XML 130 R113.htm IDEA: XBRL DOCUMENT v3.22.4
Note 54 (Tables)
 12 Months Ended
Dec. 31, 2022
Remuneration And Other Benefits Received By The Board Of Directors And Members Of The Banks Senior Management [Abstract]  
Remuneration For Non Executive Directors Explanatory [Table Text Block]
Remuneration for non-executive directors (thousands of Euros)
Board of DirectorsExecutive Committee Audit CommitteeRisk and Compliance CommitteeRemuneration Committee Appointments and Corporate Governance CommitteeTechnology and Cybersecurity Committee
Other positions (1)
Total
20222021
José Miguel Andrés Torrecillas1291676611550527527
Jaime Caruana Lacorte129167165107567567
Raúl Galamba de Oliveira1291074353332278
Belén Garijo López1296610746349349
Connie Hedegaard ( 2)
1071070
Sunir Kumar Kapoor (3)
321143172
Lourdes Máiz Carro1296643238238
José Maldonado Ramos12916746342342
Ana Peralta Moreno1296643238238
Juan Pi Llorens129214464327458512
Ana Revenga Shanklin12910729264236
Susana Rodríguez Vidarte12916710746449449
Carlos Salazar Lomelín12943172172
Jan Verplancke1294343214214
Total (4)
1,6846674316422783011681304,3004,293
(1) Amounts perceived in 2022 and 2021 by José Miguel Andrés Torrecillas, as Deputy Chair of the Board, Juan Pi Llorens, as Lead Director (until April 28, 2022) and Raúl Galamba de Oliveira (from its appointment as Lead Director on April 28, 2022).
(2) Director appointed by the General Meeting held on March 18, 2022. Remuneration received based on date of acceptance of office.
(3) Director who left office on March 18, 2022. Remuneration for the term of office in 2022.
(4) Includes amounts corresponding to membership of the Board and its various committees during the 2022 and 2021 financial years.
Theoretical shares [Table Text Block]
During the financial years 2022 and 2021, the following " theoretical shares" derived from the remuneration system with deferred delivery of shares have been allocated to the non-executive directors, in an amount equivalent to 20% of the total annual fixed cash allocation received by each of them in the financial years 2021 and 2020, respectively:
20222021
Theoretical shares allocatedTheoretical shares accumulated as of December 31Theoretical shares allocatedTheoretical shares accumulated as of December 31
José Miguel Andrés Torrecillas19,253118,02522,86098,772
Jaime Caruana Lacorte20,73377,70525,58556,972
Raúl Galamba de Oliveira10,17719,6779,5009,500
Belén Garijo López12,74190,58915,72277,848
Connie Hedegaard (1)
0000
Sunir Kumar Kapoor (2)
6,27007,73730,652
Lourdes Máiz Carro8,69664,35610,73155,660
José Maldonado Ramos12,493136,47715,416123,984
Ana Peralta Moreno8,69635,09210,73126,396
Juan Pi Llorens18,703134,59923,079115,896
Ana Revenga Shanklin8,61116,1797,5687,568
Susana Rodríguez Vidarte16,400177,77520,237161,375
Carlos Salazar Lomelín6,27011,9125,6425,642
Jan Verplancke7,83529,2519,02421,416
Total (3)
156,878911,637183,832791,681
(1) Director appointed by the General Meeting held on 18 March 2022, therefore the allocation of theoretical shares is not due until 2023.
(2) Director who left office on 18 March 2022. In application of the system, he received a total of 36,922 BBVA shares after leaving office, which is equivalent to the total of theoretical shares accumulated up to that date.
(3) The number of theoretical shares allocated in 2022 and 2021 to each non-executive director is equivalent to 20% of the total fixed annual cash allocation received in 2021 and 2020, respectively, based on the average of the closing prices of BBVA shares during the 60 trading sessions prior to the General Meetings of 18 March 2022 and 20 April 2021, which were €5.47 and €4.44 per share, respectively.
Annual fixed remuneration [Table Text Block]
The remuneration of executive directors for the financial years 2022 and 2021 in application of the BBVA Directors' Remuneration Policy approved by the General Meeting of 20 April 2021 is shown below, individually and by remuneration item:
Annual Fixed Remuneration (thousands of Euros)
20222021
Chair2,9242,924
Chief Executive Officer2,1792,179
Total5,1035,103
Annual Variable Remuneration (AVR) [Table Text Block]
Annual Variable Remuneration (AVR)
2022 (2)
2021 (1)
In cash
(thousands of Euros)		In sharesIn cash
(thousands of Euros)		In shares
Chair926158,169849159,235
Chief Executive Officer712121,646645120,977
Total1,639279,8151,494280,212
(1) Remuneration corresponding to the initial portion (40%) of the Annual Variable Remuneration for the financial year 2021 paid in 2022. The Annual Variable Remuneration for the financial year 2021 is subject to the deferral, vesting and payment rules and the other conditions applicable to Annual Variable Remuneration set out in the BBVA Directors' Remuneration Policy.
(2) Remuneration corresponding to the upfront portion (40%) of the Annual Variable Remuneration for the financial year 2022, which will be paid, if the conditions are met, during the first quarter of the financial year 2023, in equal parts in cash and BBVA shares. The remaining 60% will be deferred (40% in cash and 60% in shares) for a period of five years (Deferred Portion) and paid, if conditions are met, proportionally at the end of each of the five years of deferral, in an amount equal to 20% of the Deferred Portion each year. The Deferred Portion may be reduced, but never increased, depending on the results of the multi-year performance indicators determined by the Board of Directors at the beginning of the financial year 2022. After the end of the financial year corresponding to the third year of deferral, the results of the multi-year performance indicators shall determine the ex post adjustments, if any, to be made to the outstanding amount of the Deferred Portion. All of this is subject to the vesting and payment rules provided for in the BBVA Directors' Remuneration Policy.
Deferred Annual Variable Remuneration from previous financial years [Table Text Block]
Deferred Annual Variable Remuneration from previous financial years
2022 (2)
2021 (1)
Deferred
AVR
In cash
(thousands of Euros)
In shares In cash
(thousands of Euros)
In shares
Chair2021215 57,325 — — 
20200 0 — — 
2019513 136,587 — — 
2018128 35,795 364 107,386 
2017154 27,898 146 27,898 
Subtotal1,011257,605510135,284
Chief Executive Officer2021164 43,552 — — 
202000— — 
2019460 122,572 — — 
2018— — 332 61,282 
2017— — — — 
Subtotal624166,12433261,282
Total1,635 423,729 842 196,566 
(1) Deferred remuneration from previous financial years to be awarded after 2021 year-end. Award to the Chair and the Chief Executive Officer took place in 2022, in the percentages applicable in each case in accordance with the vesting and payment rules established in the remuneration policies in force in each financial year:
•2018 Deferred AVR: in 2022, the first payment was made (60% of the Deferred Portion) in the case of the Chair and the full payment in the case of the Chief Executive Officer, including in both cases the update of their portion in cash. This remuneration is associated with their previous positions as Chief Executive Officer and President & CEO of BBVA USA, respectively.
•2017 Deferred AVR: in 2022, the Chair was paid the second payment (20% of the Deferred Portion), including the update of his portion in cash. This remuneration is associated with his former position as Chief Executive Officer.
(2) Deferred remuneration from previous years to be awarded after 2022 year-end. Award to the Chair and/or Chief Executive Officer will take place in 2023 in the percentages applicable in each case in accordance with the vesting and payment rules established in the remuneration policies in force in each financial year:
•2021 Deferred AVR: corresponding to the first payment (20% of the Deferred Portion) to the executive directors, including the update of their portion in cash. Thereafter, 80% of the 2021 Deferred AVR will be deferred for both executive directors and, if the conditions are met, it will be paid in 2024, 2025, 2026 and 2027.
•2019 Deferred AVR: corresponding to the first payment (60% of the Deferred Portion) to the executive directors, including the update of their portion in cash, and after having verified that no reduction was applicable based on the result of the multi-year performance indicators determined in 2019 by the Board of Directors. Thereafter, 40% of the 2019 Deferred AVR will be deferred for both executive directors and, if the conditions are met, it will be paid in 2024 and 2025.
•2018 Deferred AVR: corresponds to the second payment (20% of the Deferred Portion) to the Chair, including the update of his portion in cash. Following this, 20% of the 2018 Deferred AVR will be deferred and if the conditions are met, it will be paid in 2024. This remuneration is associated with his previous position as Chief Executive Officer.
•2017 Deferred AVR: corresponds to the third and final payment (20% of the Deferred Portion) to the Chair, including the update of his portion in cash. Following this, the payment to the Chair of the 2017 Deferred AVR will be finalized. This remuneration is associated with his previous position as Chief Executive Officer.
Executive directors [Table Text Block]
Executive directors (thousands of Euros)
Contributions (1)
Funds accumulated
RetirementDeath and disability
202220212022202120222021
Chair45134047357422,77124,546
Chief Executive Officer——285295——
Total45134075886922,77124,546
(1) Contributions recognized to meet pension commitments to executive directors in financial years 2022 and 2021. In the case of the Chair, these correspond to the sum of the annual retirement pension contribution and the adjustment made to the "discretionary pension benefits" for the financial years 2021 and 2020, the contribution to which was to be made in the financial years 2022 and 2021, respectively, and with the death and disability premiums. In the case of the Chief Executive Officer, the contributions recognized correspond exclusively to the insurance premiums paid by the Bank in 2022 and 2021 to cover the contingencies of death and disability, given that, in his case, the Bank has not undertaken any commitments to cover the retirement contingency .
Annual fixed remuneration Senior management [Table Text Block]
The remuneration of all Senior Management, excluding executive directors, for the financial years 2022 and 2021 (16 members with such status as of December, 31 2022 and 2021), in application of the BBVA Group General Remuneration Policy applicable to them, is shown below by remuneration item:
Annual Fixed Remuneration (thousands of Euros)
20222021
Senior Management Total18,14916,435
Annual Variable Remuneration (AVR) Senior Management [Table Text Block]
Annual Variable Remuneration (AVR)
2022 (2)
2021 (1)
In cash
(thousands of Euros)		In sharesIn cash
(thousands of Euros)		In shares
Senior Management Total2,143365,7461,849346,106
(1) Remuneration corresponding to the upfront portion (40%) of the Annual Variable Remuneration for the financial year 2021 paid in the first half of 2022. The Annual Variable Remuneration for the financial year 2021 is subject to the deferral, vesting and payment rules and the other conditions applicable to Annual Variable Remuneration set out in the BBVA Group General Remuneration Policy.
(2) Remuneration corresponding to the upfront portion (40%) of the Annual Variable Remuneration for the financial year 2022, which will be paid, if the conditions are met, during the first quarter of the financial year 2023, in equal parts in cash and BBVA shares. The remaining 60% will be deferred (40% in cash and 60% in shares) for a period of five years (Deferred Portion) and paid, if conditions are met, proportionally at the end of each of the five years of deferral, in an amount equal to 20% of the Deferred Portion each year. The Deferred Portion may be reduced, but never increased, depending on the results of the multi-year performance indicators determined by the Board of Directors at the beginning of the financial year 2022. After the end of the financial year corresponding to the third year of deferral, the results of the multi-year performance indicators shall determine the ex post adjustments, if any, to be made to the outstanding amount of the Deferred Portion. All of this is subject to the vesting and payment rules provided for in the BBVA Group General Remuneration Policy.
Deferred Annual Variable Remuneration from previous years Senior Management [Table Text Block]
Deferred Annual Variable Remuneration from previous financial years
2022 (2)
2021 (1)
Deferred AVRIn cash
(thousands of Euros)
In shares In cash
(thousands of Euros)
In shares
Senior Management Total2021473 124,602 — — 
20200 0 — — 
20191,355 320,172 — — 
2018152 41,442 697 177,104 
2017168 29,267 158 29,267 
Total2,149 515,483 855 206,371 
(1) Deferred remuneration from previous financial years to be awarded after 2021 year-end. Award to Senior Management who were beneficiaries took place in 2022 in the percentages applicable in each case in accordance with the vesting and payment rules established in the remuneration policies in force in each financial year:
•2018 Deferred AVR: in 2022, the members of Senior Management who were beneficiaries have been paid the amounts that corresponded in each case in accordance with the payment schedule established in the remuneration policies in force in 2018, including the update of their portion in cash.
•2017 Deferred AVR: in 2022, the second payment (20% of the Deferred Share) has been paid to the members of the Senior Management who were beneficiaries, including the update of their portion in cash.
(2) Deferred remuneration from previous years to be awarded after 2022 year-end. Award to members of Senior Management who are beneficiaries will take place in 2023 in the percentages applicable in each case in accordance with the vesting and payment rules established in the remuneration policies in force in each financial year:
•2021 Deferred AVR: corresponds to the first payment (20% of the Deferred Portion), including the update of their portion in cash. Thereafter, 80% of the 2021 Deferred AVR will be deferred, and if the conditions are met, it will be paid in 2024, 2025, 2026 and 2027.
•2019 Deferred AVR: corresponds to the first payment (60% of the Deferred Portion) or payment in full (depending on the payment schedule set out in the policies in force in 2019) including the update of their portion in cash, and after having verified that no reduction is applicable based on the result of the multi-year performance indicators determined in 2019 by the Board of Directors. In addition, the first payment of the Deferred Portion of a withholding plan is payable to two members of Senior Management. Thereafter, 40% of the 2019 Deferred AVR will be deferred for certain members of Senior Management. For the two members of Senior Management with withholding plans, the remaining 40% will be paid, if the conditions are met, in 2024 and 2025.
•2018 Deferred AVR: corresponds to the second payment (20% of the Deferred Portion) including the update of their portion in cash. Thereafter, 20% of the 2018 Deferred AVR will be deferred, and if the conditions are met, it will be paid in 2024.
•2017 Deferred AVR: corresponds to the third and final payment (20% of the Deferred Portion), including the update of their portion in cash. After this, the payment of the 2017 Deferred AVR to its beneficiaries will be finalized.
Senior Management [Table Text Block]
Senior Management (thousands of Euros)
Contributions (1)
Funds accumulated
RetirementDeath and disability
202220212022202120222021
Senior Management Total3,6943,0561,4651,33329,43527,472
(1) Contributions recognized to meet pension commitments to all Senior Management in 2022 and 2021, which correspond to the sum of the annual retirement pension contributions and the adjustments made to the "discretionary pension benefits" for 2021 and 2020 whose contribution was to be made in 2022 and 2021, respectively, and to the insurance premiums paid by the Bank for death and disability contingencies.