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Marta Ortega, chairwoman of Inditex, to receive a 1 million euro salary in 2023

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Translated by

Roberta HERRERA

Published



Mar 15, 2023

The non-executive chairwoman of the Spanish textile conglomerate Inditex, Marta Ortega, will receive the same salary for the current financial year as she received in 2022. According to the group’s latest remuneration report, published early this morning on Wednesday March 15, her salary amounts to one million euros gross per annum.

Marta Ortega, chairwoman of Inditex, and Óscar García Maceiras, CEO – DR

At the same time as the presentation of the Arteixo-based company’s annual results, the group announced the remuneration of its leaders. Its president, Marta Ortega, will receive 900,000 euros per year as a fixed salary and 100,000 euros extra for being a member of the Board of Directors.

For his part, the group’s CEO, Óscar García Maceiras, will also see no change in his fixed annual salary of just over 2 million euros, and will also receive a short-term variable pay of 3.75 million euros and a long-term variable pay of 1.03 million euros for the 2022 financial year. This figure comes to a total of almost 7 million euros, not including the gross profit on his shares, which amounts to 1.44 million euros.

As for the remuneration of former executive chairman Pablo Isla, the report details that he has received or will receive the sum of almost 25.8 million euros for the 2022 financial year (from February 1 to March 31). This amount includes a compensation of almost 23 million. In addition, the former chairman of the company received almost 10 million euros for the 2021 financial year.

At its meeting held on March 14, Inditex’s board of directors approved for fiscal years to 2026, a new long-term incentive plan in cash and shares offered to members of the group’s management team, including the executive directors, as well as other employees.

The executive directors’ compensation is therefore made up of different remuneration elements consisting essentially of fixed remuneration, short-term or annual variable remuneration and long-term or multi-annual variable remuneration. Part of this long-term variable remuneration will be granted and delivered in shares.

In fact, the current CEO agreed to withhold, for a period of at least three years, any net shares he may receive as a result of any variable remuneration, until he holds a number of shares equivalent to at least two years of his fixed remuneration.

The remuneration report will be submitted to the advisory vote of Inditex’s next general meeting of shareholders. 

Founder Amancio Ortega to receive 2.21 billion euros

Amancio Ortega, founder of Inditex, will receive 2.21 billion euros this year due to the high dividend that the textile group plans to pay out in the coming months, in line with the record-breaking figures achieved by Spain’s biggest listed company during its last fiscal year.

With a capital of more than 3.116 billion ordinary shares with a par value of 0.03 euros each, the conglomerate is expected to pay out its highest-ever dividend of 3.74 billion euros.

The group’s largest shareholder through the company Pontegadea, Amancio Ortega’s real estate investment arm, is entitled to receive 59.29% of this amount, corresponding to the percentage of the capital he controls in the group currently chaired by his youngest daughter, Marta Ortega.

This means that Amancio Ortega, the richest man in Spain, will receive a total of 2.217 billion euros in remuneration from Inditex this year. Half of it, 1.109 billion euros, will be paid to him on May 2 and the other half six months later.

Triana Alonso with EFE
 

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