The salary of Carlos Torres, president of the BBVA bank, rose to 6.46 million euros in 2023. This sum includes what he received for his fixed salary, the contribution to his pension plan and short-term variable, but it could rise up to the 8.4 million euros adding long-term incentives.
With that figure of 8.4 million Torres would have managed to increase the remuneration obtained by 1.26% during 2022. However, the exact variation in the salary collected cannot yet be calculated, since BBVA implemented a new model last year. Variable remuneration for the firm’s senior officials. This model, which is based on distributing the bonus into a short-term incentive and a long-term incentive, will be in effect from 2023 to 2026.
The figure for his fixed remuneration, however, is known exactly and in 2023 it rose to 3,595 million. This amount is 1.72% below the 2022 number. The short-term incentive received was 2.871 million, with which the manager already adds the 6.36 million mentioned, as reported this Friday by the bank to the National Securities Market Commission.
The bank’s number two has received 5.7 million
Until the long-term objectives are confirmed, it will not be possible to know how much Carlos Torres increases his emoluments, although the bank is considering a range between 1.28 and 1.93 million, which would raise the 6.46 million to 7. 75 million and 8.4 million, respectively. For his part, the CEO, Onur Genç, earned 5.7 million in 2023, which is made up of a fixed remuneration of 3,564 million and a short-term variable of 2,147 million, which will also increase with long-term incentives.
In this case, BBVA’s number two could receive between 962,000 and 1.44 million additional euros, which would raise his remuneration with load to 2023 to between 6.67 and 7.15 million euros, respectively, thus practically would match their 2022 salaries.
