Understanding the Salaries of Ibex 35 Counselors in 2025
As 2025 draws to a close, Spain boasts a robust economic growth marked by a formidable job market and the Ibex 35 index, which has recently surpassed the 17,000-point milestone, setting new records. The upward trend of the Ibex, highlighted by a remarkable annual revaluation of European stock markets, calls for a closer look at what’s transpiring within its boardrooms.
Economic Context
The positive trajectory of the Ibex 35 in 2025 reflects a backdrop of global economic recovery from inflation crises, influencing interest rates and market dynamics. By September, the index approached 12,000 points, driven largely by the banking and tourism sectors. Major corporations reported record profits, attributing to a net global result of €62.724 billion—almost 24% higher than in 2024.
Increasing Salaries for Counselors
Reflecting this robust performance, the average salaries of Ibex 35 counselors increased by 2.2% compared to 2024, with four out of ten board members seeing salary hikes. The highest earners included Ignacio Sánchez Galán, Executive Chairman of Iberdrola, earning €14.145 million—up by 2.2%. Following closely was Ana Botín, Chairwoman of Banco Santander, with a remarkable salary increase of 13%, totaling €13.77 million. This surge is attributed to deferred variable incentives linked to long-term objectives.
Marc Puig of Puig, a cosmetics giant, rounded out the top three earners with €12.78 million in what was his first full year following the company’s IPO.
Gender Representation in High Positions
Ana Botín notably emerged as the highest-paid woman on the Ibex, marking her second consecutive year at the top. Her presence coincided with the index achieving over 40% female representation in boardrooms, in adherence to CNMV governance codes that regulate gender ratios. Nonetheless, only four women led companies within the Ibex as of 2024, including Marta Ortega (Inditex) and Beatriz Corredor (Redeia).
Changes in Leadership and Salaries
Several significant shifts occurred within company leadership in 2025. José María Álvarez-Pallete, following his departure from Telefónica, saw his earnings spike to over €9.6 million due to compensation related to his exit. His successor, Ángel Vilá Boix, also benefited from this shift, with a pay increase reflecting his active role in the company.
Telefónica’s restructuring introduced new leaders, with Marc Murtra stepping in as the CEO, following his previous role at Indra, and solidifying his critical role in steering the company’s strategic transformation.
Insights into Variable Compensation
Data from annual remuneration reports submitted to the CNMV reveal that the rise in counselor salaries is not solely due to exit compensations but significantly reflects positive business results, particularly in the banking and technology sectors, which have tied variable compensation to performance metrics.
In banking, the combined compensation for leaders across six key entities (including Banco Santander and BBVA) reached €87.7 million—16.4% higher than in 2024, outpacing the collective profits of €31.7 billion, an increase of 21%.
Company-Specific Salary Trends
Among the Ibex 35 participants, Banco Santander, Iberdrola, and ACS reported some of the highest board compensations, exceeding €1.5 million in 2024. Contrastingly, Aena had the lowest at €548,000, despite an 8.1% increase in total remuneration for its board members.
The salary trends of Ibex 35 counselors reflect broader economic landscapes and corporate performances, shedding light on the interconnectedness of executive compensation and company success. As the year concludes, understanding these dynamics is crucial for stakeholders interested in corporate governance, economic trends, and gender equity in corporate leadership.