CIE Automotive will distribute a complementary dividend of 30.6 million in July

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The Spanish manufacturer of automotive components CIE Automotive has announced that it will hold its ordinary general meeting of shareholders on May 5, where it will seek to approve the distribution of a complementary dividend of about 30.6 million euros, the same amount that was already distributed in the last January.

As the firm has informed the National Securities Market Commission (CNMV), the proposal seeks to distribute in the concept of complementary dividend an amount of 0.25 euros gross per common share of the company in circulation which, if approved, would be paid on July 6.

All this after the company already distributed 0.25 euros per ordinary share to its holders on January 7. In total, the dividend from CIE Automotive would amount to more than 61 million euros.

Lower the amount

Last year, CIE Automotive’s complementary dividend amounted to 0.37 euros gross per share and was distributed on July 6, while the dividend per account for January 2020 was also 0.37 euros per share.

Regarding the remuneration of its directors, at the shareholders’ meeting, a vote will be taken to approve a gross fixed remuneration for the chairman of the board of directors, Antón Pradera, of 1.2 million euros. In addition, in fiscal year 2021, the CEO, Jesús María Herrera, will have the right to receive a fixed gross annual remuneration of 525,000 euros.

The latter will also be entitled to a short-term variable remuneration based on objectives, which may not exceed 100% of the fixed remuneration. In addition, an additional remuneration is foreseen for him conditional on his permanence in the group in the next ten years, provided that the board and the council decide to keep him in office. Thus, you will receive a net amount of 650,000 euros per year in each of the next ten years.

“In the event that he voluntarily ceases to be CEO in this period, he will not have the right to receive the unearned amount and must reimburse the amount accrued for this concept,” explains the company.