Spanish fashion giant Inditex approves 250 million in bonuses for top team after record profits

Business ·
The multinational owner of Zara, also approved the reelection of Amancio Ortega as a member of the board of directors for another four years

Edurne Martínez

Madrid

Wednesday, 12 July 2023, 18:45

Spanish fashion giant Inditex managed record profits in 2022 – the first with Marta Ortega at the helm – despite the impact on the business of the Ukrainian war. This has allowed the board to authorise an incentive plan for senior management of up to 250 million euros.

That plan consists of the combination of a multi-year cash bonus and a promise of free shares. The maximum number of shares subject to the plan is 7.5 million ordinary securities, representing 0.24% of the share capital, and valued at 250.5 million euros depending on current market prices. Of these, a maximum of 183,750 shares are for the CEO, Óscar García Maceiras.

Maceiras speaking at the shareholders' meeting held this Tuesday in Arteixo, La Coruña, said that the positive evolution of the Inditex business will continue throughout this year, driven by the company's “financial strength”. The CEO said the basis allows the firm “to continue investing in everything that is necessary for future growth”.

During the meeting, the reelection of Amancio Ortega, founder of the textile empire and main owner, was also approved, as a member of the board of directors for four more years to consolidate the generational replacement process in the company.

Inditex also announced more ambitious sustainability goals to reduce its environmental impact. This is a new package of measures to contribute to the transformation of the textile sector.

In addition, the company plans to reduce its value chain emissions by 50% in 2030 to reach zero net emissions by 2040.

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Spanish fashion giant Inditex approves 250 million in bonuses for top team after record profits

Business · The multinational owner of Zara, also approved the reelection of Amancio Ortega as a member of the board of directors for another four years

Business ·
The multinational owner of Zara, also approved the reelection of Amancio Ortega as a member of the board of directors for another four years