Builder Sacyr orders board to return part of wage
All 17 members of Sacyr Vallehermoso (SVO.MC)'s executive board must return over 1.5 million euros ($2 million) after the Spanish builder swung to a loss in 2008, the company said on Friday.
Sacyr's statutes rule executives are only paid to be members of the board -- in addition to their base salary -- when their combined board income is less than 2.5 percent of all Sacyr's profits.
Last year the builder, which owns 20 percent of oil firm Repsol (REP.MC), reported a loss of 177 million euros after the collapse of Spain's property and construction sectors.
"Considering 2.5 percent of 2008's earnings was less than zero, the board members have not earned anything over that period and must return the money charged," Sacyr said in its annual report.
The returned money equates to 28 percent of the board members' total base salary.
[Source: Reuters, Madrid, 17Apr09]
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