The property developer Aedas, controlled by the North American investment fund Castlelake, paid its Board of Directors a combined remuneration of €1.27 million in 2019, according to information submitted today by the company to Spain’s National Securities Market Commission (CNMV). That figure represents a 20.6% increase compared to the previous year and was driven by various changes carried out by the company.
On one hand, the independent directors (the proprietary representatives do not receive any fixed remuneration) saw their salaries raised to “reflect market levels”, with the aim of “reducing the risk of losing one or more of them”, according to Aedas. As such, Miguel Temboury and Javier Lapastoura went from earning €87,000 a year to €125,000; Santiago Fernandez Valbuena received €119,000 in 2018 compared to €155,000 in 2019; Cristina Alvarez saw her salary rise from €102,000 to €155,000 and Emili Khalil earnt €75,000 in 2019 compared to €66,000 in 2018.
