The Fundación del Teatro Real (F.S.P.) is a foundation in the institutional public sector, constituted as a cultural non-profit organisation with legal identity and full capacity to act. As well as its Articles of Association, it is governed by Law 50/2002 of December 26 on Foundations, Law 40/2015 of October 1 on the Legal Regime of the Public Sector, and by private law, except where budget, accounting, financial control or public sector contract laws are applicable.
The FundacióndelTeatro Real falls within the scope of the Royal Decree 451/2012 of March 5, which regulates the salary distinctions of senior managers and executives in public sector businesses and other entities, and the Spanish Ministry of Finance and Public Administrations Order of April 12, 2012 authorising the classification of public sector foundations. The following three senior manager and executive positions are subject to the aforementioned remuneration system:
- Director General – chief executive officer
- Secretary General – senior management personnel
- Technical Director – senior management personnel
The remuneration of Fundación del Teatro Real personnel governed by the remuneration system for senior managers and executives is structured as follows:
1. Basic remuneration constitutes the mandatory minimum set by the Spanish Ministry of Finance and Public Administrations according to the group the entity falls within. This basic remuneration may not exceed the following annual amounts:
a) Entities in group 1: 105,000 euros.
b) Entities in group 2: 80,000 euros.
c) Entities in group 3: 55,000 euros.
The basic remuneration of the senior managers, constituting the mandatory minimum, will be:
a) 75,000 euros in the foundations in group 1
b) 63,000 euros in the foundations in group 2
c) 50,000 euros in the foundations in group 3
The basic remuneration of the directors, constituting the mandatory minimum, will be:
a) 56,000 euros in the foundations in group 1
b) 52,000 euros in the foundations in group 2
c) 38,000 euros in the foundations in group 3
2. Supplemental pay consists of a supplement corresponding to the position within the theatre , and where applicable, a fluctuating remuneration:
a) The supplement corresponding to the position recompenses specific characteristics of the work or management tasks performed and is assigned by whoever controls or supervises the entity’s finances, by the shareholder, or in their absence, by the Ministry to which it is attached, according to the following criteria:
1. External competitiveness, understood to be the salary position of the executive compared to similar positions in the market of reference.
2. Corporate Policies based on executive position
3. Responsibility within the organization.
4.Level of responsibility.
The supplement for the position will represent a maximum of 60% of the basic remuneration corresponding to each group.
b) The variable supplement, which is optional, is compensation for meeting targets previously set according to quantifiable parameters by whoever controls or supervises the entity’s finances, by the shareholder, or in their absence, by the Ministry to which it is attached. This supplement is conditional to meeting targets.
The variable supplement will represent a maximum of 40% of the basic remuneration corresponding to each group.
In no case may the total remuneration be more than twice the basic remuneration, and no position may be assigned a higher total remuneration than it held before the Royal Decree 451/2012, of March 5.
