The president and the CEO of Banco Sabadell, Josep Oliu and Jaime Guardiola, have waived the variable remuneration of 2018 that corresponded to them due to the impact on the bank's results of the migration of its British subsidiary TSB and the extraordinary circumstances of the year, as stated in the remuneration report sent to the National Securities Market Commission (CNMV).
Banco Sabadell closed 2018 with a net attributable profit of 328.1 million euros, 54.2% less compared to the previous year. The managers have decided to forego the bonuses of almost 656,000 euros from Oliu and 563,500 euros from Guardiola, which together total almost 1.22 million euros, to align "with those units and people who, despite the effort made in the postmigration that had allowed to restore normalcy, they had not received the variable remuneration of the exercise ", according to the entity.
The level of compliance with the objectives of the short-term variable remuneration of 2018 was 61.83% of the total, reduced by the impact on results of the higher costs foreseen in the migration of TSB.
The fixed remuneration of the chairman of the entity remained stable with respect to the previous year, at 1.7 million euros, while that of the CEO increased 2.9% to 1.35 million euros. In addition, Sabadell made a contribution to social security plans of Oliu of 36,071 euros, and 761,761 euros for Guardiola.