Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
General Secretary
Chief Financial Officer
General Director of HR
General Director of Construction
General Director of Real Estate
General Director of Services
General Director of Airports
General Director of Toll Roads
Director General of Information Systems
Director of Internal Audit
Director of Communications and Corporate Responsibility
Director of Corporate Strategy (since 01/04/11)
This does not include remuneration for senior executives who were also executive directors, which was addressed previously.
33.10.- Relationship between remuneration obtained and profit/loss of the Company
Based on the best remuneration practices of the directors and senior executives, a portion of the Ferrovial directors' remuneration is
linked to the consolidated profit attributable to the Company for 2011. Similarly, the variable remuneration of the executive directors
and senior executives of the Company is linked to various profit- and return-metrics in the corporate and business divisions.
Ferrovial's variable remuneration scheme is therefore linked closely to the Company's performance metrics.
As a result of the consolidated profit attributable to the Company of EUR 1,268,965.7 thousand earned in 2011, the members of the
Board of Directors received variable remuneration of EUR 661.0 thousand.
Having achieved the objectives for profit and return established at the beginning of 2011, the members of the Board of Directors
received total variable remuneration of EUR 3,924.89 thousand for the performance of their executive duties.
33.11.- Other disclosures on remuneration
The agreements between the Company and senior executives, including two executive directors, specifically provide for the right to
receive the indemnities referred to in Article 56 of the Workers’ Statute in the event of unjustified dismissal.
In addition, in order to encourage loyalty and long-service, deferred remuneration was recognised for eleven senior executives,
including two executive directors. The deferred remuneration consists of extraordinary remuneration that will only be paid when
certain of the following circumstances occur:
- Removal of the senior executive by mutual agreement or upon reaching a certain age.
- Unjustified dismissal or abandonment of the company at the discretion of the latter without any justification for dismissal,
prior to the senior executive reaching the age initially agreed upon, if the aforementioned amount exceeded that resulting
from applying the Workers' Statute.
- The death or disability of the senior executive.
To cover this incentive, each year, the Company contributes to a group savings insurance policy, of which the Company is both policyholder
and beneficiary. These contributions are quantified on the basis of a certain percentage of the total monetary remuneration of
each senior executive. The amount of the contributions made in 2011 was EUR 2,653.7 thousand (2010: EUR 2,528.2 thousand).
In addition, it should be noted that individuals are occasionally hired to hold executive positions, mainly abroad, in areas unrelated to
senior management. The contracts of these individuals included certain clauses that provide for unjustified dismissal.
Lastly, it should be noted that the contracts of two senior executives stipulate additional rights in their favour, including prior-notice
obligations incumbent upon the Company in the event of unjustified dismissal.
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 92