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Bogas earned 2.47 million in 2022 as CEO of Endesa by improving objectives

Date: March 28, 2023 Time: 07:35:50

The CEO of Endesa, José Bogas, received a total remuneration of 2.47 million euros for his duties in the company in 2022, which represents an increase of 16% compared to the previous year, due to the better results of the short term goals.

For his part, according to the annual remuneration report, sent this Friday to the National Securities Market Commission (CNMV), the non-executive president of the energy company, Juan Sánchez-Calero, received 673,000 euros, 2.4% but in year-on-year terms.

In the case of Bogas, the salary in the last year amounted to 960,000 euros, an amount to which 680,000 and 687,000 euros are added as variable remuneration in the short and long term, respectively.

In relation to the latter, at the end of the year the 2020-2022 Loyalty Plan accrued, with an import of 466,000 euros. However, in accordance with Endesa’s director remuneration policy, the plans provide for a deferral of payment and the need for the manager to be active at the time of the plan, unless he retires or terminates his contract.

Specifically, these payments are made in two moments, that is, in the financial year following the end of the plan, 30% of the incentive will be paid, if applicable, -fiscal year 2023-, while the remaining 70%, two years later of completion -year 2024-. Therefore, the company explains in the report, this remuneration cannot be considered consolidated. In addition, Bogas received 6,000 euros for savings systems, and 139,000 euros for other items.

Regarding Sánchez-Calero, the 673,000 euros are broken down into 653,000 euros of cash remuneration and 20,000 euros, for other concepts. Of those 653,000 euros, 624,000 euros were for fixed remuneration and 29,000 euros, as allowances.


As far as Endesa’s workforce is concerned, their average remuneration rose by almost 6.9%, to 78,000 euros. The calculation is made by dividing the amount of wages and salaries in the consolidated annual accounts for each year, by the weighted average number of employees for each of them.

In the last five years, the average salary increase in the company has been 14.06%, a result that must take into account the execution of the exit plans agreed between the company and the unions.

In the 2023 financial year, among others, Endesa carried out the corresponding review indicated by the Framework Agreement. In addition, for all employees – including managers, senior managers and delegates – the remuneration will be updated in the face of the rise in the CPI between 4 and 5.85%.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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