The company is set to implement a new labor agreement soon, following the majority of unions' support for the management's latest proposal. The negotiation process had been deadlocked for a considerable period, leading to employee salaries not being updated since 2021, despite substantial inflation.
In contrast, the remuneration for board members has increased year after year. In 2021, 1,497,000 euros were distributed among them. Last year, however, a total of 2.2 million euros were shared among 14 directors, representing an increase of 479,000 euros compared to the previous year.
Furthermore, many directors are also significant shareholders, thereby securing substantial profits through dividends. Among the executive members not on the board of directors, the situation is slightly different. Last year, 3,059,000 euros were distributed, compared to 3,656,000 euros the previous year. Nevertheless, 2023 saw a large increase in their salaries, reaching a total of 6.7 million euros.
Salaries and allowances for members of the Tubacex board of directors have increased year after year, while employee wages have remained frozen since 2021.
Reports submitted by Tubacex to the Spanish National Securities Market Commission do not specify the exact amount received by each individual member.
