Royal Decree 771/2011 establishes that credit institutions must present the Bank of Spain with a list indicating the categories of employees whose professional activities have a material impact on its risk profile.
In accordance with Article 76 quinquies.1.a), BBVA has identified the following groups of professionals as affected by the requirements of this new law (the Identified Staff), following the December 10, 2010 Guidelines on Remuneration Policies and Practices prepared by the Committee of European Banking Supervisors (hereinafter "the CEBS Guidelines"), now the European Banking Association (hereinafter “EBA”). The staff included are as follows:
- Senior Management: BBVA has included executive directors and other members of BBVA's Management Committee within the Identified Staff.
- "Risk takers", this group includes the following: Those who form part of the various Risk Committees, and the members of the management committees of the Group’s business areas. The Bank also considers as risk takers those employees whose variable annual remuneration, as defined in section 10.3 below, is above a specific threshold level and higher than their fixed remuneration; or if the threshold level is above a certain amount regardless of their fixed remuneration.
- Professionals responsible for the control function: Within this group, BBVA has identified those responsible for the following functions as to be included as Identified Staff: members of the Risk Committee, the Internal Audit Management Committee and those responsible for the Legal Compliance, Human Resources, and Global Accounting & Informational Management functions.
BBVA keeps a continuously updated list of the professionals who make up each of the above groups.