Members of the Board of Directors of the Caja Castilla-La Mancha savings bank came under fire today for having doubled their own salaries in the three years between 2004 and 2007.
Reports provided by the National Share Market Commission (CNMV), show that although the salary increases started to slow down in the latter years, they were always over and above the 5% mark.
The total renumeration (salaries, life insurance, pensions, etc.) for the directors reached 2.17 million in 2007, 8% more than the previous year.
In 2006, the directors' total renumeration package increased by 22% and in 2005 by a massive 45%.
Apart from these renumeration packages, 2007 also saw the directors receive 210,000 euros in meetings expenses, the equivalent of a 43% increase compared with the 147,000 euros they were paid in 2004.
Details of the directors' pay packages for 2008 have not yet been made public, nor have the bank's 2008's accounts been filed, although the administrators will have to do so before April 30th.
Last March the Caja Castilla-La Mancha presented accounts to the Spanish Confederation of Savings Banks (CECA) showing a profit of 29.8 million euros, 87.1% lower than the previous year, but these accounts cannot be considered valid since they were not signed by either the Board of Directors or the auditors, and therefore unlikely to be a true reflection of the bank's current situation.
