Fernando Rodriguez | Proxinvest is the first French proxy advisor, managing partner of the European alliance ECGS. An independent jury selected the companies with best practices in corporate governance, from those proposed by each local partner, including the Spanish Corporance Asesores de Voto.
An independent jury selected the companies with best practices in two areas: Corporate Governance and Remuneration. Corporance nominated several Spanish companies for each category, after analysing over 50 meetings in the 2020 season.
Both European awards went to Spanish companies: Bankinter won the “General Shareholders’ Meeting 2020” prize and Red Eléctrica Corporación won the “Quality of Remuneration Information” prize.
Bankinter was elected as the jury noted that 100% of the proposals in the agenda for the GM were in line with ECGS’s voting policy. Their remuneration policy is well structured, with reasonable salaries, a long-term oriented variable incentive and appropriate levels of compensation with respect to the size of the company, with great transparency and detailed descriptions of each incentive and the metrics used. In addition, the quality of non-financial information is one of the highest in the IBEX 35, with Spain being a pioneer in relating and voting on this report at the Meeting. Finally, the Board has a good level of diversity (36% of Directors are women, including the CEO) and has increased the number of independent Directors this year with a non-executive Chairman.
Proxinvest appreciates the extraordinary quality of Red Eléctrica’s Remuneration Report, as it not only contains the standard information of the CNMV, but also increases the level of detail with graphics and explanations superior to the average on international transparency standards. This award values both annual report and the remuneration policy, highlighting the alignment of executive compensation with the company’s long-term objectives, their comparison with a group of selected peers and the description of the activities of the Remuneration Committee.