Thu. Feb 21st, 2019

The president of BBVA will charge up to 5.45 million euros if it meets targets | Economy

The president of BBVA will charge up to 5.45 million euros if it meets targets | Economy



Carlos Torres, president of BBVA, will have a fixed salary of 2.45 million euros, which could be increased to 5.45 depending on objectives. This is stated in a document entitled Remuneration policy for BBVA's directors published by the entity with a view to the shareholders' meeting to be held in Bilbao on March 15, to whose approval it will be submitted. The new CEO, the Turkish Onur Genç, will have a fixed salary of 2.18 million, plus another 2.6 variables, that is, a maximum of 4.82 million.

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The document is an update of the bank's remuneration policy in force since 2017 that incorporates "the adjustments to the contractual conditions of the new Executive Chairman and Chief Executive Officer" and some "technical improvements". Thus, it establishes that Carlos Torres, successor of Francisco González at the head of BBVA, will have a salary composed of a fixed variant, equivalent to 45%, and another variable, of up to 55%. If the fixed is set at 2,453,000 euros, a simple rule of three results in a variable of up to 2,998,111 euros. In total, at best, 5.45 million euros.

The same percentages are set for Genç, the CEO, although his fixed figure is somewhat lower, of 2,179,000 euros. Adding the variable part, the compensation would amount to 4.82 million. José Manuel González-Páramo, responsible for Global Economy and Public Affairs and the third executive member of the council, will receive a fixed salary of 833,970 euros, which will represent 70% of his maximum salary, which could reach 1.19 million. The document establishes that the fixed amounts will not be moved "as long as the Board of Directors does not agree to update them" at the proposal of the appointments committee.

On the other hand, the entity has sent the CNMV the annual Corporate Governance Report, which shows the payments paid to the bank's board and executives during 2018. According to this document, the 15 board members received a joint remuneration of 15, 6 million euros, while they accumulated another 19.6 in pensions. At this point, it is worth highlighting the "amount accumulated by the old directors in the matter of pensions", which amounts to 79 million euros, which is what Francisco González, the former president of the bank, received when he left the entity in December 2018. The decision was made in September. The remuneration of the group of 15 other senior managers of the bank who do not have a seat on the board of directors amounted to another 25.3 million euros.

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