23 Oct, 2019 @ 13:28
1 min read

Top bosses at Spain’s 35 biggest companies earn whopping 123 times more than average worker

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A SENIOR boss at one of Spain’s 35 biggest companies earns 123 times more than the average worker, new figures from Oxfam have revealed. 

While the salaries of senior executives at some of these companies have tripled or even quadrupled in the last year, the average wage of workers at Spain’s biggest companies has dropped 0.5%. 

Steel company ArcelorMittal, Spanish airline IAG Iberia and insurance company Mapfre were the most unequal paying companies of the IBEX 35.

PAY GAP: The Spanish stock exchange in Madrid

On the flip side, steel manufacturer Acerinox was the most fair paying company. 

Finance, industry and construction businesses were the most unequal, while consumer goods and technology companies were the most equal in general. 

Women who work at these companies earn on average 15% less than their male co-workers, the study by Oxfam also found. 

Almost half of employees at Spain’s 35 biggest businesses are women (46%), but they make up less than a third of managers (32%).

Spanish bank Santander had the worse gender pay gap in the IBEX 35.. Women at the company earn a third (31%) less than men. 

Inside The Headquarters Of Banco Santander Sa
UNEQUAL: Santander had the most offshoots in tax havens and the worst gender pay gap

Insurance giant Mapfre had the second worst pay gap, paying women on average 28% less than men.

Santander also had the most subsidiaries in tax havens of the 35 largest companies. The Spanish bank has 207 offshoots in tax havens, followed by civil engineering company ACS which has 102 and energy firm Repsol with 70 . 

By contrast, bank Bankia and energy firm ENCE had no subsidiaries in zero tax zones, as well as companies Aena, Colonial and Merlin. 

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