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Incentivized Pay

Atlantica Yield paid remuneration only to independent non-executive directors and executive directors.

In 2017, each independent non-executive director received a total annual compensation of $100 thousand (approximately €88.5 thousand). As the chairman of the board of directors, Mr. Villalba received $135 thousand (approximately €119.5 thousand). Independent non-executive directors’ fees have not been increased since 2014. Non-executive directors appointed by a shareholder did not receive any compensation from us. None of the directors received any pension or long-term incentive remuneration in 2016 nor 2017.

To incentivize its executive team, the Company offers a Long-Term Incentive Plan (the “LTIP”). The current LTIP is a 3-year plan, approved at the 2016 Annual General Meeting, started in 2016 and will finish in December 2018. The plan includes:

  • Approximately 10 executives, including the Chief Executive Officer.
  • Each executive is entitled to the payment of a LTIP cash bonus payable in March 2019 if the Company achieves its Total Annual Shareholders’ Return (TSR) objectives in the 2016-2018 period. The committee and the board have considered this metric as the best measure to align management and shareholders’ interests. Total Annual Shareholders’ Return (TSR) is calculated over the 2016 - 2018 period. It is defined as the annual return of an investment done the 1st of January of 2016 at the average stock price of the first 3 months of 2016 (16.90 dollars per share) and divested on the 31st of December of 2018, including the dividends paid in 2016, 2017 and 2018. Similar to the initial price, the final price to be considered is the average price of the last 3 months of 2018.
  • The LTIP award is capped at a 50% (a 70% for the Chief Executive Officer) of the total remuneration received by an executive in the 2016-2018 period
  • 50% of the LTIP bonus will be based on the Company’s TSR and the other 50% on the relative performance in terms of TSR versus other yieldcos selected by the committee. The chart below presents the percentage amounts to be awarded as LTIP bonus as a function of each of the parameters considered.

For further information on our CEO compensation and LTIP, please refer to our UK Annual Report or to our Sustainability Report.