aggregate remuneration of the administrators of the construction and services group amounts to 56.38 million euros, 651% more than the 7,503 million paid in 2019. The significant increase in the salary bill is mainly due to the bonuses collected by José Manuel Entrecanales and Juan Ignacio Entrecanales, executive president and executive vice president, respectively, of the company.

In the case of the president, his total remuneration last year amounted to 36.61 million euros. José Manuel Entrecanales received 1.37 million in salary, 3.63 million as short-term variable remuneration and 13.15 million as long-term bonus for the fulfillment of objectives within the company’s strategic plan in the period 2014- 2019. To these amounts must be added 1.37 million (not yet consolidated) that Acciona entered into its pension plan (it already accumulates rights worth 19 million) and the delivery of shares valued at 17.08 million euros. This last item are not titles of Acciona but of Grupo Bodegas Palacios 1984, founded by his father and uncle at the end of the eighties.

In the document sent to the stock market supervisor, the company explains that, at the request of different minority shareholders and coinciding with the proxy advisors (advisers who guide the vote at the meetings), the appointments and remuneration committee decided to stop linking variable remuneration to company shares since the executive directors have sufficient ties to the ownership of the company (the Entrecanales family controls 55 % of capital). “Consequently, the Board of Directors proposed to the 2020 General Meeting of Shareholders to modify the settlement system of the Plan to allow the incentive to be settled through the delivery of other company assets.”

For his part, the total compensation of Juan Ignacio Entrecanales amounted to 20.67 million euros last year. The vice president received 730,000 euros in salary, received 550,000 short-term variable remuneration, a bonus of 7.89 million, 1.23 million were injected into his pension plan, and received shares from the winery valued at 10, 25 million.

Acciona, which has communicated its intention to start the procedures to list its renewable energy subsidiary, achieved a net profit of 380 million euros in 2020, 9% more than a year earlier.

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