Telefónica: 6.78 million for Pallete and 5 million for Vilá, 22.21% and 24.5% less than in 2021
Telefónica’s chairman, José María Álvarez-Pallete, received 6.78 million euros in 2022, 22.21% less than in 2021, according to the annual report on remuneration presented this Thursday by the group to the National Securities Market Commission (CNMV).
Of this amount, Álvarez-Pallete received 1.92 million in salary and 4.199 million for short-term variables. He also earned 452,000 euros in profit from shares or consolidated financial instruments, 132,000 euros from savings schemes and 81,000 euros from other items, including medical and life insurance.
Álvarez-Pallete earned 22.21% less than in 2021, when he received an extraordinary bonus of one year’s fixed salary for the Telxius and Virgin Media O2 operations.
For his part, the company’s CEO, Ángel Vilá, received 5 million euros in 2022 for the performance of his duties, which represents a reduction of 24.5% compared to 2021, affected by the same reasons as in the case of Álvarez-Pallete.
Telefónica’s CEO received a salary of 1.6 million, to which he added a short-term variable remuneration of 2.911 million.
Vilá received 335,000 euros in profits from shares or financial instruments, 72,000 euros from savings schemes and 83,000 euros for other items, including medical and life insurance and a car.
In total, remuneration for the group’s board of directors fell by 18% to 15.71 million, while employees received an average of 54,000 euros, down 12.9% on the previous year.
Telefónica will submit a new remuneration policy to the vote at the next general shareholders’ meeting, which will “continue” with the one approved in 2021.
This new policy will eliminate the possibility of granting extraordinary remuneration to executive directors, limit the maximum short-term variable amount to 125% of the target amount and extend from 12 to 36 additional months the period in which it is possible to recover any element of variable remuneration after it has been paid.
Telefónica does not foresee any increase in the fixed remuneration of executive directors by 2023, so Álvarez-Pallete will receive 1.9 million while Ángel Vilá will earn 1.6 million.
The Spanish operator recorded a net profit in 2022 of 2,011 million, 75.3% less than in 2021, when it obtained capital gains in the millions from extraordinary operations, despite earning 1.8% more than in 2021, the first time this has happened in the year-on-year result since 2015.
