Ibex-35 executive directors earn 67 times more than average staff in 2025

The CNMV’s latest remuneration report reveals that executive directors of Spain’s top-valued Ibex-35 firms earned 67 times more than the average employee in 2025, expanding from a 55-to-1 ratio the year before. Companies outside the index displayed a 22-to-1 gap, up from 18-to-1. Overall director pay averaged 477,000 euros, marking a 12.2% rise, while executive directors saw a 26.3% increase and non-executive directors a 1.14% decline.

Female executives earned 1.9% less than male peers overall, yet in Ibex-35 firms women earned 51.6% more than men, whereas in other listed firms they earned 48.6% less. Only three women held executive board roles in the Ibex-35, including Ana Botín of Banco Santander, whose 18.5-million-euro compensation represented 71% of total female executive pay. Women comprised 37.4% of board seats overall, rising to 42.1% in the Ibex-35, and held 25.6% of senior management positions, with a concentration in legal, HR, communications and internal audit functions.