The family leadership and shareholding in Ferrovial
Rafael del Pino is Ferrovial’s largest shareholder and has served as chairman since the year 2000. He remains at the helm of the family business, steering operations across a global portfolio. The Del Pino family holds approximately 20.44 percent of Ferrovial’s capital, equating to more than 148 million shares. With a share price near 27 euros, this stake is valued at just over four billion euros. Collectively, the Del Pino family assets exceed nine billion euros, positioning them among Spain’s most prominent fortunes.
Historical data prior to 2011 is limited, but records show that the chairman received about 42 million euros in cash as president in the period covered by executive-salary disclosures published by Ferrovial within the national securities market framework. These figures come from annual reports on executive compensation compiled by press outlets affiliated with the Prensa Ibérica group.
The Treasury review of Ferrovial’s potential relocation to the Netherlands
This discussion highlights whether there are valid economic reasons to justify transferring Ferrovial’s corporate domicile to the Netherlands. Assessments in this area focus on tax efficiency, regulatory alignment, and the potential impact on shareholders and long-term liquidity. The debate reflects strategic considerations that many large multinationals weigh when evaluating headquarters locations.
Compensation discussions for the president cover both fixed and variable remuneration awarded on an annual basis. The fixed portion typically ranges from about 1.15 million to 1.5 million euros per year. The variable component, also paid in cash in 2022, aligns with measurable criteria that include quantitative targets such as net results and cash flow, plus qualitative criteria centered on sustainability and governance. The variable award can, in practice, cap at a maximum equal to 190 percent of the fixed amount, ensuring a clear link between performance and rewards.
Long-term stock incentives
Like many large Ibex-35 constituents, Ferrovial operates long-term incentive plans that grant a portion of compensation in shares. This approach means senior leaders, including the president Rafael del Pino and the chief executive officer, participate in stock-based pay. Since 2011, the plan has also included the CEO role, with Iñigo Meirás receiving the long-term incentive until his departure in 2019, followed by Ignacio Madridejos who took on responsibilities in the subsequent years. These programs tie executive rewards to sustained performance and shareholder value creation over multi-year horizons.
In recent history, Ferrovial has reported the long-term incentive grants in addition to regular cash compensation, illustrating the emphasis on aligning executive interests with long-run corporate performance. The program has contributed to overall compensation packages, reinforcing the balance between immediate pay and future value creation for stakeholders.
Ferrovial advises the government on headquarters and tax strategy
In the most recent years, the Ferrovial leadership provided guidance on the potential shift of the company’s headquarters to the Netherlands, underscoring the importance of the broader tax and regulatory framework for corporate strategy. The board and executives emphasized that any such move would require careful consideration of impacts on governance, fiscal obligations, and the interests of shareholders, while remaining compliant with applicable laws and market expectations.
In the latest disclosures, the president’s earnings from shares and related instruments show notable fluctuations. In the most recent two-year period, gross gains from share-based compensation were 883,000 and 490,000 euros, respectively. Earlier years show variability, with years like 2011 reporting no salary and 2012 recording a modest 318,000 euros. Other years reveal higher totals, reflecting the mix of cash compensation and equity-linked rewards that together form the total remuneration package.
Across the entire eleven-year span from 2011 to 2022, the combination of fixed salary, variable pay, and long-term equity incentives generated substantial total compensation for the president. The cumulative figure for this period is approximately 67.13 million euros, illustrating how Ferrovial structures executive pay to reward sustained leadership and shareholder value creation over time.