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Appendix II: Board and Senior Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure Of Compensation [Abstract]  
Schedule of Key Management Personnel Compensation
The amounts established in fiscal year 2023 as fixed amounts for belonging to the Board of Directors, the Executive Commission and the Advisory or Control Committees of Telefónica, and the attendance fees for attending meetings of the Advisory or Control Committees of the Board of Directors, are indicated below:
Compensation of the Board of Directors and of the Committees thereof
Amounts in euros
PositionBoard of DirectorsExecutive Commission
Advisory or Control Committees (*)
Chairman240,000 80,000 22,400 
Vice chairman200,000 80,000 — 
Executive Member— — — 
Proprietary Member120,000 80,000 11,200 
Independent Member120,000 80,000 11,200 
Other external120,000 80,000 11,200 
(*) In addition, the amount of the attendance fee for each of the meetings of the Advisory or Control Committees is 1,000 euros. It is also noted that the Board of Directors, at its meeting held on December 13, 2023, approved, following a favourable report from the Nominating, Compensation and Corporate Governance Committee, a new configuration of the Company's Consultative or Control Committees, specifically: (i) to abolish the Strategy and Innovation Committee; and (ii) to integrate the Regulation and Institutional Affairs Committee and the Sustainability and Quality Committee, which now constitute a single Committee, under the name of Sustainability and Regulation Committee.
TELEFÓNICA, S.A.
(Amounts in euros)
Directors
Salary1
Fixed remunera-tion2
 Allowances3
Short-term variable remuneration4
Remuneration for belonging to the Board Committees5
Other items6
Total
 
Mr. José María Álvarez-Pallete López1,923,100 — — 3,717,737 — 6,207 5,647,044 
Mr. Isidro Fainé Casas— 200,000 — — 80,000 — 280,000 
Mr. José María Abril Pérez— 200,000 10,000 — 91,200 — 301,200 
Mr. José Javier Echenique Landiríbar— 200,000 24,000 — 113,600 — 337,600 
Mr. Ángel Vilá Boix1,600,000 — — 2,577,600 — 27,383 4,204,983 
Ms. Carmen García de Andrés— 120,000 35,000 — 33,600 — 188,600 
Ms. María Luisa García Blanco— 120,000 33,000 — 44,800 — 197,800 
Mr. Peter Löscher— 120,000 24,000 — 113,600 — 257,600 
Ms. Verónica Pascual Boé— 120,000 11,000 — 11,200 — 142,200 
Mr. Francisco Javier de Paz Mancho— 120,000 33,000 — 124,800 — 277,800 
Mr. Alejandro Reynal Ample7
— — — — — — — 
Mr. Francisco José Riberas Mera— 120,000 — — — — 120,000 
Ms. María Rotondo Urcola— 120,000 24,000 — 22,400 — 166,400 
Ms. Claudia Sender Ramírez— 120,000 20,000 — 22,400 — 162,400 
Ms. Solange Sobral Targa7
— — — — — — — 
1Salary: Regarding Mr José María Álvarez-Pallete López and Mr Ángel Vilá Boix, the amount includes the non-variable remuneration earned from their executive functions.
2Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, whether or not it can be consolidated over time, earned by the member for his/her position on the Board, regardless of the effective attendance of the member to board meetings.
3 Allowances: Total amount of allowances for attending Advisory or Steering Committee meetings.
4Short-term variable remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2023 and to be paid in the year 2024. In reference to the bonus corresponding to 2022, which was paid in 2023, Executive Board Member Mr José María Álvarez-Pallete López received 4,198,897 euros and Executive Board Member Mr Ángel Vilá Boix received 2,911,200 euros.
5Remuneration for belonging to the Board Committees: Amount of items other than allowances, which the directors are beneficiaries through their position on the Executive Commission and the Advisory or Steering Committees, regardless of the effective attendance of the board member such Committee meetings. It is also noted that the Board of Directors, at its meeting held on December 13, 2023, approved, following a favourable report from the Nominating, Compensation and Corporate Governance Committee, a new configuration of the Company's Consultative or Control Committees, specifically: (i) to abolish the Strategy and Innovation Committee; and (ii) to integrate the Regulation and Institutional Affairs Committee and the Sustainability and Quality Committee, which now constitute a single Committee, under the name of Sustainability and Regulation Committee.
6Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by Telefónica, S.A.
7 Mr. Alejandro Reynal Ample and Ms. Solange Sobral Targa were appointed Directors of the Company on December 13, 2023.
Mr. Peter Erskine and Mr. Juan Ignacio Cirac Sasturain stood down as Board Members on December 13, 2023, reflecting below the payment received and/or accrued by them in 2023:
(Amounts in euros)
Directors
Salary1
Fixed remunera-tion2
 Allowances3
Short-term variable remuneration4
Remuneration for belonging to the Board Committees5
Other items6
Total
 
Mr. Juan Ignacio Cirac Sasturain— 120,000 33,000 — 33,600 — 186,600 
Mr. Peter Erskine— 120,000 20,000 — 113,600 — 253,600 
1 to 6: Definitions of these concepts are those included in the previous table.
The following table breaks down the amounts accrued and/or received from other companies of the Telefónica Group other than Telefónica, S.A. individually, by the Board Members of the Company, by the performance of executive functions or by their membership to the Board of Directors of such companies:
OTHER COMPANIES OF THE TELEFÓNICA GROUP
(Amounts in euros)
Directors
Salary1
Fixed remunera-tion2
Allowances3
Short-term variable remuneration4
Remuneration for belonging to the Board Committees5
Other items6
Total
Mr. José María Álvarez-Pallete López— — — — — — — 
Mr. Isidro Fainé Casas— — — — — — — 
Mr. José María Abril Pérez— — — — — — — 
Mr. José Javier Echenique Landiríbar— 90,000 — — — 87,500 177,500 
Mr. Ángel Vilá Boix— — — — — — — 
Ms. Carmen García de Andrés— — — — — — — 
Ms. María Luisa García Blanco— — — — — 87,500 87,500 
Mr. Peter Löscher— 119,000 — — — — 119,000 
Ms. Verónica Pascual Boé— 51,667 — — — 65,000 116,667 
Mr. Francisco Javier de Paz Mancho— 177,935 — — — 155,000 332,935 
Mr. Alejandro Reynal Ample7
— — — — — — — 
Mr. Francisco José Riberas Mera— — — — — — — 
Ms. María Rotondo Urcola— — — — — — — 
Ms. Claudia Sender Ramírez— — — — — 132,500 132,500 
Ms. Solange Sobral Targa7
— — — — — — — 
1. Salary: Amount of non-variable remuneration earned by the Director from other companies of the Telefónica Group for his/her executive functions.
2. Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the boards of other companies of the Telefónica Group.
3. Allowances: Total amount of the allowances for attending the board meetings of other companies of the Telefónica Group.
4. Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2023 and to be paid in the year 2024 by other companies of the Telefónica Group.
5. Remuneration for belonging to the Board Committees of other companies of the Telefónica Group: Amount of items other than allowances, which the directors are beneficiaries through their position on the Advisory or Steering Committees of other companies of the Telefónica Group, regardless of the effective attendance of the board member such Committee meetings.
6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by other companies of the Telefónica Group. Also included are the amounts received for membership of the Advisory Boards of Telefónica España, Telefónica Hispanoamérica, Telefónica Tech and Telefónica Ingeniería de Seguridad.
7 Mr. Alejandro Reynal Ample and Ms. Solange Sobral Targa were appointed Directors of the Company on December 13, 2023.
Likewise, Mr. Peter Erskine and Mr. Juan Ignacio Cirac Sasturain stood down as Board Members on December 13, 2023, reflecting below the payment received and/or accrued by them in 2023:
(Amounts in euros)
Directors
Salary1
Fixed remunera-tion2
 Allowances3
Short-term variable remuneration4
Remuneration for belonging to the Board Committees5
Other items6
Total
 
Mr. Juan Ignacio Cirac Sasturain— — — — — 95,000 95,000 
Mr. Peter Erskine— 80,000 — — — — 80,000 
1 to 6: Definitions of these concepts are those included in the previous table.
Schedule of Long-term Savings Systems of Key Management Personnel Compensation
LONG-TERM SAVINGS SYSTEMS
(Amounts in euros)
DirectorsContributions for fiscal year 2023
Mr. José María Álvarez-Pallete López673,085 
Mr. Ángel Vilá Boix 560,000 
The breakdown of the long-term saving systems includes contributions to Pension Plans, to the Benefit Plan and to the Unit link-type Insurance, as set out below:
(Amounts in euros)
DirectorsContribution to Pension Plans
Contribution to Executive Social Welfare Plan1
Contributions to Unit link-type Insurance/Pension Plan Surplus2
Mr. José María Álvarez-Pallete López7,574 540,968 124,543 
Mr. Ángel Vilá Boix 6,721 487,840 65,439 
1. Contributions to the Executive Social Welfare Plan established in 2006, financed exclusively by the Company, to complement the current Pension Plan, which involves defined contributions equivalent to a certain percentage of the fixed remuneration of the Director, depending on the professional levels in the organization of the Telefónica Group.
2. Contributions to Unit link-type Insurance/Pension Plan Surplus: In 2015 and 2021, applicable law reduced the financial and tax limits of the contributions to Pension Plans; for this reason, in order to compensate for the difference in favor of the Beneficiaries, a Unit-link type group insurance policy was arranged to channel such differences that occur during each fiscal year.
This Unit-link type insurance is arranged with the entity Occident GCO, S.A.U. de Seguros y Reaseguros (as the legal successor of Plus Ultra, Seguros Generales y Vida, S.A. de Seguros y Reaseguros), and covers the same contingencies as those of the “Pension Plan” and the same exceptional liquidity events in case of serious illness or long-term unemployment.
Schedule of Life Insurance Premiums of Key Management Personnel Compensation
LIFE INSURANCE PREMIUMS
The 2023 amounts for life insurance premiums were as follows:
(Amounts in euros)
DirectorsLife insurance premiums
Mr. José María Álvarez-Pallete López23,156 
Mr. Ángel Vilá Boix18,574 
Schedule of PSP of Key Management Personnel Compensation
Directors
Maximum number of shares (*)
Mr. José María Álvarez-Pallete López995,000 
Mr. Ángel Vilá Boix 745,000 
(*) Maximum possible number of shares to be received in case of maximum completion of TSR, FCF and Neutralization of CO2 Emissions target.
Directors
Maximum number of shares (*)
Mr. José María Álvarez-Pallete López1,100,000 
Mr. Ángel Vilá Boix 831,000 
(*) Maximum possible number of shares to be received in case of maximum completion of TSR, FCF and Neutralization of CO2 Emissions target.