The Compensation Committee, as a consultative body of the Board of Directors, fulfills the tasks assigned to it by Article 526 quater, §5 of the Companies Code. It advises the Board of Directors on:
- the Company’s compensation policy and principles;
- the compensation levels for members of the Board of Directors and the Executive Committee;
- the determination of the Chairman of the Executive Committee’s compensation, short-term incentives and long-term incentives, and performance assessment;
- the allocation of long-term incentives (performance share units and stock options) to the Company’s senior managers.
The Compensation Committee also prepares the annual compensation report for the Corporate Governance Statement and it is informed every year about the compensation of General Management.
The Compensation Committee has the necessary expertise to perform its mission.