2024-02-12 17:40:08
Carlos Torresexecutive president of BBVA, has received 7.6 million euros as remuneration in 2023, including deferred payments from other years, which is 0.8% more than in 2022, according to the board remuneration report that the entity has sent to the National Stock Market Commission (CNMV).
For his part, the CEO, Onur Gençreceived a salary of 6.7 million, 1.44% more.
According to BBVA, the fixed and variable target remuneration of both executive directors remained practically stable between 2023 and 2022. Thus, Torres received a fixed remuneration of 3.59 million and a target variable remuneration of 3.57 million euros.
The bank remember that in 2022, the shareholders meeting approved the new director remuneration policy for the years 2023, 2024, 2025 and 2026, which includes a new variable remuneration model with: a short-term incentive and a long-term incentive term.
In accordance with this policy, profit and capital ratio thresholds must be reached, approved by the board, which constitute a minimum level for the generation of variable remuneration for the entire group’s workforce.
“In this way, once the 2023 financial year has closed, it has been verified that the aforementioned thresholds have been reached and the amount of the 2023 short-term incentive for executive directors has been determined,” explains the bank.
For achieving 126% of the short-term objective, Torres has obtained a variable remuneration of 2.87 million euros.
Regarding the long term, BBVA points out that both Torres and Genç have generated the right to this incentive in its “theoretical maximum” amount, although the final amount will depend on the result of the indicators once the measurement period ends in 2026.
Thus, by achieving 100% of the long-term objective, Torres could obtain 1.2 million euros in 2023, while, if it reaches 150%, it would reach 1.9 million euros.
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