The contract of Francisco Reynés (Palma, 1963) provides for: Million dollar compensation regardless of whether he is fired or stays as president but executive functions were taken awayAs detailed in the group’s corporate governance report submitted to the National Securities Market Commission (CNMV) at the time.
In case of leaving the company, The President will receive two annual payments from his fixed and variable salary, as well as a payment of 1.25 times his fixed salary to compensate for the failure to collect the variable salary.. This is just over 8.4 million euros of the 13.3 million euros he has saved in his Pension plan (taking into account the total remuneration of 2.83 million he received last year, of which 2.2 million is the fixed part). Approximately 21.7 million euros in total.
If he loses his administrative functions and remains non-executive chairman, the compensation will be the same, but only with annual income (almost 5.6 million) If the objectives of the long-term incentive plan are not met, it may claw back a second extra annuity payment only if the specified minimum profitability is reached when the incentive plan ends.