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Remuneration Policy

The Remuneration Committee, according to its powers, established the remuneration parameters of directors with executive duties based on a fixed component and a variable component, seeking to make it more competitive in the market. It will also serve as a motivating element for high individual and collective performance, allowing ambitious targets of accelerated growth to be established and achieved, and the adequate remuneration of Shareholders.

By proposal of the Chairman of the Board of Directors, the variable component is defined annually by the Remuneration Committee, considering the contribution of the Executive Directors to the evolution of the businesses from the shareholder’s perspective (EVA) and the Company’s share price during the preceding financial year, and furthermore, the degree of achievement of the projects forming part of the Group’s Strategic Scorecard.

The variable remuneration is thus dependent on predetermined criteria that take into account the real growth of the Company, the wealth created for shareholders and long-term sustainability.

The Remuneration Committee, under these guiding principles, defines the rules for the attribution of performance bonuses to Executive Directors, bearing in mind the degree to which personal and Company objectives have been met.

The remuneration of directors without executive powers, including members of the Audit Committee, consists only of a fixed component.