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Línea Directa expects its leadership to run out of bonuses for failing to meet targets in 2021

formyjob by formyjob
May 8, 2021
in Banking, Taxes
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Línea Directa expects its leadership to run out of bonuses for failing to meet targets in 2021
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The 45 chosen to be part of Línea Directa’s long-term incentive plan will foreseeably remain without receiving that bonus, for a maximum of 16.7 million euros, according to the insurer in the brochure of its IPO. The goal of achieving revenue of 1,016 million euros is very complicated, as it would mean a growth of 13% compared to 2020.

The insurer has to enter 1,016 million compared to 899 in 2020

The premiere on the Stock Market was a resounding success with a revaluation last Thursday of 23.07%. His business has shown resistance to the crisis, as it reveals that last year it earned 175.2 million euros, 29.6% more. But the last line of the income statement, although key, was not chosen to design the long-term bonus for the company’s executives, including the CEO, Miguel Ángel Merino. The amount that will be taken into account is the billing amount, which in insurance companies is synonymous with gross premiums.

The roadmap includes the collection of a maximum of 16.7 million euros by 45 executives in the event of reaching 1,066 million in premiums at the end of this year. Very far from the 899 million with which Línea Direta closed last year.

Although the minimum income for managers to be able to take part of this award, which would be collected in 2022, is set lower, at 976 million euros, the magic number that would mean reaching 100% of the objectives is 1,016 millions. The company is quite skeptical about the possibility that they will charge something. “Given the current circumstances, the expectation is that the long-term variable remuneration from 2019 to 2021 will not be paid,” he points out in the document sent to the CNMV for its stock market debut.

The firm, already disbanded from Bankinter – although the bank retains a 17.4% stake after distributing Línea Directa as a dividend among its shareholders – maintains the goal of reaching 1,000 million euros in premiums, but without short-term rush. “You have to bear in mind that the pandemic is still here, and that the economic situation is difficult. Sooner or later we will reach that figure, ”said its financial director, Carlos Rodríguez, in an interview published by CincoDías on April 27, two days before its debut on the stock market.

A PRIZE OF 100,000 EUROS FOR GOING ON THE STOCK EXCHANGE

It is difficult for executives to collect the remuneration linked to the evolution of business between 2019 and 2021, but there is another bonus for going public. There will be 100,000 euros in shares that each of the senior managers will receive in the three years following the release on the market. This incentive was approved at the Línea Directa meeting on March 18.

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