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Telefónica holds its meeting this Friday after redoubling its activities with shareholders

The company will vote on a new remuneration policy for continuation directors.

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Telefónica holds its meeting this Friday after redoubling its activities with shareholders

The company will vote on a new remuneration policy for continuation directors


Telefónica will hold its general shareholders' meeting this Friday, March 31, whose agenda will be marked by continuity with the previous year, but which comes after a year in which the operator has redoubled its dealings with shareholders to strengthen its loyalty to the signature.

Thus, the telecommunications operator has gone from carrying out some 7,000 loyalty activities with its owners to 14,000 and has multiplied its communications to them by four, according to the group's annual report consulted by Europa Press.

The entity has also carried out 725 activities aimed at institutional investors, 21% more than in 2021, and 11 'roadshows', two less than the previous year.

However, it has also requested in the call for the meeting not to attend in person, but to opt for telematic means as a sustainability measure. In addition, the company has announced that it will not deliver any gifts to attendees.

Regarding the agenda, the shareholders must endorse the 0.30 euro interim dividend for the year as well as the amortization of 0.43% of the capital, which will mean reducing the company's capital by 24.77 million euros.

In addition, they must re-elect PricewaterhouseCoopers Auditores (PwC) as auditor of the group's accounts for 2023, as well as the mandatory points of approval of the annual accounts, the 2022 management report, the application of results and the remuneration report of the past year.

Likewise, the board of directors has requested the power to initiate a treasury stock regime for the next five years.

The main point will be the vote on the new remuneration policy for the directors that maintains the fixed salaries of the president and the director of the entity at 1.9 and 1.6 million euros.

The main novelty of this policy will be the elimination of the possibility for the board to grant a discretionary bonus to executive directors.

Last year, both the Chairman of Telefónica, José María Álvarez-Pallete, and the CEO, Ángel Vilá, received a bonus equivalent to one year's fixed salary, which aroused rejection by shareholders and turned remuneration into the point that generated the greatest rejection of the headlines in the last meeting, with 43% negative votes.

For the rest, the directors will maintain a salary of 120,000 euros plus an allowance of 1,000 euros per meeting, except in the case of the president, who will receive 240,000 euros, and the vice-presidents, with 200,000 euros of remuneration each.

In the case of Álvarez Pallete y Vilá, 80% of their remuneration will continue to be variable and would mean additional payments of 3.4 and 2.4 million euros, if the short-term objectives are met, and 3.84 million euros and 2.89 million euros, if the long-term goals are achieved.

This leaves the salaries of the firm's executives at 9.14 million euros in the case of the president of the operator and 6.89 million euros, in the case of the CEO, in a scenario of full compliance with all the objectives contemplated in their variables.

Likewise, they could reach a maximum salary of 10.14 million euros and 7.59 million euros, respectively, if they easily exceed the objectives set, reaching a scenario of maximums.