Spain Votes Against Pay Policy for Senior CaixaBank Executives

(Bloomberg) -- The Spanish government voted against pay proposals for senior executives at CaixaBank SA, which is planning sweeping job cuts after acquiring the nationalized lender Bankia.

Spain rejected CaixaBank’s executive pay policy in a vote at its annual general meeting Friday, a spokesperson for FROB, the state bank resolution fund which owns the government’s remaining stake in Bankia, said by phone.

CaixaBank agreed to buy Bankia from the government last year and is negotiating with unions over plans to shed about 8,000 jobs. The scale of the post-takeover cuts at CaixaBank and other lenders led Economy Minister Nadia Calvino to also lash out at high levels of pay for senior bankers.

Read More: Spanish Banks Must Reconsider Job Cut Plans, Deputy PM Says (1)

Former Bankia Chairman Jose Ignacio Goirigolzarri will get annual fixed pay of EU1.65m in his new post at CaixaBank, plus variable remuneration of up to EU200,000. A spokesman for CaixaBank declined to comment.

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