Setback for the remuneration policy on the Amadeus Board. The sixth point on the agenda of the General Shareholders’ Meeting of technology it established the approval of the annual report on the remuneration of the directors for voting in an advisory capacity. “It has not reached a sufficient majority of votes in favor, so the agreement is not approved,” the company stressed in its information on the voting. A serious setback for the Council, that only 12 months ago, it carried out that same report with 78% of the votes cast in the board. The rejection of remuneration occurs, also in a year in which the Board of Directors proceeded to a strong adjustment of fixed and variable salaries, in parallel to the collapse of the company’s income and turnover, although it does not seem to have been sufficient in the eyes of shareholders.
In 2019, the emoluments received by the Board of Directors totaled 6.80 million euros, of which 5.28 million (77% of the total) corresponded to the fixed and variable remunerations received by the CEO Luis Maroto. Twelve months later, board salaries fell 25.5% to 5.07 million, while the CEO’s salary fell 31% to 3.66 million. The rejection of the large Amadeus shareholders, among which are the large European and American funds, highlights the amendment to some adjustments that seem small compared to the collapse of the business in the same year. In 2020, revenues plummeted 61%, ebitda fell 89.8%, adjusted profit fell 123.9% and cash worth € 542 million was burned.
The CEO’s salary has always been questioned by some shareholders. Last year, he ranked sixteenth among the Ibex executives, above Onur Genç (BBVA), Gonzalo Gortázar (Caixabank), José Bogas (Endesa) or Antoni Brufau (Repsol). In 2019 he earned 5.28 million, of which 2.98 corresponded to the long-term incentive plan. This program measures two metrics: return to shareholders, taking as a reference the average of 65 companies, the vast majority of them listed on the Eurofirst 300 and linked to sectors such as travel, tourism or technology, and Amadeus’ adjusted net income in in relation to the adjusted number of shares outstanding. That year, it received 43,450 shares at a price of 68.70 euros per share, which amounts to 2.98 million euros. Twelve months later, it obtained 32,140 shares at a price of 49.50 until it reached 1.59 million euros, 43.5% of its total income..