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Note 47 - Remuneration And Other Benefits Received By The Board Of Directors And Members Of The Bank's Senior Management | 6 Months Ended
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Jun. 30, 2018
Remuneration And Other Benefits Received By The Board Of Directors And Members Of The Banks Senior Management Abstract |
Disclosure of information about key management personnel Explanatory | Remuneration and other benefits to the Board of Directors and to the members of the Bank’s Senior Management The notes accompanying the Bank’s consolidated Financial Statements, corresponding to the financial year ended December 31, 2017, detail the remuneration and other benefits corresponding to the members of the Board of Directors and of the Senior Management, including the description of the applicable policies and remuneration systems, as well as information r egarding the conditions to receive remuneration and other benefits. On the basis of said policies and remuneration systems, the information regarding the remuneration and other benefits received by the members of the Board of Directors and of the Senior M anagement corresponding to the period between the start of the financial year and June 30, 2018, is shown below. Remuneration received by non-executive directors The remuneration paid to non-executive directors during the first semester of 2018 is indicate d below, individually and itemized:
Remuneration for non-executive directors (Thousands of euros)
| Board of Directors | Executive Committee | Audit & Compliance Committee | Risk Committee | Remunerations Committee | Appointments Committee | Technology and Cybersecurity Committee | Total
Tomás Alfaro Drake | 64 | - | 18 | - | 21 | 25 | 21 | 150
José Miguel Andrés Torrecillas | 64 | - | 89 | 53 | - | 20 | - | 227
Jaime Félix Caruana Lacorte (1) | 11 | - | - | - | - | - | - | 11
Belén Garijo López | 64 | - | 36 | - | 54 | - | - | 154
Sunir Kumar Kapoor | 64 | - | - | - | - | - | 21 | 86
Carlos Loring Martínez de Irujo | 64 | 83 | 0 | 53 | 21 | - | - | 223
Lourdes Máiz Carro | 64 | - | 36 | - | 21 | 20 | - | 142
José Maldonado Ramos | 64 | 83 | - | 53 | - | 20 | - | 222
Ana Peralta Moreno (1) | 21 | - | - | - | - | - | - | 21
Juan Pi Llorens | 64 | - | 36 | 107 | - | - | 21 | 228
Susana Rodríguez Vidarte | 64 | 83 | - | 53 | - | 20 | - | 222
Jan Verplancke (1) | 43 | - | - | - | - | - | - | 43
Total (2) | 654 | 250 | 214 | 321 | 118 | 107 | 64 | 1,728
(1) Directors appointed by the General Meeting held on March 16, 2018. Remuneration received in accordance with the date of acceptance of said appointment. (2) Additionally, José Antonio Fernán dez Rivero, who ceased as director on March 16, 2018, received a total of €95 thousand as member of the Board of Directors and of the different Board Committees. Likewise, during the first semester of 2018, €100 thousand has been paid in healthcare and cas ualty insurance premiums in favor of the non-executive directors. Remuneration received by executive directors The remuneration paid to executive directors during the first semester of 2018 is indicated below, individually and itemized:
Fixed remuneration (Thousands of Euros)
Group Executive Chairman | 1,237
Chief Executive Officer ("CEO") | 983
Head of Global Economics, Regulation & Public Affairs (“Head of GERPA”) | 417
Total | 2,637
Variable remuneration
| Total cash (1) (Thousands of Euros) | Total shares (1)
Group Executive Chairman | 992 | 128,323
CEO | 667 | 89,259
Head of GERPA | 120 | 15,707
Total | 1,779 | 233,289
(1) R emuneration corresponding to the upfront portion (40%) of the Annual Variable Remuneration (“AVR”) for the year 2017 and the last third of the deferred AVR corresponding to the year 2014, along with its update in cash. Likewise, during the first semester of 2018 remuneration in kind has been paid in favor of executive directors, which includes insurance premiums and others, for a total overall amount of €228 thousand. Remuneration received by members of the Senior Manag ement (*) The remuneration paid to the Senior Management as a whole during the first semester of 2018 is indicated below, itemized:
Fixed remuneration (Thousands of Euros)
Total Senior Management | 8,039
Variable remuneration
| In cash (1) (Thousands of Euros) | In shares (1)
Total Senior Management | 2,062 | 269,957
1) Remuneration corresponding to the upfront portion (40%) of the AVR for the year 2017 and the last third of the deferred AVR corresponding to the year 2014, along with its update in cash. (*) A total of 15 members held such position as at June 30, 2018, excluding executive directors. Likewise, during the first semeste r of 2018 remuneration in kind has been paid in favor of the Senior Management as a whole, excluding executive directors, which includes insurance premiums and others, for a total amount of €587 thousand. Remuneration system with deferred delivery of share s for non-executive directors During the first semester of 2018, the following “theoretical shares” have been allocated, derived from the remuneration system with deferred delivery of shares for the non-executive directors, equivalent to 20% of the total r emuneration in cash received by each director in 2017:
| Theoretical shares allocated in 2018 | Theoretical shares accumulated at June 30 2018
Tomás Alfaro Drake | 10,367 | 83,449
José Miguel Andrés Torrecillas | 12,755 | 36,565
Belén Garijo López | 7,865 | 34,641
Sunir Kumar Kapoor | 4,811 | 8,976
Carlos Loring Martínez de Irujo | 11,985 | 98,876
Lourdes Máiz Carro | 7,454 | 23,160
José Maldonado Ramos | 11,176 | 78,995
Juan Pi Llorens | 11,562 | 54,171
Susana Rodríguez Vidarte | 12,425 | 104,983
Total (1) | 90,400 | 523,816
(1) Additionally, 10,188 “theoretical shares” were allocated to José Antonio Fernández Rivero, who ceased as director on March 16, 2018. Pension commitments with executive directors and members of the Senior Management
Executive Directors (Thousands of Euros)
| Contributions (1) | Accumulated funds
Chief Executive Officer | 969 | 18,251
Head of GERPA | 207 | 982
Total | 1,176 | 19,233
(1) Contributions registered to attend the pension commitments undertaken with the CEO and Head of GERPA, which correspond to the sum of the annual contribution to cover the retireme nt benefit (proportional amount of the first semester of 2018), death and disability premiums, as well as the adjustment made to the discretionary pension benefits of the year 2017, which contribution corresponded in 2018 once the AVR for the year 2017 had been determined. There are no other pension obligations undertaken in favor of other executive directors.
Senior Management (Thousands of Euros)
| Contributions (1) | Accumulated funds
Total Senior Management | 2,385 | 56,878
(1) Contributions registered to attend the pension commitments undertaken with the Senior Management as a whole, which correspond to the sum of the annual contributions to cover the retirement benefits (proportional amount of the first semester of 2018), death and disability premiums, as well as the adjustments made to the discretionary pension benefits of the year 2017, w hich contribution corresponded in 2018 once the AVR for the year 2017 had been determined.

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