MADRID – IBEX, the Spanish
stock exchange, consists of 35 of the country’s biggest companies, including
the likes of Telefónica, Abengoa, Banco Popular Español, Banco de Sabadell,
Banco Santander, CaixaBank, Fomento de Construcciones y Contratas (FCC), Ferrovial,
International Airlines Group (incl.. Iberia and BA), Iberdrola, Jazztel, MAPFRE
and Repsol, among others, yet only 11 of them sripulate age limits on their
directors in their statutes. This according to the annual report on Corporate
Governance for 2013, prepared and presented by the Comisión Nacional del Mercado de Valores)
the Stock Exchange’s governing body. The 11 entities that have regulations to
this effect, set the average age limit of their boards at 70, and at which the
maximum age they can sit on a board is 80.
