The entity, with record results in 2022, also improved the remuneration of its CEO, Onur Genç, by 5% to 7.5 million
Amidst the controversy over the record profits of the major Spanish banks, the major financial institutions have begun publishing their annual reports detailing, among other things, the remuneration of their managers. The first to do so was BBVA, whose chairman, Carlos Torres, received a fee of EUR 8.29 million in 2022, a year in which the entity posted historic results of EUR 6,420 million, 38% more.
The manager’s salary is 6% of what he earned in 2021. Of that total amount, Torres has a fixed salary of 2.92 million euros, while he received a variable salary of 4.63 million, 9.2% more than last year after achieving a high degree of achievement of the targets associated with this bonus.
In addition, the chairman of BBVA received EUR 283,000 in kind, to which must be added the EUR 451,000 contributed to his pension plan.
For its part, the CEO of the entity, Onur Genç, received last year 7.15 million euros, 5% more, with a fixed salary of 2.17 million euros and a variable remuneration of 3.56 million euros. This figure is 10.5% higher than the previous year and also exceeds the 2.67 million goals set, with some degree of achievement of the goals also higher than the goals set.
On the other hand, the number two from BBVA received a benefit in kind for 150,000 million euros, in addition to other supplements of 1.25 million (the directibo does not have a retirement pension).
According to data on file with the National Securities Market Commission (CNMV), the entity calculates that the average salary of employees has also increased by 8.2%, from €73,000 million in 2021 to €79,000 million last year.
As announced in its latest results presentation, BBVA will capitalize on the record earnings achieved in 2022 to improve shareholder remuneration. As indicated by the entity this Tuesday, it will pay the recently agreed additional dividend of EUR 0.31 on April 5, following approval at the shareholders’ meeting to be held in Bilbao on March 17. Figure that is added to the 0.12 euros paid in October. After deduction of the corresponding withholding tax, the amount of the additional dividend will amount to EUR 0.2511.
The last trading day for BBVA shares entitled to participate in the payment of this dividend is March 31st and the first trading day for the bank shares without dividend rights is April 3rd.
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In addition, the bank will buy back its own securities for 422 million euros. Shareholders receive an additional EUR 0.07 per title through this channel. The shareholders together receive 47% of the profit, more than 3,000 million euros.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
