Análisis de las retribuciones del Consejo y la Alta Dirección en las empresas cotizadas españolas durante el período 2005-2010

Top managers’ remunerations is one of the most debated issues in recent times due to the economic crisis. The coexistence of rescued firms (by the government) and shareholders that have lost an important part of their wealth with managers who have retired under privileged conditions has generated unrest. This paper provides a study of the Board and Top Management retributions in the Spanish listed companies for the period 2005-2010. The objective is twofold: on the one hand to describe the evolution of the retributions and on the second, to provide evidence of its relationship with performance indicators. Results show, in the first place, that the retributions have increased in the period analysed, even in the years of strong financial crisis. Second, there is no significant relationship between retributions and performance.