As set out in Royal Decree 14/2013, dated November 29, on urgent measures for adapting Spanish legislation to European Union regulations governing supervision and solvency of financial institutions, which partially transposes Directive 36/2013/EU into Spanish law, BBVA has established as part of its remuneration policy that the variable remuneration of the members of the Identified Staff corresponding to services provided starting on January 1, 2014 is to be limited to the amount of their total fixed remuneration, unless the General Meeting agrees to increase this limit to twice the total fixed remuneration, as provided for in the aforementioned Royal Decree.
A proposal was submitted to the General Meeting held in March 2014, namely, that the variable component of the annual remuneration for executive directors, senior executives and certain employees who carry out professional activities that may have a material impact on the Bank’s risk profile, or who are responsible for the control functions, may reach up to 200% of the fixed component of total remuneration, in accordance with the Recommendations Report approved by the Board of Directors of BBVA on January 30, 2014. Both the resolution, which was approved by the General Meeting with 97.81% of the votes cast, and the Board’s Recommendations Report are available on the Bank’s website (www.bbva.com).