Isabel García Tejerina renews her Iberdrola seat after collecting 3 million
Former minister Isabel García Tejerina renews her board seat at Iberdrola after pocketing 3 million. The controversy over political appointees on boards reopens.
English · Original discussion in Spanish · Published
Isabel García Tejerina renews her Iberdrola seat after collecting 3 million in shares and salary
Former Spanish Agriculture Minister Isabel García Tejerina keeps adding zeros to her bank account thanks to Iberdrola. As revealed at the utility's shareholders' meeting, the independent director has accumulated nearly three million euros in salary and share-based pay since joining the board. Now her position is being renewed, in a move that reopens the debate on the revolving door between politics and business.
The company, chaired by Ignacio Sánchez Galán with Pedro Azagra as CEO, is putting the re-election of several independent directors to a vote, including Tejerina. Her profile – an agricultural engineer with no prior experience in the energy sector – has been the target of criticism from those who see these appointments as a way of rewarding former politicians with shareholders' money.
A practice that is not unique
Tejerina's case is not an isolated one. The presence of former politicians on the boards of large companies is commonplace in Spain. From former ministers of various stripes to former regional premiers, many find a comfortable landing in companies they used to regulate or oversee. Iberdrola, which prides itself on its corporate governance, is no exception.
Meanwhile, the average shareholder watches these decisions unfold, able to do little more than vote at meetings where real power is highly concentrated. The controversy is served: does a former minister with no background in the electricity industry deserve a multimillion-euro pay package? The facts are on the table.
Related discussions in the forum
Former Spanish Agriculture Minister Isabel García Tejerina keeps adding zeros to her bank account thanks to Iberdrola. As revealed at the utility's shareholders' meeting, the independent director has accumulated nearly three million euros in salary and share-based pay since joining the board. Now her position is being renewed, in a move that reopens the debate on the revolving door between politics and business.
The company, chaired by Ignacio Sánchez Galán with Pedro Azagra as CEO, is putting the re-election of several independent directors to a vote, including Tejerina. Her profile – an agricultural engineer with no prior experience in the energy sector – has been the target of criticism from those who see these appointments as a way of rewarding former politicians with shareholders' money.
A practice that is not unique
Tejerina's case is not an isolated one. The presence of former politicians on the boards of large companies is commonplace in Spain. From former ministers of various stripes to former regional premiers, many find a comfortable landing in companies they used to regulate or oversee. Iberdrola, which prides itself on its corporate governance, is no exception.
Meanwhile, the average shareholder watches these decisions unfold, able to do little more than vote at meetings where real power is highly concentrated. The controversy is served: does a former minister with no background in the electricity industry deserve a multimillion-euro pay package? The facts are on the table.
Related discussions in the forum
- Why is my favourite summer holiday spot the cheapest in Spain? Am I special or an idiot? · 157 replies
- - - - Carmen García, top score in the 2022 university entrance exam, gives you some advice · 34 replies
- PSOE Youth are coming on strong: "the right are Franco's heirs, posh snobs and bad people" · 29 replies
- URGENT: EBOLA outbreak in Italy · 46 replies
Also available in: Deutsch
Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (6 replies).
More summaries
-
Ayuso's €6.3m Madrid penthouse sparks PP internal feud
A complaint over the purchase of a luxury penthouse in Chamberí intensifies tensions within Spain's PP, putting Isabel Díaz Ayuso under scrutiny.
-
Employers claim 2.5 million vacancies while unemployment exceeds 3 million
The CEPYME president claims 2.5 million vacancies exist in Spain, yet unemployment surpasses 3 million. Wages, housing, and temporary contracts explain the...
-
Viral hoax about 3 million Filipino voters reignites Spain's nationality row
A viral fake story claims Spain's government will grant voting rights to 3 million Filipinos. The law already allowed it: Spain's Supreme Court is probing the electoral roll.
-
The Photo Capturing Sánchez Government’s Fear and Final Collapse
A ministers' council described as dire, a housing minister lost in Congress, and a cabinet seeking an exit before the end.
-
One of Trump's new 'aliens' has a glitch in its eye
A post on X shows a glitch in the eye of one of Trump's new 'aliens'. We explain what these devices are and why their design is raising questions.
-
Viral post falsely attributes pro-Muslim remark to Greta Thunberg in France
A post on X attributes a message of support for Muslims in France to Greta Thunberg. The quote is circulating without verification, and no legal system provides for physical punishment.