The president of BBVA ignores Calviño and earned 7.8 million in 2021, 5% more than before the pandemic

BBVA ignores the economic vice president,

, as CaixaBank already did and presents increasing salaries in its leadership.

The bank has published its annual remuneration report in which it reveals that its president,

, received a total remuneration of 7.8 million euros, which is 5% more than in 2019, the last year prior to the pandemic.

For his part, the CEO

, earned 6.8 million euros, 7% more than in 2019. The rise is much higher than in 2020, but it is not comparable as it was a year in which the The Spanish and the Turkish renounced their variable remuneration due to the fall in the bank's results in the first year of the pandemic.

The salary increases in 2021 occur despite the request of the Vice President of the Government that the bank limit this type of remuneration, which she describes as "unacceptable" in a stage of office closure and staff departure.

BBVA presented in 2021 a retirement plan for more than 2,900 workers.

Calviño came to ask the Bank of Spain to limit these salaries and said that she herself was considering using legal instruments.

Finally, she limited herself to not supporting a salary increase for

at CaixaBank, as the state was a minority shareholder of this entity.

However, the Basque obtained a majority of the shareholders in favor of its rise.

The so-called "bonus", the variable remuneration, explains the bulk of what Torres has earned.

His fixed salary was 2.9 million euros in 2021 and the variable, 4.2 million euros.

The bank specifies in its report that part of the rise is also explained by the reduction in the contribution to the Torres pension fund in a change in the entity's remuneration policy.

The report also ensures that these salaries

The report has been published after the electoral campaign in Castilla y León has concluded

THE EMPLOYEES, 73,000 EUROS

A novelty of the report in compliance with a circular from the National Securities Market Commission is that these salaries are accompanied by a comparison with the average compensation of employees.

compared to 2019, but the entity questions whether these types of comparisons can be made "due to the geographical diversity of the group."

As for the Board of Directors, the best-paid non-executive director was the former Governor of the Bank of Spain,

with 568,000 euros, up from 527,000 in 2019.

BBVA obtained profits in 2021 of 5,069 million, the highest in a decade and with an increase in customers close to nine million customers.

The bank justifies the salary of its main executives by more than meeting the objectives set.

Regarding the hiring of former Commissioner

, BBVA mentions in another report, the corporate governance report, that the judicial investigation "is not a significant risk" for his reputation, but admits that "it is not possible to predict at this time its scope or duration nor all of its possible results or implications for the Group, including potential fines and damage or harm to the reputation of the Group".

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See links of interest

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