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HomeLatest NewsPallete earns 6.7 million the year after the extra bonus for divestments

Pallete earns 6.7 million the year after the extra bonus for divestments

Date: March 24, 2023 Time: 22:50:45

The executive president of Telefónica, José María Álvarez-Pallete, pocketed 6.7 million euros last year, between fixed and variable remuneration. This represents a drop of 22%, mainly due to the fact that during the year 2021 an ‘extra’ million-dollar bonus entered as a reward for the divestments carried out in Telxius and the United Kingdom. If compared to the emoluments of the year 2020, the salary grows significantly.

Specifically, as reflected in the company’s remuneration report presented to the National Securities Market Commission (CNMV), the cash payment was 6.12 million euros to which must be added 452,000 euros of gross profit of actions; 132,000 euros of remuneration for the pension plan, and 81,000 euros for other items. The fixed salary was 1.92 million, with 4.2 million variables.

For his part, the CEO of the company, Ángel Vilá, has received 6.6 million euros, a drop of 24.5%, due to this lack of extraordinary bonus. In cash there have been 4.5 million (1.6 million fixed and 2.9 million variable) in addition to 335,000 euros of gross profit from shares; 72,000 euros in remuneration from savings systems and

Regarding long-term incentives, on December 31, 2022 the objective measurement period for the third cycle of the 2020-2023 bond ended. 50% was linked to performance on the stock market and the other half to cash generation. No derivatives have been accrued for the price of the securities. The incentive will be paid in March and the economic value to be received in shares by Álvarez-Pallete y Vilá, considering the share price on December 31, is 25.35% of the maximum incentive granted.

The extraordinary remuneration for 2021, which was strengthened for a group of managers from across the group, rewards not only the agreement with Liberty Global to combine O2 and Virgin Media in the United Kingdom. It also includes the sale of the Telxius telecommunications tower division to American Tower, the purchase of Oi’s mobile assets in Brazil together with TIM and Claro (Carlos Slim) or the creation of a fiber joint venture with Allianz in Germany.

Telefónica closed the 2022 financial year with a rise of almost 2% in total sales to close to 40,000 million euros. After several years with reductions in the volume of business, especially impacted by the exchange of currencies, it achieved growth in all markets, including Latin America, where in the fourth of the year there was indeed a drop of 8%.

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

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