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70. Information about remuneration structure
in order to align the interests of members of
the board with the long-term interests of the
Company as well as about the Company assess
and discourage excessive risk assumption.
The directors’ remuneration policy is the responsibility
of the Remuneration Committee, which will submit its
proposals to the approval of the Company’s sharehold-
ers in the 2015 Annual General Meeting, in accordance
with Annex 1.
The general principles of the remuneration policy for
the audit bodies and the Board of the General Meeting
are as follows:
a) Functions performed: - the nature and volume of
the activity involved in the functions performed by
each member of the abovementioned corporate
governing bodies is taken into consideration, as
well as the responsibilities assigned to each one.
The members of the Audit Committee, the Board of
the General Meeting and the audit firm will not all
occupy the same organizational or functional posi-
tion. Various criteria are applied, including level of
responsibility, time commitment or the value of a
particular service or institutional representation.
b) The Company’s economic situation.
One relevant consideration will be the size of the com-
pany and the relative degree of functional complexity.
71. Reference, if applicable, of the existence
of a variable remuneration component and
information about likely impact of performance
appraisal in this component.
There is no variable component.
72. Deferring payment of the variable
remuneration component, specifying the
period of deferral.
There is no variable component.
73. Criteria that underlie the allocation
of variable remuneration in shares and the
maintenance of these shares by Executive
Directors.
No remuneration involving the allocation of shares or
any other systemof bonuses paid in shares is envisaged.
74. Criteria that underlie the allocation of
variable remuneration in options and indication
of the deferral period and the exercise price and
the members of the Company.
No remuneration involving the allocation of share op-
tions is envisaged.
75. Main parameters and reasoning for any
scheme of annual bonuses and any other
noncash benefits.
There is no system of annual awards or other non-
cash benefits.
