Banco Sabadell - AGM 25 March 2021
In item 8, it is proposed to approve the new Remuneration Policy for the 2021-2023 period. We commend the decision to include ESG metrics for the calculation of variable remuneration, as well as the reclassification of the Chairman as non-executive. However, we regret that his salary will remain at €1.7 million per year. Furthermore, we have concerns over the structure of executive variable remuneration that is more focused on short- than long-term targets. Therefore, we recommend that shareholder oppose this resolution.
In item 10, shareholders are called on and advisory vote on the Annual Remuneration Report. We consider the quality of disclosure of targets to be good, as well as the annual level of achievement. We note that executive Directors have decided to waive their variable remuneration as a consequence of the pandemic. However, concerns arise over the high level of pension contributions, especially the CEO’s (84% of his fixed salary: €1.2 million), whose accumulative funds reached €22’952’257 at the end of 2020, representing golden parachutes. Hence, we recommend opposition.
Banco de Sabadell is a bank holding company. Through its subsidiaries, Co. provides a range of banking and financial services in Spain and internationally. Co.'s activities include investment banking, private banking, portfolio management, mortgage loans, commercial loans and other financial products and services, deposits and international banking operations. Co. is also engaged in life insurance underwriting and brokerage. Additionally, Co. is engaged in capital property and development, as well as investing in environmental projects. As of Dec 31 2014, Co. had total assets of Euro163,345,673,000 and total customer deposits of Euro98,208,370,000.
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