Only one third of Ibex companies sets age limit on directors

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.

Only one IBEX company, Amadeus, has set 9 years as the limit an independent member may remain so. The organization headed by Elvira Rodríguez says that rotation among board member was just below last year’s figures, which is the result of 42 new appointments at 22 companies, of which ten are women.

The average number of board members in 2013 is 13.7, slightly lower than fiscal year 2012 (14) and blow that recommended by the Unified Code, which is 15. The average number of women has risen from 13.5% in 2012 to 15.6% last year, thus increasing their participation in the category of independent board members.
(Source: Europa Press)