Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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INDITEX 2021 
ANNUAL REPORT 
Translation of annual accounts originally issued in Spanish and prepared in accordance 
with the regulatory financial reporting framework applicable to the Company in Spain 
(see Notes 2 and 21). In the event of a discrepancy, the Spanish-language version prevails.

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Index 
STATEMENT BY THE DIRECTORS ABOUT THE CONTENTS OF THE FINANCIAL ANNUAL 
REPORT ........................................................................................................................................... 4 
AUDITOR´S REPORT ON THE ANNUAL ACCOUNTS .................................................................... 6 
ANNUAL ACCOUNTS AND DIRECTORS´REPORT FOR THE YEAR ENDED 31 JANUARY 2022
....................................................................................................................................................... 14 
Balance sheet as at 31 January 2022 and 2021 ............................................................... 15 
Income statement for the years ended 31 January 2022 and 2021 ............................... 17 
Statement of changes in equity for the years ended 31 January 2022 and 2021 .......... 18 
Statement of cash flows for the years ended 31 January 2022 and 2021 ...................... 20 
NOTES TO THE ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2022 ................. 21 
1. Activity and description of the Company ........................................................................ 22 
2. Basis of presentation of the annual accounts ................................................................ 24 
3. Distribution of profit ......................................................................................................... 29 
4. Accounting policies .......................................................................................................... 30 
5. Intangible assets .............................................................................................................. 44 
6. Property, plant and equipment ....................................................................................... 46 
7. Investment property ........................................................................................................ 49 
8. Investments in Group companies and financial assets (current and non-current) .... 51 
9. Cash and cash equivalents .............................................................................................. 54 
10. Inventories ..................................................................................................................... 55 
11. Equity .............................................................................................................................. 56 
12. Long-term provisions ..................................................................................................... 58 
13. Non-current and current accruals and deferred income ............................................ 59 
14. Non-current and current liabilities ............................................................................... 60 
15. Balances and transactions with Group and related companies ................................. 61 
16. Taxes .............................................................................................................................. 63 
17. Guarantee commitments to third parties ..................................................................... 68 
18. Income and expenses ................................................................................................... 69 
19. Information on the nature and level of risk ................................................................. 72 
20. Other disclosures ........................................................................................................... 77 
21. Explanation added for translation to English ............................................................... 83 
Annex I. List of Company of investments in Group companies at 31 January 2022 ...... 84

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Annex II. Direct and indirect investments of the members of the Board of Directors in 
the share capital of the Company at 31 January 2022 ..................................................... 94 
DIRECTORS’ REPORT FOR THE YEAR ENDED 31 JANUARY 2022 .......................................... 95 
Report on Internal Control Systems (ICFR) ......................................................................... 100 
Annual Corporate Governance Report (ACGR) .................................................................... 103 
Annual Report on Remuneration (ARR) ................................................................................ 271

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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STATEMENT BY THE 
DIRECTORS ABOUT THE 
CONTENTS OF THE 
FINANCIAL ANNUAL 
REPORT

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We, the members of the Board of Directors of the company, do hereby state and represent that, to the 
best of our knowledge and belief, the annual individual accounts for fiscal year 2021 (1 February 2021 
– 31 January 2022), stated by the Board of Directors in the meeting held on 15 March 2022, drafted 
pursuant to the applicable accounting principles, give the true and fair view of the assets, the financial 
situation and the results of  Industria de Diseño Textil, S.A. (Inditex, S.A.) and that the individual financial 
report, includes a true review of the evolution and the corporate results, as well as of the position of 
Industria de Diseño Textil, S.A. (Inditex, S.A.), together with the description of the main risks and 
uncertainties they face up to.   
In Arteixo (A Coruña), on 15 March 2022. 
Mr Pablo Isla Álvarez de Tejera 
Executive Chairman 
 
Mr Amancio Ortega Gaona  
 
 
 
Mr José Arnau Sierra  
Ordinary Member  
 
 
 
 
Deputy Chairman 
 
 
 
 
Mr Óscar García Maceiras 
 
 
 
Pontegadea Inversiones, S.L 
CEO 
 
 
 
 
 
 
Ordinary Member 
   
 
 
 
 
 
 
Ms Flora Pérez Marcote  
 
  
 
  
Bns Denise Patricia Kingsmill 
 
 
 
Ms Pilar López Álvarez  
 
Ordinary Member 
 
 
 
 
Ordinary Member 
 
 
 
Ms Anne Lange  
 
 
 
             Mr José Luis Durán Schulz 
Ordinary Member 
 
 
 
 
Ordinary Member 
 
 
Mr Rodrigo Echenique Gordillo  
 
 
Mr Emilio Saracho Rodríguez Torres 
Ordinary Member 
 
 
 
 
             Ordinary Member

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AUDITOR´S REPORT ON 
THE ANNUAL ACCOUNTS

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Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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ANNUAL ACCOUNTS AND 
DIRECTORS´REPORT FOR 
THE YEAR ENDED 31 
JANUARY 2022

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Balance sheet as at 31 January 2022 and 2021  
(Amounts in millions of euros) 
Notes 
31/01/2022 31/01/2021 
ASSETS 
 
 
 
NON-CURRENT ASSETS 
 
16,951 
16,256 
Intangible assets 
(5) 
250 
184 
Patents and similar intangibles 
 
4 
4 
Computer software 
 
239 
179 
Intangible assets in progress and advances 
 
7 
1 
Property, plant and equipment 
 (6) 
591 
570 
Land and buildings 
 
246 
201 
Plant and other items of property, plant and equipment 
 
294 
244 
Property, plant and equipment in the course of construction and 
advances 
 
51 
125 
Investment property 
(7) 
503 
523 
Land 
 
104 
104 
Buildings 
 
399 
419 
Current investments in Group companies, jointly controlled entities 
and associates  
(8) 
15,342 
14,674 
Equity instruments 
 
11,218 
9,121 
Loans to companies 
(15) 
4,124 
5,553 
Non-current financial assets 
(8) 
99 
134 
Equity instruments 
 
2 
2 
Other financial assets 
 
97 
132 
Deferred tax assets 
(16) 
163 
167 
Non-current prepayments and accrued income 
 
3 
4 
CURRENT ASSETS 
 
7,796 
8,109 
Inventories 
(10) 
1,167 
794 
Goods held for resale 
 
1,007 
692 
Raw materials and other supplies 
 
160 
102 
Trade and other receivables 
 
748 
399 
Trade receivables for sales and services 
 
150 
96 
Trade receivables from Group companies and associates 
(15) 
408 
175 
Current tax assets 
 
87 
60 
Other accounts receivable from public authorities 
 
103 
68 
Current investments in Group companies, jointly controlled entities 
and associates  
(8 & 15) 
1,298 
1,777 
Loans to companies 
 
1,298 
1,671 
Other financial assets 
 
‑ 
106 
Current financial assets 
(8) 
7 
‑ 
Derivatives 
 
7 
‑ 
Current prepayments and accrued income 
 
13 
15 
Cash and cash equivalents 
(9) 
4,563 
5,124 
Cash 
 
4,563 
5,124 
TOTAL ASSETS 
 
24,747 
24,365 
The accompanying Notes 1 to 21 and Annex I and II are an integral part of the balance sheet as at 31 
January 2022.

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(Amounts in millions of euros) 
Notes 
31/01/2022 31/01/2021 
EQUITY AND LIABILITIES 
 
 
 
EQUITY 
 
21,019 
21,718 
SHAREHOLDERS' EQUITY 
(11) 
21,016 
21,718 
Share capital 
 
94 
94 
Share capital 
 
94 
94 
Share premium 
 
20 
20 
Reserves 
 
19,552 
18,732 
Legal and bylaw reserves 
 
19 
19 
Other reserves 
 
19,533 
18,713 
Treasury shares 
 
(122) 
(51) 
Profit for the year 
 
1,472 
2,923 
VALUATION ADJUSTMENTS 
 
2 
(1) 
Hedges 
 
2 
(1) 
GRANTS, DONATIONS AND BEQUESTS RECEIVED 
 
1 
1 
NON-CURRENT LIABILITIES 
 
348 
481 
Long-term provisions 
(12) 
72 
89 
Other provisions 
 
72 
89 
Non-current payables 
(14) 
1 
3 
Obligations under finance leases 
 
1 
3 
Non-current payables to Group companies, jointly controlled entities 
and associates 
(15) 
16 
6 
Deferred tax liabilities 
(16) 
7 
7 
Non-current accruals and deferred income 
(13) 
252 
376 
CURRENT LIABILITIES 
 
3,380 
2,166 
Current payables 
(14) 
37 
36 
Obligations under finance leases 
 
1 
4 
Derivatives 
(8) 
‑ 
5 
Other financial liabilities 
 
36 
27 
Current payables to Group companies, jointly controlled entities and 
associates 
(15) 
982 
609 
Trade and other payables 
 
2,237 
1,397 
Payable to suppliers 
 
524 
362 
Payable to suppliers - Group companies and associates 
(15) 
1,332 
847 
Sundry accounts payable 
 
241 
155 
Remuneration payable 
 
131 
26 
Other accounts payable to public authorities 
 
9 
7 
Current accruals and deferred income 
(13) 
124 
124 
TOTAL EQUITY AND LIABILITIES 
 
24,747 
24,365 
The accompanying Notes 1 to 21 and Annex I and II are an integral part of the balance sheet as at 31 
January 2022.

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Income statement for the years ended 31 January 
2022 and 2021 
(Amounts in millions of euros) 
Notes 
2021 
2020 
CONTINUING OPERATIONS 
 
 
 
Revenue 
(18.1) 
11,129 
9,915 
Sales 
 
9,566 
6,811 
Services 
 
142 
50 
Dividends  
(15) 
1,421 
3,054 
In-house work on non-current assets 
 
12 
9 
Procurements 
(18.2) 
(7,290) 
(5,251) 
Cost of goods held for resale sold 
 
(6,567) 
(4,736) 
Cost of raw materials and other consumables used 
 
(640) 
(443) 
Work performed by other companies 
 
(83) 
(72) 
Other operating income 
 
222 
204 
Non-core and other current operating income 
(7, 13 & 15) 
221 
203 
Income-related grants transferred to profit or loss 
 
1 
1 
Personnel expenses 
 
(441) 
(228) 
Wages, salaries and similar expenses 
 
(398) 
(190) 
Employee benefits 
(18.3) 
(43) 
(38) 
Other operating expenses 
 
(2,078) 
(1,567) 
Outsourced services 
(18.4) 
(2,003) 
(1,520) 
Taxes other than income tax 
 
(4) 
(4) 
Losses, impairment and changes in provisions for commercial 
 
(4) 
‑ 
Other current operating expenses 
 
(67) 
(43) 
Amortisation and depreciation of non-current assets and 
(5, 6 & 7) 
(125) 
(126) 
Impairment and gains or losses on disposals of fixed assets 
(5, 6 & 7) 
(5) 
‑ 
Impairment and gains or losses on disposals of Group investments 
(8) 
49 
(60) 
INCOME FROM OPERATIONS 
 
1,473 
2,896 
Finance income 
 
24 
11 
From marketable securities and other financial instruments 
 
24 
11 
  Group companies and associates 
(15) 
24 
10 
  Third parties 
 
‑ 
1 
Finance costs 
 
(16) 
(2) 
  On debts to Group companies and associates 
(15) 
(1) 
(1) 
  Third parties 
 
(15) 
(1) 
Exchange differences 
 
7 
(16) 
FINANCIAL RESULTS 
 
15 
(6) 
INCOME BEFORE TAXES 
 
1,488 
2,890 
Income tax  
(16) 
(16) 
33 
INCOME FOR THE YEAR 
 
1,472 
2,923 
The accompanying Notes 1 to 21 and Annex I and II are an integral part of the income statement for 
the year ended 31 January 2022.

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Statement of changes in equity for the years ended 31 
January 2022 and 2021 
Statement of recognised income and expense 
(Amounts in millions of euros) 
2021 
2020 
PROFIT PER STATEMENT OF PROFIT OR LOSS (I) 
1,472 
2,923 
Income and expense recognised directly in equity 
 
 
Cash flow hedges (Note 8) 
3 
(1) 
Tax effect (Note 16) 
(1) 
‑ 
TOTAL INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY (II) 
2 
(1) 
Transfers to profit or loss 
 
 
Cash flow hedges (Note 8) 
1 
4 
Tax effect (Note 16) 
‑ 
(1) 
TOTAL TRANSFERS TO PROFIT OR LOSS (III) 
1 
3 
TOTAL RECOGNISED INCOME AND EXPENSE (I+II+III) 
1,475 
2,925 
The accompanying Notes 1 to 21 and Annex I and II are an integral part of the statement of 
recognised income and expense for the year ended 31 January 2022.

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Statement of changes in total equity 
(Amounts in millions of euros) 
 
 
 
Share 
capital 
Share 
premium 
Reserves 
Treasury 
shares 
Profit for 
the year 
Valuation 
adjustments 
Grants, 
donations 
and 
bequests 
received 
Total 
2020 OPENING BALANCE  
94 
20 
9,433 
(60) 10,418 
(3) 
1 19,903 
     Total recognised income 
and expense 
‑ 
‑ 
‑ 
‑ 
2,923 
2 
‑ 
2,925 
     Transactions with 
shareholders or owners 
 
 
 
 
 
 
 
 
     Transfers 
‑ 
‑ 
9,328 
‑ (9,328) 
‑ 
‑ 
‑ 
     Dividends paid 
‑ 
‑ 
‑ 
‑ (1,090) 
‑ 
‑ (1,090) 
     Other changes 
‑ 
‑ 
(29) 
‑ 
‑ 
‑ 
‑ 
(29) 
     Treasury shares 
‑ 
‑ 
‑ 
9 
‑ 
‑ 
‑ 
9 
2020 CLOSING BALANCE 
94 
20 
18,732 
(51) 
2,923 
(1) 
1 21,718 
2021 OPENING BALANCE 
94 
20 
18,732 
(51) 
2,923 
(1) 
1 21,718 
     Total recognised income 
and expense 
‑ 
‑ 
‑ 
‑ 
1,472 
3 
‑ 
1,475 
     Transactions with 
shareholders or owners 
 
 
 
 
 
 
 
 
     Transfers 
‑ 
‑ 
743 
‑ 
(743) 
‑ 
‑ 
‑ 
     Dividends paid 
‑ 
‑ 
‑ 
‑ (2,180) 
‑ 
‑ (2,180) 
     Other changes 
‑ 
‑ 
77 
‑ 
‑ 
‑ 
‑ 
77 
     Treasury shares 
‑ 
‑ 
‑ 
(71) 
‑ 
‑ 
‑ 
(71) 
2021 CLOSING BALANCE 
94 
20 
19,552 
(122) 
1,472 
2 
1 21,019 
 
The accompanying Notes 1 to 21 and Annex I and II are an integral part of the statement of changes 
in total equity for the year ended 31 January 2022.

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Statement of cash flows for the years ended 31 
January 2022 and 2021 
(Amounts in millions of euros) 
Notes 
2021 
2020 
CASH FLOWS FROM OPERATING ACTIVITIES (I) 
 
 
 
INCOME BEFORE TAXES 
 
1,488 
2,890 
Adjustments to profit 
 
 
 
Amortisation and depreciation  
(5, 6 & 7) 
125 
126 
Impairment losses 
(8) 
(49) 
60 
Changes in provisions 
 
37 
76 
Gains/Losses on derecognition and disposal of fixed assets 
(5, 6 & 7) 
5 
‑ 
Finance income 
 
(24) 
(11) 
Finance costs 
 
16 
1 
Exchange differences 
 
14 
(6) 
Other income and expenses 
 
(87) 
(151) 
Dividends from investments in equity instruments of Group companies 
(15) 
(1,421) (3,054) 
Changes in working capital 
 
 
 
Inventories 
 
(373) 
(134) 
Trade and other receivables 
 
(423) 
76 
Trade and other payables 
 
771 
(471) 
Other current liabilities 
 
(7) 
9 
Other cash flows from operating activities 
 
 
 
Interest paid 
 
(16) 
(2) 
Dividends received 
 
1,519 
2,942 
Interest received 
 
23 
11 
Income tax paid 
 
(43) 
(6) 
Other collections (payments) 
 
25 
(6) 
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES 
 
1,580 
2,350 
CASH FLOWS FROM INVESTING ACTIVITIES (II) 
 
 
 
Payments relating to investment 
 
 
 
Group companies and associates 
(8) 
(2,351) 
(873) 
Intangible assets 
(5) 
(104) 
(59) 
Property, plant and equipment 
(6) 
(91) 
(90) 
Other financial assets 
(7) 
(8) 
(8) 
Collections relating to divestments 
 
 
 
Group companies and associates 
(8) 
2,264 
3 
Property, plant and equipment 
 
1 
‑ 
TOTAL CASH FLOWS FROM INVESTING ACTIVITIES 
 
(289) (1,027) 
CASH FLOWS FROM FINANCING ACTIVITIES (III) 
 
 
 
Collections and payments relating to equity instruments 
 
 
 
Purchase of equity instruments 
 
(71) 
‑ 
Collections and payments relating to financial liability instruments 
 
 
 
Repayment of borrowings from Group companies and associates 
 
399 
(135) 
Dividends and returns on other equity instruments paid 
 
 
 
Dividends 
 
(2,180) (1,090) 
TOTAL CASH FLOWS FROM FINANCING ACTIVITIES 
 
(1,852) (1,225) 
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III) 
 
(561) 
98 
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 
 
5,124 
5,026 
CASH AND CASH EQUIVALENTS AT END OF YEAR 
 
4,563 
5,124 
The accompanying Notes 1 to 21 and Annex I and II are an integral part of the statement of cash flows 
for the year ended 31 January 2022.

Annual Accounts and Directors’ Report 
INDITEX   21 
 
NOTES TO THE ANNUAL 
ACCOUNTS FOR THE YEAR 
ENDED 31 JANUARY 2022 
Translation of annual accounts originally issued in Spanish and prepared in accordance 
with the regulatory financial reporting framework applicable to the Company in Spain 
(see Notes 2 and 21). In the event of a discrepancy, the Spanish-language version prevails.

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1. Activity and description of the Company 
Industria de Diseño Textil, S.A. (‘Inditex’ or ‘the Company’) was incorporated as a public limited liability 
company on 12 June 1985. Its current registered office is located at Avenida Diputación, s/n ‘Edificio 
Inditex’, Arteixo, A Coruña. 
Industria de Diseño Textil, S.A. is the parent of a group of companies, whose main activity is the 
distribution of fashion items, particularly clothing, footwear, accessories and household textile 
products. The Group carries out its activity through various retail concepts such as Zara, Pull & Bear, 
Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe. Inditex is listed on all four 
Spanish stock exchanges and, together with its subsidiary companies, comprises the Inditex Group.  
Each concept is carried out through a store and online integrated model, managed directly by 
companies over which Inditex exercises control through the ownership of the majority of the share 
capital and of the voting rights, with the exception of certain countries where, for various reasons, the 
activity is performed through franchises. Certain franchise agreements entered into by the Group 
include purchase options which, if exercised, would essentially enable the Group to have access to the 
lease rights over the premises in which the franchised stores operate and the assets associated with 
these stores. These options may be exercised after a certain period of time has elapsed from the signing 
of the franchise agreement. 
The information relating to Inditex's ownership interests in Group companies and jointly controlled 
entities is detailed in Annex I hereto. 
The Company engages mainly in: 
 
The purchase and procurement of fashion items, particularly clothing and accessories, and the 
distribution and sale thereof to the companies that market the ZARA concept. Part of this activity 
is carried out through a permanent establishment in the Netherlands. 
 
The provision of corporate services to the other Group companies. 
 
Management of the ownership interests in its subsidiaries, from which it receives income in the 
form of dividends. 
Pursuant to corporate law, the Company’s Directors prepared separately consolidated annual accounts 
in accordance with International Financial Reporting Standards as adopted by the European Union, 
which reflected a consolidated profit attributable to the Parent of 3,243 million euros (2020: 1,106 
million euros) and consolidated equity attributable to the Parent of 15,733 million euros (2020: 14,520 
million euros). 
The Group’s consolidated annual accounts for 2020 were prepared by the Directors of Industria de 
Diseño Textil, S.A. at the Board of Directors meeting held on 9 March 2021 and were filed at the A 
Coruña Mercantile Registry, while the consolidated annual accounts of the Inditex Group for 2021 were 
prepared on 15 March 2022.

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As indicated in Note 15, a significant portion of the Company's operations are carried on with companies 
in the Group to which it belongs. 
The Company, together with other companies, belongs to a group which, in turn, is controlled by the 
same individual, who has control over other companies. The company with the most assets in this group 
of companies, Pontegadea Inversiones, S.L., files its annual accounts at the A Coruña Mercantile 
Registry. Industria de Diseño Textil, S.A. and Pontegadea Inversiones, S.L. are managed independently.

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2. Basis of presentation of the annual accounts 
2.1. Regulatory financial reporting framework applicable 
to the Company 
These annual accounts were formally prepared by the Directors in accordance with the regulatory 
financial reporting framework applicable to the Company, which consists of:  
 
The Spanish Commercial Code and all other Spanish Corporate Law. 
 
The Consolidated Spanish Companies Act. 
 
The General Accounting Plan (approved by Royal Decree 1514/2007, of 16 November) and its 
subsequent amendments. 
 
The mandatory rules approved by the Spanish Accounting and Auditing Institute in order to 
implement the General Accounting Plan and the relevant secondary legislation. 
 
All other applicable Spanish accounting legislation. 
2.2. Fair presentation 
The annual accounts for the year ended 31 January 2022 (‘2021’), which were obtained from the 
Company's accounting records, are presented in accordance with the regulatory financial reporting 
framework applicable to the Company and, in particular, with the accounting principles and rules 
contained therein (see Note 2.1) and, accordingly, present fairly the Company's equity, financial 
position, results of operations and cash flows for that year. 
These annual accounts, which were formally prepared by the Company's Directors, will be submitted 
for approval by the Annual General Meeting, and it is considered that they will be approved without any 
changes. The annual accounts for the year ended 31 January 2021 (hereinafter, ‘2020’) were approved 
by shareholders at the Annual General Meeting held on 13 July 2021. 
Unless otherwise stated, the amounts shown in these annual accounts are expressed in millions of 
euros. 
2.3. Accounting principles 
The Company’s Directors formally prepared these annual accounts taking into account all the obligatory 
accounting principles and standards. In particular, the annual accounts for 2021 were prepared on the 
basis of the ‘going concern’ accounting principle, in the absence of doubts as to the Company’s ability 
to continue its operations. The assessment that there are no material uncertainties affecting the 
Company’s capacity to continue with its operations was based on the following information: 
 
The performance of the Company, which has posted positive results in 2021.

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 
Performance forecasts for spring/summer 2022. 
 
The capacity to adapt the supply chain to changing conditions. 
 
The flexibility of the model based on sales channel integration. 
 
The capacity to manage the financial risks to which the Company is exposed (see Note 19). 
 
The positive net financial position and the existence of sufficient undrawn financing facilities to 
fund the Company’s activities.  
All obligatory accounting principles were applied. 
2.4 Key issues in relation to the measurement and 
estimation of uncertainty 
2.4.1 Impacts of COVID-19 
The activity and results of 2021 were be affected by the Covid-19 pandemic, especially in the first 
quarter, in which there were significant restrictions to the opening of markets that are important to the 
Company. The vaccination rollout and measures to reopen the economy implemented in most countries 
have, from the second quarter of 2021, enabled many of the restrictions imposed due to Covid-19 to 
be lifted, thereby boosting the economic recovery and driving a resurgence of consumption. In the 
fourth quarter of the financial year, the emergence of a new, more contagious variant of the virus 
signalled the return of restrictions in some markets where the Group to which the Company belongs, is 
present.   
The pandemic also took its toll on supply markets and, as a result, the supply chain, in 2021, most 
notably in the first half of the year, due to temporary factory closures, delayed deliveries, etc. The 
Company has continued to implement measures aimed at mitigating the impact by harnessing the 
inherent flexibility of its supply model based on proximity supplies and on a unique inventory position. 
The technological infrastructure, digitalisation initiatives and integration of the physical and digital store 
on which the Inditex Group's integrated strategy hinges, have enabled it to continue to operate as 
normal in this context. Business model flexibility, efficient management of the integrated inventory, and 
control over operating expenses have been and continue to be crucial to the group's operational and 
financial performance in the period. 
The comparison between 2021 and the previous year has been heavily affected by the pandemic, which 
in 2020 had a material impact on the majority of markets where the Group to which the Company 
belongs operated, as a result of lockdown measures and restricted mobility. Up to 90% of stores were 
closed in the first quarter of that year, and there were significant restrictions on store openings in the 
final months of 2020.

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From a financial standpoint, the pandemic has led to greater volatility in some of the currencies to which 
the Company is exposed; however, its negative impact cannot be considered to be exceptional. 
Although the pandemic has resulted in a general credit crunch in the markets, especially at the 
beginning, the potential loss expected did not evolve significantly.  
The main judgements and estimates used to measure certain items of the financial statements were 
updated to take into account the impact of the pandemic. Moreover, the specific impacts associated 
with the pandemic were recognised in the income statement of the year, as part of operating income. 
The long-term business plan is still in force, as the pandemic is considered to be a temporary situation 
that does not alter its long-term expectations. Accordingly, during the year, the Inditex Group has 
continued to implement the unified model of store and online sales based on three key strategic lines: 
digitalisation, integration of physical store and digital world, and sustainability.   
Section 5.10 Responsible risk management of the Statement on Non-Financial Information includes a 
more detailed analysis of the pandemic’s impacts on the various risks identified within the Inditex 
Group. 
2.4.2 Material estimates and measurement of uncertainty 
In preparing the accompanying annual accounts estimates were occasionally made in order to quantify 
certain of the assets, liabilities, income, expenses and obligations reported herein.  
Below are the estimates and assumptions most exposed to uncertainty: 
 
The assessment of possible impairment losses on investments in Group companies. In determining 
the recoverable value of non-current assets (in accordance with the methodology described in note 
4.4), estimates are made of the cash flows at cash-generating units for which purpose assumptions 
are made such as estimated sales growth, the performance of operating expenses and the gross 
margin of each of the CGUs. These estimates are based on the Company’s prior experience and on 
macroeconomic indicators. Accordingly, these estimates are affected by uncertainty to the extent 
that they depend on the future performance of each cash-generating unit and on the possibility of 
there being events outside the Company’s control in relation to the Covid-19 pandemic (such as 
mandatory temporary closures of physical stores for health reasons) or a general decline in the 
economic environment that worsens revenue forecasts.  
 
The determination of inventory costs and its net realizable value. In establishing the recoverable 
value of inventories (in accordance with the methodology described in Note 4.7), estimates of net 
realisable are used, based on assumptions linked primarily to the success of the collections, 
which determines sales performance, stock rotation, the volume of discounted units and the 
percentage discount. These estimates are affected by uncertainty to the extent that they depend 
on future events associated with the collections’ commercial success.

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 
Assessment of counterparty credit risk of financial institutions in which the Company holds Cash 
and cash equivalents and Current financial investments.  
The remaining estimates, judgements and assumptions considered in preparing these annual financial 
statements are as follows: 
 
The useful life of property, plant and equipment, intangible assets and investment property. 
 
The fair value of certain assets, mainly financial instruments.  
 
The assumptions used in the actuarial calculation of liabilities for pensions and other obligations 
with employees. 
 
The calculation of the provisions required for contingencies relating to litigation in progress and 
doubtful debts. 
 
The recovery of deferred tax assets on the basis of the existences of future taxable profits. 
The estimates take into account the risks arising from climate change, although given the nature of the 
Company's assets and the mitigation measures that it is implementing as part of its Sustainability 
strategy, this risk is not considered to have a material impact on the estimates of the useful lives of 
assets, the realisable value of inventories or the analyses in the impairment testing of non-financial 
assets. 
Although these estimates were made using the best information available at the time of preparation of 
this annual accounts, events that take place in the future might make it necessary to change these 
estimates (upwards or downwards) in coming years. Changes in accounting estimates would be applied 
prospectively, recognising the effects of the change in estimates in the income statements for the years 
affected. 
2.5. Comparative information 
The information relating to 2020 included in these notes to the annual accounts is presented solely for 
comparison purposes with that relating to 2021. 
2.6. Grouping of items 
Certain items in the balance sheet, income statement, statement of changes in equity and statement of 
cash flows are grouped together to facilitate their understanding; however, whenever the amounts 
involved are material, the information is broken down in the related notes to the annual accounts. 
2.7. Correction of errors 
In preparing these annual accounts no significant errors were detected that would have made it 
necessary to restate the amounts included in the annual accounts for 2020.

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2.8. Changes in accounting policies 
From 1 January 2021, the new classification and valuation criteria for financial instruments provided in 
Royal Decree 1/2021, which are set out in Note 4.6, are applicable, representing a change with respect 
to those applied in previous years. 
Pursuant to the rules outlined in section 6 of the Second Transitional Provision, the Company has 
decided to apply the new criteria prospectively, considering for the purposes of classifying financial 
assets the facts and circumstances existing at 1 February 2021, the date of initial application. There is 
no effect on equity nor classification changes from applying this legislation.  
2.9. Materiality 
In preparing these annual accounts the Company omitted any information or disclosure which, not 
requiring disclosure due to their qualitative importance, was considered not to be material.

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3. Distribution of profit  
Directors’ proposed appropriation of the Company’s profit in 2021 amounts to 1,472 million euros, 
corresponding to dividends in the amount of 1,440 million euros and voluntary reserves in the amount of 32 
million euros. 
The Board of Directors will propose to the Annual General Meeting a dividend of 0.93 euros per share, 
composed of an ordinary dividend of 0.63 euros per share and a bonus dividend of 0.30 euros per share. From 
the total amount of 0.93 euros per share, 0.465 euros per share are payable on 2 May 2022 as ordinary 
interim dividend and 0.465 euros per share are charged to reserves and payable on 2 November 2022 as 
ordinary dividend and supplementary bonus dividend. 
 At 31 January 2022 the restricted reserves amounted to 570 million euros (237 million euros in 2020).

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4. Accounting policies 
The principal accounting policies used by the Company in preparing these annual accounts for 2021 
were as follows: 
4.1. Intangible assets 
Intangible assets are recognised initially at acquisition or production cost and this initial measurement 
is subsequently adjusted for any accumulated amortisation and any accumulated impairment losses on 
the assets. Whenever there are signs of impairment, the Company tests the intangible assets for 
impairment (see Note 4.4) to determine whether the recoverable amount of the assets has been 
reduced to below their carrying amount. Recoverable amount is the higher of fair value less costs to sell 
and value in use. 
In-house work performed by the Company to develop certain items of computer software that is 
capitalised to intangible assets is measured at accumulated cost (external costs plus in-house costs 
and, as the case may be, in-house personnel costs incurred in the development of this software). 
Intangible assets with finite useful lives are amortised systematically over the years of useful life of the 
assets, as follows:  
 
Useful life (years) 
Patents and similar intangibles 
10 
Computer software 
5 to 10 
The Company reviews the residual values and useful lives of its intangible assets at each reporting date. 
Any change in the initially established estimates would be accounted for as a change in an accounting 
estimate. 
4.2. Property, plant and equipment 
Property, plant and equipment are initially recognised at acquisition or production cost revalued 
pursuant to various laws (including Law 16/2012, of 27 December) (see Notes 6, 7 and 11) and this 
initial measurement is subsequently adjusted for any accumulated depreciation and any accumulated 
impairment losses on the assets. Whenever there are signs of impairment, the Company tests the 
property, plant and equipment for impairment (see Note 4.4) to determine whether the recoverable 
amount of the assets has been reduced to below their carrying amount.  
Periodic maintenance, upkeep and repair expenses are recognised in profit or loss as they are incurred. 
However, the costs of expansion, modernisation or improvements leading to a lengthening of the useful 
lives of the assets are capitalised.

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The balances of assets retired as a result of modernisation or for any other reason are derecognised 
from the related cost, accumulated depreciation and, if appropriate, impairment loss accounts. 
The Company transfers items of property, plant and equipment in the course of construction to property, 
plant and equipment in use when they are ready for their intended use, at which time they start to be 
depreciated. 
The property, plant and equipment in use is depreciated using the straight-line method, on the basis of 
the acquisition or production cost (revalued, if appropriate) of the assets less their residual value; the 
land on which the buildings and other structures stand has an indefinite useful life and, accordingly, is 
not depreciated. 
The annual depreciation charge on property, plant and equipment is recognised under ‘Amortisation 
and depreciation of fixed assets and investment property’ in the income statement, based on the years 
of estimated useful life of the assets, and corresponds to the following depreciation percentages: 
 
Useful life (years) 
Buildings 
25 to 50 
Plant and machinery 
8 to 20 
Other fixtures, tools and furniture 
10 to 20 
Other items of property, plant and equipment 
4 to 10 
 
The Company reviews the residual values and useful lives of its property, plant and equipment at each 
financial year-end. Any change in the initially established estimates is accounted for as a change in an 
accounting estimate. 
4.3. Investment property 
The assets included under ‘Investment property’ in the balance sheet correspond to assets leased, 
mainly, to Group companies. This investment property is measured as described in Note 4.2 on 
‘Property, plant and equipment’. 
4.4. Impairment of non-current assets 
The Company periodically assesses whether there are any indications that its non-current assets might 
have become impaired, for the purpose of determining whether their recoverable amount is lower than 
their carrying amount (impairment loss).  
In this regard, whenever there are signs of impairment, the Company tests these assets for impairment to 
determine whether the recoverable amount of the assets has been reduced to below their carrying 
amount. Recoverable amount is the higher of fair value less costs to sell and value in use. 
Similarly, if there is an indication of a recovery in the value of an impaired asset, the Company recognises 
the reversal of the impairment loss recognised in prior periods, with a credit to the income statement, 
and adjusts the future depreciation charges accordingly. In no circumstances the reversal of an 
impairment loss on an asset may raise its carrying amount above that which it would have if no 
impairment losses had been recognised in prior years.

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Also, the Company has developed a general, systematic procedure for carrying out these impairment 
tests, based on the monitoring of certain events or circumstances which indicate that the value of an 
asset may not be recovered in full. This method is applied mainly to investments in Group companies 
and associates, non-current financial investments and other assets. 
Calculation of the recoverable amount 
The recoverable amount of assets is the higher of fair value less costs to sell and value in use. Value in 
use is established on the basis of the expected future cash flows for the period in which these assets 
are expected to generate revenue, expectations about possible variations in the amount or timing of 
those future cash flows, the time value of money, the price for bearing the uncertainty inherent in the 
asset, and other factors that market participants would consider in pricing the future cash flows to be 
derived from the asset. 
Recoverable amount is determined for each individual asset, unless the asset does not generate cash 
inflows that are largely independent of those from other assets or groups of assets. If this is the case, 
recoverable amount is determined for the CGU to which the asset belongs. 
In the case of investments in Group companies, recoverable amount is the higher of fair value less costs 
to sell and the present value of the future cash flows from the investment. Unless there is better 
evidence, the recoverable amount of the investment is taken to be the value of the equity of the investee, 
adjusted by the amount of the unrealised gains existing at the date of measurement (including any 
goodwill). Impairment losses recognised and reversed are charged and credited, respectively, to the 
income statement. 
The Company has defined each of the investees as basic cash-generating units. The cash flows were 
based on the budgets and business plans of the various companies, which generally cover a three-year 
period. The key assumptions on which the budgets and business plans are based are estimated sales 
growth and the evolution of the operating expenses and gross profit of the cash-generating units, based 
on experience and knowledge of the trends in each of the markets in which the investees operate and 
on the macroeconomic indicators that reflect the current and foreseeable economic situation for each 
market. 
Estimated cash flows for the period not covered by the business plan are determined based on a long-
term growth rate for the sector in each market that reflects the Company’s best estimates regarding the 
business performance, based on its understanding of each market.

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The discount rate applied is usually a pre-tax measure based on the risk-free rate for 30-year bonds 
issued by the governments in the relevant markets (or similar bonds, if there are no ten-year bonds), 
adjusted to reflect the risk increase. 
The average discount rate, resulting from those applied by the Company in the various markets, used 
for the purpose of calculating the present value of the estimated cash flows was as follows: 
 
2021 Average 
2020 Average 
Spain 
7.29% 
8.36% 
Rest of Europe 
8.34% 
9.45% 
Americas 
12.17% 
13.82% 
Asia and rest of the world 
7.17% 
8.70% 
 
 
Although the various subsidiaries’ business and profits for 2021 and 2020 have been affected by the 
pandemic, their business plans remain in effect as the pandemic is considered to be a temporary 
situation that does not alter their long-term expectations.  
In impairment testing, the key assumptions on which the budgets and business plans are built have 
been updated with the most recent information available, which factors in the uncertainty generated by 
the Covid-19 pandemic in relation to the temporary restrictions on sales in physical stores in certain 
countries, the demand for the products sold by the Company and other considerations affecting the 
estimated operating margin of each of the cash-generating units. 
The Company analysed the sensitivity of the result of the impairment test to the following changes in 
assumptions: 
 
100 basis point increase in the discount rate. 
 
5% reduction on future flows. 
These sensitivity analyses, performed separately for each of the aforementioned assumptions, did not 
disclose the potential existence of any additional significant impairment of the assets. 
4.5. Leases 
Leases are classified as ‘finance leases’ whenever the terms of the lease transfer substantially all the 
risks and rewards incidental to ownership of the leased asset to the lessee. All other leases are classified 
as ‘operating leases’. 
4.5.1. Finance leases 
At the commencement of the lease term, the Company recognises an asset and a liability for the lower 
of the fair value of the leased asset or the present value of the minimum lease payments, including the 
price of the purchase option when it is reasonably certain that it will be exercised. The initial direct costs 
are added to the amount recognised as an asset. The minimum lease payments are apportioned 
between the finance charge and the reduction of the outstanding liability.

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Contingent rents are recognised as an expense when it is probable that they will be incurred.  
The accounting policies applied to the assets used by the Company under finance leases are the same 
as those described in Note 4.2 (Property, plant and equipment). However, if there is no reasonable 
certainty that the Company will obtain ownership of the assets at the end of the lease term, they are 
amortised over the shorter of their useful life and the lease term. 
4.5.2. Operating leases 
In operating leases, the ownership of the leased asset and substantially all the risks and rewards 
relating to the leased asset remain with the lessor. 
Both when the Company acts as the lessor and when it acts as the lessee, lease income and expenses 
are recognised in the income statement in the year in which they accrue. 
Fixed quotas derived from operating leases are recognised as an expense on a straight-line basis over 
the lease term. The effect of the difference between the recognition of the lease expense on a straight-
line basis during the duration of the contracts and the lease payments made, is recognised in the 
balance in long-term and short-term accrual accounts. 
4.6. Financial instruments 
A ‘financial instrument’ is any contract that gives rise to a financial asset of one entity and a financial 
liability or equity instrument of another entity. 
An ‘equity instrument’ is a contract that evidences a residual interest in the assets of the issuing entity 
after deducting all of its liabilities. 
4.6.1. Financial assets 
Classification 
The financial assets held by the Company are classified in the following categories: 
a) Financial assets at amortised cost: includes financial assets for which the Company holds the 
investment with the aim of collecting contractual cash flows, and the contractual terms of the 
financial asset give rise on specified dates to cash flows that are solely payments of principal and 
interest on the principal amount outstanding. 
Generally included in this category are: 
i. Trade receivables: arising from the sale of goods or the provision of services in connection with 
transactions for which payment is deferred; and 
ii. Non-trade receivables: derive from loans or credit operations granted by the Company for 
which collections are or may be determined.

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b) Financial assets at cost: includes the following investments: a) equity instruments of Group 
companies; and b) equity instruments whose fair value cannot be reliably measured.  
Group companies are considered to be those linked to the Company by means of a controlling 
relationship.  
Initial measurement 
Financial assets are generally recognised initially at the fair value of the consideration given plus directly 
attributable transaction costs.  
Likewise, in the case of equity investments in Group companies that grant control over the subsidiary, 
fees paid to legal advisors or other professionals in connection with the acquisition of the investment 
are taken directly to income.  
Subsequent measurement 
Financial assets at amortised cost are thus recognised, taking to income the interest accrued using the 
effective interest method. 
Investments classified in category b) above are measured at acquisition cost, net, where appropriate, 
of any accumulated impairment losses. These losses are calculated as the difference between the 
carrying amount of the investments and their recoverable amount. The recoverable amount is the higher 
of fair value less costs to sell and the present value of the future cash flows from the investment. In the 
absence of better evidence of the recoverable amount of investments in equity instruments, the equity 
of the investee, adjusted for unrealised gains existing at the measurement date, net of tax, is taken into 
account. 
Impairment losses 
At least every year-end the Company performs an impairment test for financial assets. Objective 
evidence of impairment is considered to exist if the recoverable amount of the financial asset is less 
than its carrying amount. 
The Company derecognises financial assets when the rights to the related cash flows expire or are 
transferred and substantially all the risks and rewards of ownership have been transferred. 
Conversely, the Company does not derecognise financial assets, and recognises a financial liability for 
an amount equal to the consideration received, in transfers of financial assets in which substantially all 
the risks and rewards of ownership are retained.  
4.6.2. Financial liabilities 
Financial liabilities assumed or incurred by the Company are classified as financial liabilities at 
amortised cost: they are debits and payables of the Company arising from the purchase of goods and 
services in the Company's ordinary course of business, or those that, while not commercial in origin and 
not being derivative instruments, arise from loans or credits received by the Company.

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These liabilities are initially recognised at the fair value of the consideration received, adjusted by the 
directly attributable transaction costs. These liabilities are subsequently measured at amortised cost. 
The Company derecognises financial liabilities when the obligations giving rise to them cease to exist.  
Assets and liabilities are presented separately from each other in the balance sheet and are only 
presented at their net amount when the Company has the enforceable right to offset the recognised 
amounts and, in addition, intends to settle the amounts on a net basis or to realise the asset and settle 
the liability simultaneously. 
4.6.3. Equity instruments 
Equity instruments issued by the Company are recognised in ‘Equity’ in the balance sheet at the 
proceeds received, net of issue costs. 
Treasury shares acquired by the Company are presented separately at cost as a reduction of 
shareholders' equity in the balance sheet. No gain or loss is recognised in the income statement on 
treasury share transactions. 
The related transaction costs are recognised as a reduction of reserves, after consideration of any tax 
effect. 
4.6.4. Derivative financial instruments 
Financial instruments acquired by the Company to hedge forecast transactions in foreign currencies are 
recognised at fair value. 
Foreign currency hedges relating to forecast transactions are treated as cash flow hedges, and therefore 
any gains or losses derived from measuring the hedging instrument at fair value which correspond to 
the effective portion of the hedge are recognised in equity. The ineffective portion is charged to finance 
costs or credited to finance income, as appropriate. 
Amounts recognised in equity are taken to income when the forecast transaction takes place with a charge 
or credit to the income statement in which it was recognised. Also, gains or losses recognised in equity are 
reclassified to finance income or costs when the forecast transaction is no longer expected to occur. The fair 
value of the hedges is recognised, depending on whether it is positive or negative, under ‘Current financial 
assets’ or ‘Current payables’ in the accompanying balance sheet.  
In order for these financial instruments to qualify for hedge accounting, they are initially designated as 
hedging instruments and the hedging relationship is documented. Also, the Company verifies, both at 
inception and periodically over the term of the hedge, using ‘effectiveness tests’, that the hedging 
relationship is effective, i.e. that it is prospectively foreseeable that the changes in the fair value or cash 
flows of the hedged item (attributable to the hedged risk) will be almost fully offset by those of the 
hedging instrument. In addition, the ineffective portion of the hedging instrument is recognised 
immediately in the income statement.

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The fair value of the hedging instruments was calculated using valuation techniques based on the spot 
exchange rate and yield curves according to the fair value hierarchy shown below: 
Level 1 
Fair value is calculated on the basis of quoted prices (unadjusted) in active markets for identical assets 
or liabilities that the Company can access at the measurement date. 
Level 2 
Fair value is calculated on the basis of inputs other than quoted prices included within Level 1 that are 
observable for the asset or liability, either directly or indirectly. 
Level 3 
Unobservable inputs for the asset or liability. 
The measurement methodology, based on the aforementioned hierarchy, is as follows: 
Level 2 instruments 
The Company assigns the assets and liabilities associated with its OTC derivative positions to this level 
and measures them using observable market inputs. 
The Company does not have financial instruments included in Level 1 or 3. 
Accordingly, the fair value of the hedging instruments arranged by the Company is calculated as follows: 
Foreign currency forwards 
Fair value measurement: 
Foreign currency forwards are basically measured by comparing the contract strike price (agreed 
delivery price) with the market forward rate for the maturity of the contract. Once the estimated future 
settlement of the contract has been obtained based on the aforementioned comparison (in euros), the 
settlement is discounted using the risk free zero coupon yield curve (or the interbank yield curve). This 
risk free valuation is subsequently adjusted to include each party’s credit risk, both the risk 
corresponding to the counterparty (Credit Value Adjustment or ‘CVA’, or counterparty default risk) and 
own risk (Debit Value Adjustment or ‘DVA’, or own default risk). 
The CVA and the DVA are calculated by multiplying the estimated exposure by the probability of default 
and the loss severity (which measures the loss given default). Where possible, the probability of default 
and the assumed recoverable amount in the event of default are obtained from quoted CDSs or from 
other observable market inputs. The CVA and the DVA calculations are netted for each counterparty 
with which the entity has an ISDA master agreement providing for the netting of the derivative positions 
in the event of default.

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Options purchased 
Fair value measurement: 
The determination of the fair value of the (plain vanilla) options is based on a modified version of the 
Black-Scholes formula (Garman-Kohlhagen). Fair value is a function of the price of the underlying, the 
strike price, the time to maturity and the volatility of the underlying. The credit adjustment is carried out 
by direct discounting with credit spread method curves. 
4.7.Inventories 
Inventories are measured at the lower of acquisition cost and net realisable value. 
The cost of inventories comprises all costs of purchase and costs of conversion, as well as design, 
logistics and transport costs and any directly allocable costs incurred in bringing the inventories to their 
present location and condition. 
Cost is calculated on a FIFO basis. 
At each accounting close, the Company calculates the provision corresponding to the inventories that 
are estimated to be sold below their acquisition price. This provision is made for each campaign. 
Net realisable value is understood to be: 
 
Raw materials and other supplies: replacement cost. However, raw materials and other supplies 
are not written down below cost if the finished goods in which they will be incorporated are 
expected to be disposed of at or above production cost. 
 
Finished goods for sale: estimated selling price in the normal course of business. In this regard, 
the Company sale goods of Zara concept to other Group companies and, to a very limited extent, 
goods not sold that are sold via third parties. 
The Company does not have notable direct and specific cost linked to the sale of provisioned items. 
However, the Company has indirect selling costs such as staff that consider that should not be taken 
into account in the determination of the net realisable value provision, as they are not considered direct 
and specific costs. 
The Company´s methodology for estimating the net realisable value is based on historical information 
and the actual performance, up to the date on which the aforementioned estimates are made, i.e. not 
only the performance of the different commercial variables of similar campaigns in previous years but 
also the actual data and forecasts of how the current campaign will develop in order to assess and 
consider the impacts associated with possible deviations from historical performance.

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4.8. Grants, donations and bequests received 
Grants, donations and bequests received are recognised as income in equity when they are officially 
granted, as the case may be, and when the conditions attached to them have been complied with and 
there is reasonable assurance that they will be received. 
Grants related to assets are recognised in profit or loss in proportion to the depreciation taken on the 
assets financed with them or, where applicable, when the assets are disposed of, derecognised or an 
impairment loss is recognised.  
4.9. Provisions and contingent liabilities 
Provisions are recognised when the Company has a present obligation (legal, contractual, constructive 
or tacit) as a result of a past event, it is probable that an outflow of resources embodying economic 
benefits will be required to settle the obligation and a reliable estimate can be made of the amount of 
the obligation.  
Provisions are quantified on the basis of the best information available at the date of preparation of the 
annual accounts and are reviewed at the end of each reporting period. 
If it is no longer probable that an outflow of resources embodying economic benefits will be required to 
settle the obligation, provisions are reversed. 
There are no risks that might give rise to significant future contingencies affecting the Company that 
have not already been taken into account in these annual accounts. 
Contingent liabilities are possible obligations that arise from past events and whose existence will be 
confirmed only by the occurrence or non-occurrence of one or more future events not wholly within the 
Company’s control. Unlike provisions, contingent liabilities are not recognised in the balance sheet, but 
are disclosed in the accompanying Notes to the annual accounts, unless the possibility of an outflow in 
settlement is considered to be remote. 
4.10. Employee benefits 
The provisions for long-term incentives are recognised at year-end at the present value of the estimated 
future payments to be made in order to meet the obligations acquired (see Note 20). The expense 
accrued during the year is determined based on the best estimate of the degree to which the conditions 
giving entitlement to payment have been met, with a charge to personnel costs and finance costs. Any 
change in the estimates made are recognised with a charge or credit to the income statement for the 
year, based on their nature. 
4.11. Income tax 
The Company files consolidated income tax returns as part of a tax group of which it is the parent. 
Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense 
(deferred tax income).

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The current income tax expense is the amount payable by the Company as a result of income tax 
settlements for a given year. Tax credits and other tax benefits, excluding tax withholdings and pre-
payments, and tax loss carryforwards from prior years effectively offset in the current year reduce the 
current income tax expense. These tax benefits are measured at face value unless the period for 
recovery is more than one year, in which case they are measured at present value, provided that this 
differs significantly from face value. 
The deferred tax expense or income relates to the recognition and derecognition of deferred tax assets 
and liabilities. These include temporary differences measured at the amount expected to be payable or 
recoverable on differences between the carrying amounts of assets and liabilities and their tax bases, 
and tax loss and tax credit carryforwards. These amounts are measured at the tax rates that are 
expected to apply in the period when the asset is realised or the liability is settled. 
Deferred tax liabilities are recognised for all taxable temporary differences, except for those arising from 
the initial recognition of goodwill or of other assets and liabilities in a transaction that is not a business 
combination and affects neither accounting profit (loss) nor taxable profit (tax loss). 
Deferred tax assets are recognised to the extent that it is considered probable that the Company will 
have taxable profits in the future against which the deferred tax assets can be utilised, provided that 
they will be utilised within a maximum of ten years, unless there is clear evidence that they will be 
recovered within a period of more than ten years or there are deferred tax liabilities with an identical 
period of reversal. 
Deferred tax assets and liabilities arising from transactions charged or credited directly to equity are 
also recognised in equity.  
The deferred tax assets recognised are reassessed at the end of each reporting period and the 
appropriate adjustments are made to the extent that there are doubts as to their future recoverability. 
Also, unrecognised deferred tax assets are reassessed at the end of each reporting period and are 
recognised to the extent that it has become probable that they will be recovered through future taxable 
profits. 
As required by the Spanish Accounting and Auditing Institute, the Group’s policies establish that for 
each of the companies that belongs to the consolidated tax group, the income tax expense or benefit 
for the year is calculated on the basis of accounting profit before tax, increased or decreased, as 
appropriate, by the permanent differences from the taxable profit, net of the tax relief and tax credits 
corresponding to each company in the tax group under the consolidated tax regime. 
4.12. Revenue and expense recognition 
Revenue and expenses are recognised when the actual flow of the related goods and services occurs, 
regardless of when the resulting monetary or financial flow arises.

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Revenue from sales is recognised when the commitment obligations with the customer have been 
satisfied, in general when control of the goods is transferred to the customer. Revenue is recognised for 
the value of the consideration received. Refunds of sales, whether actual or forecast, are considered 
part of the total price of each sales transaction. 
Revenue from the rendering of services is recognised by reference to the stage of completion of the 
transaction at the end of the reporting period, provided the outcome of the transaction can be estimated 
reliably. 
Interest income from financial assets is recognised using the effective interest method and dividend 
income, which is recognised under ‘Revenue’ since it forms part of the ordinary business of the 
Company, is recognised when the shareholders' right to receive payment has been established. Interest 
and dividends from financial assets accrued after the date of acquisition are recognised as income in 
the income statement. 
4.13. Current / non-current classification 
The Company classifies assets and liabilities as current and non-current items in the balance sheet. 
Assets and liabilities are classified as current when they are expected to be realised or settled within 
twelve months of the balance sheet date, and are otherwise classified as non-current liabilities. 
4.14. Foreign currency transactions 
The Company's functional currency is the euro. Assets whose acquisition cost is denominated in a 
foreign currency are translated to euros at the exchange rate prevailing at the date of each acquisition 
or at the date on which the related items are included in assets. 
Accounts receivable and payable denominated in foreign currency are translated to euros at the 
exchange rates prevailing at the transaction date and are subsequently translated at the end of the 
reporting period using the closing exchange rates. Any resulting gains or losses are recognised directly 
in profit or loss in the year in which they arise.  
4.15. Related party transactions 
The Company performs its transactions with Group companies and related parties on an arm’s length 
basis. Also, the transfer pricings are adequately supported and, therefore, the Company's directors 
consider that there are no material risks in this connection that might give rise to significant liabilities in 
the future. 
4.16. Statement of cash flows 
The following terms are used in the statement of cash flows: 
 
Cash flows: inflows and outflows of cash and cash equivalents, which are short-term, highly liquid 
investments that are subject to an insignificant risk of changes in value.

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 
Operating activities: the principal revenue-producing activities of the Company and other 
activities that are not investing or financing activities. 
 
Investing activities: the acquisition and disposal of long-term assets and other investments not 
included in cash and cash equivalents. 
 
Financing activities: activities that result in changes in the size and composition of the equity and 
borrowings of the Company that are not operating activities. 
4.17. Statement of changes in equity 
The statement of changes in equity presented in these annual accounts shows the total changes in 
equity in the year. This information is in turn presented in two statements: the statement of recognised 
income and expense and the statement of changes in total equity. The main characteristics of the 
information contained in the two parts of the statement are explained below: 
4.17.1. Statement of recognised income and expense 
This part of the statement of changes in equity presents the income and expenses generated by the 
Company as a result of its business activity in the year, and a distinction is made between the income 
and expenses recognised in the income statement for the year and the other income and expenses 
recognised, in accordance with current regulations, directly in equity. 
Accordingly, this statement presents: 
 
Profit for the year. 
 
The net amount of income and expenses recognised directly in equity (the income, net of the 
expenses arising during the year, recognised directly in equity, which remains under this line item 
even if in the same year it is transferred to profit or loss, to the initial carrying amount of other 
assets or liabilities, or is reclassified to another line item). 
 
The amount transferred to profit or loss from equity (the amount of the revaluation gains and 
losses and the asset-related grants previously recognise in equity, albeit in the same year, which 
are recognised in the income statement). 
 
The total recognised income and expense, calculated as the sum of a) to c) above. 
The amounts of these items are presented gross and the related tax effect is recognised under ‘Tax 
effect’ in this statement.

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4.17.2. Statement of changes in total equity 
This part of the statement of changes in equity presents all the changes in equity, including those arising 
from changes in accounting policies and from the correction of misstatements. Accordingly, this 
statement presents a reconciliation of the carrying amount at the beginning and end of the year of all 
the equity items, and the changes are grouped together on the basis of their nature into the following 
items: 
 
Adjustments due to changes in accounting policies and to errors: include the changes in equity 
arising as a result of the retrospective restatement of the balances in the annual accounts due to 
changes in accounting policies or to the correction of misstatements. 
 
Income and expense recognised in the year: includes, in aggregate form, the total of the 
aforementioned items recognised in the statement of recognised income and expense. 
 
Other changes in equity: includes the remaining items recognised in equity, including, inter alia, 
increases and decreases in the Company's share capital, distribution of profit, transactions 
involving own equity instruments, share-based payments, transfers between equity items and 
any other increases or decreases in equity. 
4.18 Permanent establishment 
As indicated in Note 1, the Company carries out part of its business through a Permanent Establishment 
in the Netherlands. 
The annual accounts include the effects of the integration of said Permanent Establishment, through 
the integration in the balance sheet and in the profit and loss account of the balances of the balance 
sheet items and the profit and loss account of the same.  
Said integration has been carried out eliminating the transactions carried out between the Company 
and the Permanent Establishment, as well as the reciprocal asset and liability balances. 
The main effect revealed in 2021 by the integration of the Permanent Establishment has been the 
integration of assets amounting to 178 million euros (66 millon euros in 2020).

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5. Intangible assets 
The changes in 2021 and 2020 in the intangible asset accounts and in the related accumulated 
amortisation were as follows: 
2021 
 
Opening 
balance 
Additions 
(charge for the 
year) 
Disposals  
Transfers 
Closing 
balance 
Patents and similar items intangibles 
16 
1 
‑ 
‑ 
17 
Computer software 
333 
108 
(9) 
1 
433 
Intangible assets in progress and 
advances 
1 
7 
‑ 
(1) 
7 
Cost 
350 
116 
(9) 
- 
457 
Patents and similar items intangibles 
(12) 
(1) 
‑ 
‑ 
(13) 
Computer software 
(154) 
(48) 
8 
‑ 
(194) 
Accumulated amortisation 
(166) 
(49) 
8 
- 
(207) 
Net carrying amount 
184 
 
 
 
250 
 
2020 
 
Opening 
balance 
Additions 
(charge for the 
year) 
Disposals  
Transfers 
Closing 
balance 
Patents and similar items intangibles 
15 
1 
- 
- 
16 
Computer software 
264 
66 
(18) 
21 
333 
Intangible assets in progress and 
advances 
21 
1 
- 
(21) 
1 
Cost 
300 
68 
(18) 
- 
350 
Patents and similar items intangibles 
(11) 
(1) 
‑ 
- 
(12) 
Computer software 
(119) 
(53) 
18 
- 
(154) 
Accumulated amortisation 
(130) 
(54) 
18 
- 
(166) 
Net carrying amount 
170 
 
 
 
184 
 
5.1. Additions 
The main additions in 2021 and in 2020 relate to the amount paid for the investment in new IT 
developments, which was recognised under ‘Computer software’ and ‘Assets in progress and 
advances’.

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5.2. Fully amortised intangible assets 
The Company's intangible assets include certain items which had been fully amortised at 31 January 
2022 and 2021, the total cost and accumulated amortisation of which were as follows: 
 
31/01/2022 
31/01/2021 
Patents and similar items intangibles 
9 
8 
Computer software 
26 
30 
Total 
35 
38

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6. Property, plant and equipment 
The changes in 2021 and 2020 in the property, plant and equipment accounts and in the related 
accumulated depreciation were as follows: 
2021 
 
Opening balance 
Additions (charge 
for the year) 
Disposals  
Transfers 
Closing 
balance 
Land 
27 
‑ 
‑ 
‑ 
27 
Buildings 
206 
13 
‑ 
38 
257 
Plant and machinery 
174 
‑ 
‑ 
60 
234 
Other fixtures, tools and furniture 
55 
19 
(1) 
2 
75 
Other items of property, plant and 
equipment 
220 
14 
(4) 
1 
231 
Property, plant and equipment in the course 
of construction and advances 
125 
27 
‑ 
(101) 
51 
Cost 
807 
73 
(5) 
‑ 
875 
Buildings  
(32) 
(6) 
‑ 
‑ 
(38) 
Plant and machinery 
(83) 
(17) 
‑ 
‑ 
(100) 
Other fixtures, tools and furniture 
(32) 
(3) 
‑ 
‑ 
(35) 
Other items of property, plant and 
equipment 
(90) 
(25) 
4 
‑ 
(111) 
Accumulated depreciation 
(237) 
(51) 
4 
- 
(284) 
Net carrying amount 
570 
 
 
 
591 
2020 
 
Opening balance Additions (charge 
for the year) 
Disposals 
Transfers 
(Note 7) 
Closing 
balance 
Land 
27 
‑ 
‑ 
‑ 
27 
Buildings 
201 
1 
‑ 
4 
206 
Plant and machinery 
169 
1 
‑ 
4 
174 
Other fixtures, tools and furniture 
47 
2 
‑ 
6 
55 
Other items of property, plant and equipment 
225 
9 
(19) 
5 
220 
Property, plant and equipment in the course of 
construction and advances 
58 
90 
‑ 
(23) 
125 
Cost 
727 
103 
(19) 
(4) 
807 
Buildings  
(28) 
(4) 
‑ 
‑ 
(32) 
Plant and machinery 
(70) 
(13) 
‑ 
‑ 
(83) 
Other fixtures, tools and furniture 
(29) 
(3) 
‑ 
‑ 
(32) 
Other items of property, plant and equipment 
(84) 
(25) 
19 
‑ 
(90) 
Accumulated depreciation 
(211) 
(45) 
19 
- 
(237) 
Net carrying amount 
516 
 
 
 
570

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6.1. Additions 
The main additions in 2021 and 2020 relate to expansion projects carried out at the Company’s head 
office in Arteixo (A Coruña). 
6.2. Asset revaluation 
On 1 February 2013, the items of property, plant and equipment were revalued pursuant to Law 
16/2012, of 27 December; this had an effect on equity, net of tax, of 9 million euros. The impact of this 
update on the amortisation and depreciation allowance in 2021 amounted to 0.1 million euros (0.3 
million euros in 2020). 
6.3. Fully depreciated property, plant and equipment 
At 31 January 2022 and 2021, the property, plant and equipment and the investment property 
described in Note 6 included certain fully depreciated assets still in operation, the total cost and 
accumulated depreciation of which were as follows: 
 
31/01/2022 
31/01/2021 
Buildings 
137 
117 
Plant and machinery 
38 
30 
Other fixtures, tools and furniture 
12 
12 
Other items of property, plant and equipment 
24 
16 
Total 
211 
175

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6.4. Property, plant and equipment acquired from the Group 
The detail of the property, plant and equipment and investment property acquired from Group 
companies at 31 January 2022 and 2021 is as follows: 
At 31 January 2022 
 
Cost 
Accumulated 
depreciation 
Total 
Land and buildings 
929 
(354) 
575 
Plant and machinery 
212 
(82) 
130 
Other items of property, plant and equipment 
8 
(5) 
3 
Total 
1,149 
(441) 
708 
 
At 31 January 2021 
 
Cost 
Accumulated 
depreciation 
Total 
Land and buildings 
924 
(333) 
591 
Plant and machinery 
213 
(67) 
146 
Other items of property, plant and equipment 
6 
(5) 
1 
Total 
1,143 
(405) 
738 
 
6.5. Insurance 
The Company takes out insurance policies to cover the possible risks to which its property, plant and 
equipment are exposed. The Company's Directors consider that the policies arranged at 31 January 
2022 are sufficient to cover the risks inherent to its business activities.

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7. Investment property 
The changes in 2021 and 2020 in ‘Investment property’ were as follows: 
2021 
 Opening balance 
Additions (charge 
for the year) 
Disposals  
Closing balance 
Land 
104 
‑ 
‑ 
104 
Buildings 
777 
8 
(11) 
774 
Cost 
881 
8 
(11) 
878 
Buildings 
(358) 
(25) 
8 
(375) 
Accumulated depreciation 
(358) 
(25) 
8 
(375) 
Net carrying amount 
523  
 
503 
2020 
 Opening balance 
Additions 
(charge for the 
year) 
Disposals  
Transfers 
(Note 6) 
Closing balance 
Land 
101 
‑ 
‑ 
3 
104 
Buildings 
769 
8 
(1) 
1 
777 
Cost 
870 
8 
(1) 
4 
881 
Buildings 
(332) 
(27) 
1 
‑ 
(358) 
Accumulated depreciation 
(332) 
(27) 
1 
‑ 
(358) 
Net carrying amount 
538 
 
 
 
523 
Investment property relates mainly to land and buildings leased by the Company to Group companies 
whose corporate purpose is the provision of logistics services. 
Revenues from leasing the Company's property investments for the financial year 2021 and 2020 
amounted to 38 million euros each year and are recorded under the heading ‘Other operating income - 
Non-core and other current operating income’ in the attached income statement (see Note 15). 
Operating expenses related to the investment properties owned by the Company amounted to 3 million 
euros in 2021 (2 million euros in 2020). 
7.1. Additions 
The additions for the year 2021 correspond mainly to several expansion and improvement projects 
carried out in the different logistics centres that the Company has in Tordera (Barcelona), A Laracha (A 
Coruña) and Arteixo (A Coruña).

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7.2. Asset revaluation 
On 1 February 2013, the items of property, plant and equipment were revalued pursuant to Law 
16/2012, of 27 December; this had an effect on equity, net of tax, of 35 million euros. The impact of 
this revaluation on the depreciation charge for 2021 and 2020 was 1 million euros each year. 
7.3. Insurance 
The Company takes out insurance policies to cover the possible risks to which its investment property 
is exposed. The Company’s Directors consider that the insurance coverage arranged is adequate.

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8. Investments in Group companies and financial 
assets (current and non-current) 
The detail of these headings at 31 January 2022 and 2021 is as follows: 
 
31/01/2022 
31/01/2021 
Non-current investments in Group companies, jointly 
controlled entities and associates 
 
 
Equity investments  
11,249 
9,203 
Impairment losses 
(31) 
(82) 
Loans to companies (Note 15) 
4,124 
5,553 
Total 
15,342 
14,674 
Non-current financial assets 
 
 
Equity instruments 
 
 
  Cost  
14 
14 
  Impairment losses 
(12) 
(12) 
Other financial assets 
97 
132 
Total 
99 
134 
Current investments in Group companies, jointly 
controlled entities and associates (Note 15) 
 
 
Loans to companies 
1,298 
1,671 
Other financial assets 
‑ 
106 
Total 
1,298 
1,777 
Current financial assets 
 
 
Derivatives 
7 
‑ 
Total 
7 
‑ 
8.1. Non-current investments in Group companies, jointly 
controlled entities and associates  
The most significant information in relation to Group companies, jointly controlled entities and 
associates at 31 January 2022 is detailed in Annex I. 
Investments and variations in equity instruments reflect the Group’s decisions concerning the 
centralised management of operations and are framed within a process of review of the Group’s 
corporate structure with the aim of simplifying it. During the financial year 2021, in several European 
countries´direct retail subsidiaries catering for a single market were merged. In Spain, the most 
significant such transaction was the merger of the companies belonging to the Massimo Dutti and 
Uterqüe retail concepts as a result of the integration of the Uterqüe brand into Massimo Dutti. In no 
case have these mergers had an impact on the Company's balance sheet or income statement. In the 
framework of the aforementioned restructuring process, and as a continuation of the operations carried 
out in previous years, intra-Group acquisitions of shares in different entities have been made this year 
in the amount of 2,048 million euros. Acquisitions are measured at fair value as determined by an

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independent expert. In addition, the Company has made cash contributions in subsidiaries amounting 
to 4 million euros. With regard to reductions, during this year investees with an acquisition cost of 5 
million euros and provisioned in 2 million euros were wound up, and reductions in investments 
amounting to 1 million euros were recognised, as a result of dividends from profit generated prior to the 
date of acquisition of the investees by the Company. Based on the criteria detailed in Note 4.4, the 
Company recognised impairment adjustments implying a reversal of 49 million euros under 
‘Impairment and gains/losses on disposal of financial instruments of group companies and associates’ 
in the income statement. 
In 2020, the Company increased capital by 3 million euros and made cash contributions amounting to 
17 million euros. With regard to the reductions, and investee with an acquisition cost of 67 million euros 
which was fully provisioned was wound up, capital reductions were performed in the amount of 5 million 
euros, and certain holdings were contributed to other Group companies in the amount of 10 million 
euros, implying a charge of the same amount under ‘Other Reserves’ in the balance sheet. Lastly, 
reductions in investments amounting to 3 million euros were also recognised, as a result of dividends 
from profit generated prior to the date of acquisition of the investees by the Company and impairment 
losses were recorded, resulting in a charge of 60 million euros. 
None of the investees of Industria de Diseño Textil, S.A. are listed on the stock exchange. 
8.2. Current investments in Group companies, jointly 
controlled entities and associates  
At the close of 2021 the loans to Group companies recognised under non-current assets in the balance 
sheet relate to the financing of their activities and the purchase of property, plant and equipment. These 
loans accrue a market rate of interest which is settled on a quarter basis. 
In order to optimise the financial resources generated, the Company has implemented a centralised 
cash system among certain Group companies by setting up current accounts, the balances of which can 
be receivable or payable, depending on the particular circumstances of each company and which, in 
practice, are settled depending on each company's needs. These balances bear interest at a market 
rate which is settled on an annual basis. In this connection, the balances receivable included under 
‘Current investments in Group companies, jointly controlled entities and associates’ correspond to 
these current accounts. When the related balances are payable, they are recognised under ‘Current 
payables to Group companies, jointly controlled entities and associates’ (see Note 15). The balances 
arising on tax consolidation are also recognised under this heading (see Notes 15 and 16). 
8.3. Non-current financial assets 
At 31 January 2022, the balance of ‘Non-current financial assets - other financial assets’ included mainly 
advances made as a result of future payment obligations.

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8.4. Derivative financial instruments 
At 31 January 2022 and 2021, the Company had open derivative positions (basically forward US dollar 
purchases), which are shown under ‘Current financial assets’ or ‘Current payables’ in the accompanying 
balance sheet, depending on their balance. The detail of the fair value of these hedging instruments for 
2021 and 2020 is as follows: 
2021 
CURRENT FINANCIAL ASSETS 
Description  
Level  
Fair value at 
beginning of year 
Amount taken to 
profit or loss  
Gain or loss 
recognised directly 
in equity 
Fair value at 
end of year 
Foreign currency forwards 
2 
‑ 
4 
3 
7 
Total 
 
‑ 
4 
3 
7 
 
CURRENT PAYABLES 
Description  
Level  
Fair value at 
beginning of year 
Amount taken to 
profit or loss  
Amount transferred 
to profit or loss from 
equity 
Fair value at 
end of year 
Options 
2 
5 
(4) 
(1) 
‑ 
Total 
 
5 
(4) 
(1) 
‑ 
2020 
CURRENT FINANCIAL ASSETS 
Description  
Level  
Fair value at 
beginning of year 
Amount taken to 
profit or loss  
Gain or loss 
recognised directly 
in equity  
Fair value at 
end of year 
Foreign currency forwards 
2 
5 
(4) 
(1) 
‑ 
Total 
 
5 
(4) 
(1) 
‑ 
 
 
CURRENT PAYABLES 
Description  
Level  
Fair value at 
beginning of year 
Amount 
taken to 
profit or loss  
Amount 
transferred 
to profit or 
loss from 
equity 
Gain or loss 
recognised 
directly in 
equity  
Fair value at 
end of year 
Options 
2 
5 
(4) 
5 
(1) 
5 
Total 
 
5 
(4) 
‑ 
5 
5 
There have been no transfers between the different levels.

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9. Cash and cash equivalents 
The cash balances include cash in hand and demand deposits at banks. 
All the balances under these line are unrestricted as to their use and there are no guarantees or pledges 
attached to them.

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10. Inventories 
The detail of this line item at 31 January 2022 and 2021 is as follows: 
 
31/01/2022 
31/01/2021 
Goods held for resale 
1,007 
692 
Raw materials and other supplies 
160 
102 
Total 
1,167 
794 
The Company takes out insurance policies to cover the possible risks to which its inventories are 
exposed. The Company’s Directors consider that the insurance coverage arranged is adequate.

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11. Equity 
11.1. Shareholders’ equity 
11.1.1. Share capital 
At 31 January 2022 and 2021, the Company’s share capital was represented by 3,116,652,000 fully 
subscribed and paid-up shares of a single class and series, each with a par value of 0.03 euros, which 
confer the same economic and voting rights upon their holders, and which are represented by book 
entries. 
Inditex shares are listed on the four Spanish stock exchanges. Although its shares are represented by 
book entries, pursuant to Section 497 of the Spanish Companies Act, Inditex has a contract with 
Sociedad de Gestión de Sistemas de Registro, Compensación y Liquidación de Valores, S.A. (Iberclear) 
[Spanish Central Securities Depositary in charge of the Register of Securities, and the Clearing and 
Settlement of all trades] for the daily share ownership notification service. 
As per the Company’s Shareholder Register, as well as the public registers of the Spanish National 
Securities Market Commission (CNMV), the Company’s significant shareholders at 31 January 2022 and 
2021 were as follows: 
 
31/01/2022 
31/01/2021 
Shareholder 
Number of shares 
Ownership % 
Number of shares 
Ownership % 
Pontegadea Inversiones, S.L.  
1,558,637,990 
50.01% 
1,558,637,990 
50.01% 
Partler Participaciones, S.L 
289,362,325 
9.28% 
289,362,325 
9.28% 
Rosp Corunna Participaciones 
Empresariales, S.L. 
157,474,030 
5.05% 
157,474,030 
5.05% 
Total 
2,005,474,345 
64.34% 
2,005,474,345 
64.34% 
At 31 January 2022 and 2021, the members of the Board of Directors or their related companies 
controlled 59.375% in both cases, of the Company’s share capital, as detailed in Annex II. 
11.1.2. Legal reserve 
Under the Spanish Companies Act, the Company must transfer 10% of net profit for each year to the 
legal reserve until the balance of this reserve reaches at least 20% of the share capital. At 31 January 
2022 and 2021, the legal reserve had reached the legally required minimum. 
Any amount of reserves over and above the required 10% of the share capital, as already increased can 
be used to further increase the capital. Otherwise, as long as the legal reserve does not exceed 20% of 
share capital, it can only be used to offset losses, provided that sufficient other reserves are not available 
for this purpose.

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11.1.3. Revaluation reserve 
Pursuant to Act 16/2012, of 27 December, in 2013 the Company revalued its property, plant and 
equipment and investment property assets. The amount of the revaluation, net of the 5% tax charge, 
was 44 million euros (see Notes 6 and 7). 
11.1.4. Capitalisation reserve 
In accordance with the provisions of section 25.1.b) of Act 27/2014, the Company has allocated during 
this financial year a restricted reserve amounting to 250 million euros. The aggregate amount therefore 
as at year end was 440 million euros. 
11.1.5. Dividends 
The dividends paid by the Company in 2021 and 2020 amounted to 2,180 million euros and 1,090 
million euros, respectively. These amounts correspond to payments of 0.70 euros per share and 0.35 
euros per share, respectively.  
The distribution of profit for 2021 proposed by the Board of Directors is shown in Note 3. 
11.1.6. Treasury shares 
The Annual General Meeting held on 16 July 2019 approved the 2019-2023 Long-Term Incentive Plan 
(see Note 20) and authorised the Board of Directors to derivatively acquire treasury shares to cater for 
this Plan. Likewise, the Annual General Meeting, at its meeting held on 13 July 2021, approved the 
2021-2025 Long-Term Incentive Plan (see Note 20). 
As at 31 January 2021, the Company owned 1,726,305 treasury shares, representing 0.055% of the 
share capital. 
In the first half of 2021, in the framework of the Temporary Share Buy-back Programme, and under the 
current authorisation granted by the General Meeting of Shareholders, 2,500,000 own shares were 
purchased to allow the Company to fulfil its share delivery obligations to the beneficiaries of the 2019-
2023 Long Term Incentive Plan, above referred. 
Consequently, as at 31 January 2022, the Company owned 4,226,305 treasury shares, representing 
0.136% of the share capital.

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12. Long-term provisions 
The detail of ‘Long-term provisions’ at 31 January 2022 and 2021 and of the changes therein in 2021 
is as follows: 
 
Balances at 
31/01/2021 
Charge for the 
year and 
transfers to 
short term 
Balances at 
31/01/2022 
Long-term provisions 
 
 
 
Other provisions 
 
 
 
  Provisions for third-party liability 
85 
(28) 
57 
  Provision for pensions and similar obligations to personnel 
4 
11 
15 
Total 
89 
(17) 
72 
 
12.1. Provisions for third-party liability 
The balances of this line item relate to provisions recognised to cover any risks that might arise for the 
Company in the performance of its ordinary activities. An analysis is performed each year of the portion 
that will foreseeably have to be settled the following year, and the related amount is reclassified to 
current liabilities.  
In estimating the amounts provisioned at year-end, the Company used the following hypotheses and 
assumptions: 
 
Maximum amount of the contingency 
 
Foreseeable evolution and factors on which the contingency depends 
As a result of the extraordinary circumstances unleashed by the Covid-19 pandemic, in the year 2020 
the Company received a trade discount from a supplier, which may be reversed within three years if 
certain conditions apply. Consequently, the Company allocated a provision in 2020 for liabilities in this 
regard. Part of this provision was reversed in 2021 as the agreed conditions were met. 
The Company's directors consider that the provisions recognised in the balance sheet adequately cover 
the risks relating to litigation, arbitration and other contingencies and do not expect any liabilities 
additional to those recognised to arise therefrom. 
12.2. Provision for pensions and similar obligations to 
personnel 
The Company has undertaken to settle specific obligations to personnel. The Company has recorded a 
provision to cover the liability corresponding to the estimated vested portion of these obligations at 31 
January 2022. The estimated average payment period for the amounts provisioned is three years.

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13. Non-current and current accruals and deferred 
income 
These line items include mainly the amount not yet recognised in profit or loss of the income arising from 
transfers of assets between Group companies, which were paid in full in 2013. The amount transferred to 
profit or loss in 2021 and 2020 in this connection was 123 million euros, which was recognised under ‘Other 
operating income - Non-core and other current operating income’ (See Note 15).

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14. Non-current and current liabilities 
The breakdown of the balances of ‘Non-current payables’ and ‘Current payables’ in the accompanying 
balance sheets as at 31 January 2022 and 2021 is as follows: 
 
31/01/2022 
31/01/2021 
 
Current 
liabilities 
Non-current 
liabilities 
Total 
Current 
liabilities 
Non-current 
liabilities 
Total 
Obligations under finance leases 
1 
1 
2 
4 
3 
7 
Derivatives (Note 8) 
‑ 
‑ 
‑ 
5 
‑ 
5 
Other financial liabilities 
 
 
 
 
 
 
  Payable to non-current asset 
suppliers 
15 
‑ 
15 
9 
‑ 
9 
  Other payables 
21 
‑ 
21 
18 
‑ 
18 
Total 
37 
1 
38 
36 
3 
39 
The heading ‘Other payables’ includes mainly deposits received from franchises and other 
counterparties to secure the payment for the supply of finished goods and other transactions. Also 
included are payables deriving from cross call and put options between the Company and the owners 
of part of the shares of certain subsidiaries, as they are considered to be a deferred acquisition of the 
shares constituting the underlying. At the end of the year, Inditex holds a call option on 20% of the share 
capital of Zara Retail Korea, Ltd. This shareholding belongs to Lotte Shopping Co., Ltd., which in turn has 
a put option to sell the entire holding to Industria de Diseño Textil, S.A.  The strike price is set on the 
basis of the non-controlling shareholder’s share of the equity of the investee when the call option is 
exercised. 
The Company had been granted credit facilities with a limit of 617 million euros at 31 January 2022 
(1,876 million euros at 31 January 2021). At 31 January 2022 and 2021, no balances had been drawn 
down.

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15. Balances and transactions with Group and 
related companies 
15.1. Balances 
31 January 2022 and 2021 is as follows: 
 
31/01/2022 
31/01/2021 
 
Short term 
Long term 
Total Short term 
Long term 
Total 
Trade receivables for sales and services 
408 
‑ 
408 
175 
‑ 
175 
Loans to companies (Note 8) 
1,140 
4,124 
5,264 
1,559 
5,553 
7,112 
Receivables arising from filing of consolidated 
tax returns (Notes 8 & 16) 
158 
‑ 
158 
112 
‑ 
112 
Other financial assets 
‑ 
‑ 
‑ 
106 
‑ 
106 
Total  
1,706 
4,124 
5,830 
1,952 
5,553 
7,505 
Suppliers and creditors 
1,332 
‑ 
1,332 
847 
‑ 
847 
Payables to companies 
978 
16 
994 
576 
6 
582 
Payables arising from filing of consolidated tax 
returns (Note 16) 
4 
‑ 
4 
33 
‑ 
33 
Total  
2,314 
16 
2,330 
1,456 
6 
1,462

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15.2. Transactions 
The detail of the transactions with Group and related companies in 2021 and 2020 is as follows: 
2021 
 
Group Companies 
Jointly controlled 
entities 
Total 
Purchases 
5,727 
2 
5,729 
Other expenses 
1,406 
‑ 
1,406 
Finance costs 
1 
‑ 
1 
Total Expenses 
7,134 
2 
7,136 
Net Sales 
8,503 
‑ 
8,503 
Dividends 
1,396 
25 
1,421 
Operating lease income (Note 7) 
38 
‑ 
38 
Other income 
175 
1 
176 
Finance income 
23 
1 
24 
Total Income 
10,135 
27 
10,162 
 
 
2020 
 
Group Companies 
Jointly controlled 
entities 
Total 
Purchases 
3,835 
1 
3,836 
Other expenses 
1,013 
‑ 
1,013 
Finance costs 
1 
‑ 
1 
Total Expenses 
4,849 
1 
4,850 
Net Sales 
6,105 
‑ 
6,105 
Dividends 
3,042 
12 
3,054 
Operating lease income (Note 7) 
38 
‑ 
38 
Other income 
159 
4 
163 
Finance and other income 
10 
‑ 
10 
Total Income 
9,354 
16 
9,370 
The main transactions relate to the sales of products to subsidiaries worldwide and the services provided 
thereto, such as those relating to franchise fees or rentals and the transfer of assets (see Note 13) -all of 
which are performed through the agreements entered into by the Company with the companies in its Group 
in order to carry on the activities described in Note 1, as well as the dividends received from subsidiaries. 
‘Other expenses’ includes mainly logistics and design services provided by Group companies. The finance 
costs and finance income arise from the financial balances held by the Company with the Group companies 
described above.

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16. Taxes 
16.1. Income tax 
Industria de Diseño Textil, S.A. files consolidated tax returns as the parent of a tax group formed by the 
following subsidiaries: 
Bershka BSK España, S.A. 
Hampton, S.A. 
Oysho Logística, S.A. 
Uterque Diseño, S.L. 
Bershka Diseño, S.L. 
Indipunt, S.L. 
Plataforma Cabanillas, S.A. 
Uterqüe España, S.A. 
Bershka Logística, S.A. 
Inditex, S.A. 
Plataforma Europa, S.A. 
Uterqüe, S.A. 
Born, S.A. 
Inditex Logística, S.A. 
Plataforma Logística León, S.A. Zara Diseño, S.L. 
Choolet, S.A. 
Kiddy's Class España, S.A. 
Plataforma Logística Meco, 
Zara España, S.A. 
Comditel, S.A.  
Lefties España, S.A. 
Pull & Bear Diseño, S.L. 
Zara Home Diseño, S.L. 
Confecciones Fíos, S.A. 
Lefties Logística, S.A. 
Pull & Bear España, S.A. 
Zara Home España, S.A. 
Confecciones Goa, S.A. 
Massimo Dutti Diseño, S.L. 
Pull & Bear Logística, S.A. 
Zara Home Logística, S.A. 
Denllo, S.A. 
Massimo Dutti Logística, S.A. Samlor, S.A. 
Zara Logística, S.A. 
Fashion Logistics Forwarders, 
Massimo Dutti, S.A. 
Stear, S.A. 
Zara, S.A. 
Fashion Retail, S.A. 
Nikole, S.A. 
Stradivarius Diseño, S.L. 
Zintura, S.A.  
Glencare, S.A. 
Nikole Diseño, S.L. 
Stradivarius España, S.A. 
 
Goa-Invest, S.A. 
Oysho Diseño, S.L. 
Stradivarius Logística, S.A. 
 
Grupo Massimo Dutti, S.A. 
Oysho España, S.A. 
Trisko, S.A. 
 
The reconciliation of the accounting profit for 2021 and 2020 to the taxable profit for income tax 
purposes is as follows: 
2021 
 
Increase 
Decrease 
Total 
Income and expense for the year 
 
 
1,472 
Income tax 
 
 
16 
Profit before taxes 
 
 
1,488 
Permanent differences 
 
 
 
  Individual company 
246 
(1,282) 
(1,036) 
Temporary differences 
 
 
 
    Of the individual company arising in the year 
79 
‑ 
79 
    Of the individual company arising in prior years 
‑ 
(47) 
(47) 
Taxable profit 
 
 
484

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2020 
 
Increase 
Decrease 
Total 
Income and expense for the year 
 
 
2,923 
Income tax 
 
 
(33) 
Profit before taxes 
 
 
2,890 
Permanent differences 
 
 
 
  Individual company 
205 
(2,975) 
(2,770) 
Temporary differences 
 
 
 
    Of the individual company arising in the year 
88 
‑ 
88 
    Of the individual company arising in prior years 
11 
(185) 
(174) 
Taxable profit 
 
 
34 
The most significant permanent differences of the Company correspond to expenses which are not 
considered as tax deductible amounting to 105 million euros (107 million euros in 2020), 547 million 
euros due to the application of the exemption from international double taxation on dividends and 
capital gains (2,316 million euros in 2020), 530 million euros due to the application of the exemption 
from internal double taxation on dividends, including that relating to dividends of companies in the tax 
group (537 million euros in 2020), 129 million euros due to the application of the capitalisation reserve 
(32 million euros in 2020) and 141 million euros due to the inclusion in the Spanish taxable income of 
the foreign corporate income taxes corresponding to the profits which give rise to certain dividends 
distributed by the subsidiaries (78 million euros in 2020).  
16.2. Income tax expense 
The calculation of the income tax expense for 2021 and 2020 is as follows: 
2021 
 
Profit or loss 
Income and expense for the year before income tax 
1,488 
Tax charge at 25% 
372 
Non-deductible expenses 
13 
Exemption from double taxation on dividends and capital gains 
(344) 
Other reductions in taxable income 
(32) 
Tax relief and tax credits in the current year 
(22) 
Other adjustments 
29 
Income tax expense 
16

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2020 
 
Profit or loss 
Income and expense for the year before income tax 
2,890 
Tax charge at 25% 
722 
Non-deductible expenses 
27 
Exemption from international double taxation on dividends 
(755) 
Other reductions in taxable income 
(8) 
Tax relief and tax credits in the current year 
(14) 
Other adjustments 
(6) 
Income tax expense 
(33) 
16.3. Deferred taxes 
The detail of deferred tax assets and of the changes therein at 31 January 2022 and 31 January 2021 
is as follows: 
2021 
 
31/01/2021 
Profit or loss 
Equity 
31/01/2022 
Assets tax group 
76 
(33) 
‑ 
43 
Provisions for obligations to personnel  
5 
14 
‑ 
19 
Limitation on deductibility of depreciation and 
amortisation - Law 16/2012  
2 
‑ 
‑ 
2 
Tax credits pending to be applied 
59 
21 
‑ 
80 
Provisions for long-term assets 
3 
‑ 
‑ 
3 
Other provisions 
21 
(6) 
‑ 
15 
Unused tax credits relating to the reversal of 
temporary measures - Law 16/2012 
1 
‑ 
‑ 
1 
Total 
167 
(4) 
‑ 
163

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2020 
 
31/01/2020 
Profit or loss 
Equity 
31/01/2021 
Valuation adjustments 
5 
(5) 
‑ 
‑ 
Assets tax group 
83 
(7) 
‑ 
76 
Provisions for obligations to personnel  
8 
(3) 
‑ 
5 
Limitation on deductibility of depreciation and 
amortisation - Law 16/2012  
2 
‑ 
‑ 
2 
Tax credits pending to be applied 
28 
31 
‑ 
59 
Provisions for long-term assets 
3 
‑ 
‑ 
3 
Other provisions 
43 
(22) 
‑ 
21 
Unused tax credits relating to the reversal of 
temporary measures - Law 16/2012 
1 
‑ 
‑ 
1 
Foreign currency hedges 
1 
‑ 
(1) 
‑ 
Total 
174 
(6) 
(1) 
167 
The detail of deferred tax liabilities and of the changes therein at 31 January 2022 and 2021 is as 
follows: 
2021 
 
 
31/01/2021 
Profit or loss 
Equity  
31/01/2022 
Non current assets of the tax group 
 
(2) 
‑ 
‑ 
(2) 
Foreign currency hedges 
 
‑ 
‑ 
(1) 
(1) 
Inventories of companies in the tax group 
 
(5) 
1 
‑ 
(4) 
Total 
 
(7) 
1 
(1) 
(7) 
 
2020 
 
31/01/2020 
Profit or loss 
31/01/2021 
Foreign currency hedges 
‑ 
(2) 
(2) 
Valuation adjustments 
(3) 
3 
‑ 
Inventories of companies in the tax group 
(4) 
(1) 
(5) 
Total 
(7) 
‑ 
(7) 
The deferred tax liabilities include those corresponding to intra-group transactions, as a result of the 
application of the consolidated tax regime. 
Of the change in the net balance of deferred tax assets and liabilities, 1 million euros were recognised 
with a charge to equity, as in 2020, and 3 million euros were charged to income (6 million euros charged 
to income in 2020).

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The income tax expense for the year includes withholdings borne abroad and not deducted in the 
Spanish taxable income relating to income received from foreign subsidiaries, amounting to 9 million 
euros (as in 2020). The income tax expense also includes the application of Spanish tax credits arising 
from juridical and economic double taxation on dividends repatriated from abroad, amounting 
respectively to 10 million euros and 15 million euros (12 million euros and 27 million euros in 2020). 
As a result of the transactions described, the breakdown of the income tax expense for 2021 and 2020 
is as follows: 
 
2021 
2020 
Current tax 
13 
(37) 
Deferred tax 
3 
4 
Total income tax expense  
16 
(33) 
16.4. Other tax disclosures 
Checks are being carried out on the tax position of tax group 34/95, of which Industria de Diseño Textil, 
SA is the parent, in relation to corporate income tax for the financial years 2017 through 2020. The 
company does not expect that significant additional liabilities may arise as a result of such tax audit or 
other tax audits it has to face in the future.  
With respect to the rest of tax obligations, at the date of preparation of the annual accounts, the statute 
of limitations corresponding to settlement periods 2018 and onwards had not expired.

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17. Guarantee commitments to third parties 
At 31 January 2022 and 2021, the Company had provided third parties with certain guarantees to 
various public authorities and entities, for the following amounts drawn down: 
 
31/01/2022 
31/01/2021 
Customs authorities 
30 
30 
Other public administrations 
19 
19 
Other entities 
5 
5 
Total 
54 
54 
The Company's directors consider that any losses or liabilities not foreseen at 31 January 2022 that 
might arise from the aforementioned guarantees provided would not in any event be material.

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18. Income and expenses 
18.1 Revenue 
The breakdown, by geographical markets, of the Company's revenue for 2021 and 2020 is as follows: 
 
2021 
2020 
Revenue from the sale of goods 
 
 
Spain 
1,528 
1,004 
Rest of Europe  
4,589 
3,305 
Americas 
1,521 
901 
Asia and Rest of the world 
1,928 
1,601 
Revenue from the rendering of services 
 
 
Spain 
114 
30 
Rest of Europe  
27 
20 
Americas 
1 
‑ 
Dividends and other income 
 
 
Spain 
530 
538 
Rest of Europe  
668 
2,415 
Americas 
204 
17 
Asia and Rest of the world 
19 
84 
Total 
11,129 
9,915 
18.2 Procurements 
The detail of ‘Procurements’ in the accompanying income statements for 2021 and 2020 is as follows: 
 
2021 
2020 
Purchases of goods held for resale, raw materials and other supplies 
7,571 
5,321 
Changes in inventories of raw materials, goods held for resale and other supplies 
(369) 
19 
Changes in provisions 
5 
(161) 
Work performed by other companies 
83 
72 
Total 
7,290 
5,251

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The detail of the purchases made by the Company in 2021 and 2020 based on the geographical location 
of suppliers, is as follows: 
 
2021 
2020 
Purchases of goods held for resale 
 
 
Spain 
2,137 
828 
Rest of Europe  
4,535 
3,841 
Rest of the world 
172 
165 
Purchases of raw materials 
 
 
Spain 
218 
170 
Rest of Europe  
402 
256 
Rest of the world 
107 
61 
Total 
7,571 
5,321 
18.3 Employee benefits 
The detail of ‘Employee benefits’ in the income statements for 2021 and 2020 is as follows: 
 
2021 
2020 
Employer social security costs 
36 
33 
Other employee benefit costs 
7 
5 
Total 
43 
38 
The number of employees at 31 January 2022 and 2021, by professional category and gender, was as follows: 
2021 
 
Gender 
 
 
Men 
Women 
Total 
Corporate central services 
533 
672 
1,205 
Commercial central services 
657 
828 
1,485 
Total 
1,190 
1,500 
2,690 
 
2020 
 
Gender 
 
 
Men 
Women 
Total 
Corporate central services 
463 
572 
1,035 
Commercial central services 
588 
728 
1,316 
Total 
1,051 
1,300 
2,351

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In 2021 the average number of employees at the Company was 1,122 in corporate central services and 
1,414 in commercial central services. In 2020 the average number of employees was 987 in corporate 
central services and 1,315 in commercial central services. 
At 31 January 2022 there were 20 employees with a disability greater than or equal to thirty three 
percent (2020: 30 such employees). The average number of such employees in 2021 was 19 (2020: 
26 such employees). 
For its part, the Board of Directors has been formed in 2021 and 2020, and at 31 January 2022 and 
2021, by 7 men and 4 women.  
18.4 Outsourced services 
‘Other operating expenses - Outsourced services’ includes mainly logistics and design services provided 
by other Group companies amounting to 863 million euros (2020: 654 million euros), other indirect 
selling costs amounting to 847 million euros (2020: 628 million euros) and donations amounting to 26 
million euros (2020: 44 million euros). This line item also includes software licenses and all the audit 
and consultancy services received, insurance premiums, travel expenses and utilities. 
18.5 Foreign currency balances and transactions 
The Company's revenue includes 4,321 million euros (2020: 3,217 million euros) relating mainly to sales in 
currencies other than the euro, including the US dollar, the UK pound sterling, the Japanese yen, the Russian 
rouble and other foreign currencies. ‘Procurements’ includes purchases made mainly in US dollars 
amounting to 2,185 million euros (2020: 1,523 million euros). As a result of these transactions, the 
Company's balance sheet includes accounts receivable in currencies other than the euro, mainly in US 
dollars, amounting to 150 million euros at 31 January 2022 (31 January 2021: 111 million euros), and 
accounts payable amounting to 606 million euros at 31 January 2022, mainly in US dollars (31 January 
2021: 411 million euros).

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19. Information on the nature and level of risk 
The Company’s activities are exposed to various financial risks: market risk (including foreign currency 
risk), credit risk, liquidity risk and cash flow interest rate risk. The Company's risk management focuses 
on uncertainty in the financial markets and aims to minimise the potential adverse effects on the 
profitability of its business. 
This Note provides information on the Company's exposure to each of the aforementioned risks, the 
Company's objectives, policies and processes for managing risk, the methods used to measure these 
risks, any changes from the previous year and the financial instruments used to mitigate the risks. 
Foreign currency risk 
The Company operates in an international environment and, accordingly, is exposed to foreign currency 
risk on transactions in currencies, in particular the US dollar and, to a lesser extent, the Mexican peso, 
Russian rouble, the Chinese yuan, the Japanese yen and the UK pound sterling. Foreign currency risk 
arises on future commercial transactions, recognized assets and liabilities and net investments in 
foreign operations. 
Foreign currency risk is managed in line with the corporate risk management model guidelines, which 
establish the ongoing monitoring of exchange rate fluctuations and other measures designed to mitigate 
this risk, mainly through the optimisation of the Company’s operations, including centralisation, in order 
to minimise the impact, using natural hedges, the benefits of diversification and the arrangement of 
financial hedges. 
Merchandise and goods for resale are acquired partly through orders placed with foreign suppliers in 
US dollars. In accordance with prevailing foreign currency risk management policies, the Company's 
management arranges derivatives, mainly foreign currency forwards (see Note 8), to hedge fluctuations 
in cash flows relating to the EUR-USD exchange rate.  The Company also uses non-derivative financial 
instruments as hedges (e.g. deposits held in currencies other than the euro). 
The Company supplies its subsidiaries with finished goods for sale to the end customers. With a view to 
reducing the fluctuations in value of the expected foreign currency cash flows arising from these 
intercompany transactions (denominated in currencies other than the euro), the Company occasionally 
uses financial derivatives such as purchased options and foreign currency forwards. 
As described in Note 4.6, the Company applies hedge accounting to mitigate the volatility that would 
arise in the income statement as a result of the existence of significant foreign currency transactions. 
Hedge accounting has been used because the Company complies with the requirements detailed in 
Note 4.6 on accounting policies in order to be able to classify financial instruments as hedges for 
accounting purposes.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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The Company applies the hedge accounting rules established in the applicable accounting standards. 
As a result, certain financial instruments were formally designated as hedging instruments and the 
Company verified that the hedges are highly effective. The maturity dates of the hedging instruments 
were negotiated so that they coincide with those of the hedged items. In 2021 and 2020, using hedge 
accounting, no significant amounts were recognised in profit or loss either as a result of transactions 
that ultimately did not occur or as a result of the ineffectiveness of the hedges. Approximately 66% of 
the cash flows associated with hedges in US dollars are expected to occur in the six months subsequent 
to the year-end, while the remaining 34% are expected to fall due between six months and one year. 
Also, the impact on the income statement will foreseeably occur in those periods. The derivatives 
hedging the cash flows from intra-Group transactions to supply finished goods for sale to end customers 
have short-term time horizons aligned with the expected cash flows. 
The fair value of the hedging instruments was calculated as described in Note 4.6. 
Raw Material Risk 
As a result of its business model, the Company is also exposed to potential cost volatility and inflation 
related to the impact resulting from price increases of the many raw materials (both textile and non-
textile) consumed directly and indirectly in its operation and its procurement of goods (garments, 
footwear and accessories), and services, especially in terms of supply and distribution transport, as well 
as energy consumption. This risk is measured using 'at risk' methodologies from a portfolio of exposures 
standpoint. 
Risk quantification methodology 
The Company uses the Cash-Flow-at-Risk (CFaR) methodology in order to estimate the potential impact 
of exchange rate and raw material price changes on profit before tax and, if applicable, determine the 
relevant mitigation strategies. CFaR is a methodology widely used in risk management. It is an evolution 
of the Value-at-Risk (VaR) method focused on the possible loss related to future cash flows. Given a 
portfolio, exposed to one or more risks, the CFaR represents the maximum expected loss for a defined 
time horizon with a given confidence interval. The CFaR measures risk in aggregate terms, considering 
the potential diversification benefit resulting from the correlations between the components of the 
portfolio of exposures.  
The underlying portfolio used in the CFaR calculation is composed of future flows denominated in the 
currency and/or raw material in which the underlying risk is expressed for up to one year. It is estimated 
that this portfolio represents substantially all of the Company's exposure to foreign currency and raw 
material risks and that the possible adverse changes in exchange rates and raw material price would 
affect the following year’s consolidated profit. The main parameters and assumptions used in the CFaR 
calculation relate to the horizon of the estimated flows, the scenario simulation technique and the 
selected confidence interval. The cash flows considered have a duration of up to one year, taking as a 
time horizon the maturity date of each cash flow. Distributions are simulated using the Monte Carlo 
method by generating random scenarios based on market changes over the previous three years. A 
95% confidence interval is selected. In addition, using the same methodology, the portfolio 
performance is analysed periodically and repeatedly under highly stressed scenarios based on market 
movements during historical periods of high volatility.

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As regards the limitations of the calculation, it should be noted that the actual maximum loss could be 
higher than the estimated loss, since when opting for a 95% confidence level there are 5% of scenarios 
in which the expected loss is higher. In addition, future market changes do not necessarily coincide with 
the behaviour of the previous three years. It may also be the case that the estimated flows, i.e. the 
portfolio used for the calculation, differ from the actual flows. In addition, the Company uses the Value-
at-Risk (VaR) method to manage foreign exchange risk in relation to the most relevant accounting items. 
In accordance with the risk management framework, risk appetite and tolerance levels are set and 
residual risk is quantified. Furthermore, limits are set and monitored to ensure that residual risk is within 
the risk appetite and is also compliant with the established risk tolerance level. 
It is estimated that the resulting negative impact on the 12-month expected cash flows, attributable to 
an adverse change in the exchange rate and raw material prices resulting from the CFaR calculation, 
could be 262 million euros at 31 January 2022 (238 million euros at 31 January 2021). 
Credit risk 
The Company´s main financial assets are trade and other receivables and loans to Group companies, 
which represent the Company’s principal exposure to credit risk. 
At 31 January 2022, the accounts receivable from franchises were secured by deposits and by 
guarantees provided by banks of recognised solvency of which Industria de Diseño Textil, S.A. is the 
beneficiary. 
The Financial Risk Management Policy ensures the measurement, assessment, quantification and 
mitigation of the credit risk of investment products and the counterparty risk of financial institutions by 
establishing very detailed analysis criteria and Value-at-Risk (VaR) methodologies. 
The VaR methodology implemented takes into account the counterparty’s probability of default as 
estimated by the market, the time horizon of the investments, and the percentage of risk exposure that 
is not expected to be recovered in the event of default (loss given default). VaR represents the maximum 
expected loss for a defined time horizon with a given confidence interval. The exposures used are up to 
one year. Distributions are simulated using the Monte Carlo method by generating random scenarios 
based on market changes over the previous year. A 95% confidence interval is selected. 
As regards the limitations of the calculation, it should be noted that the actual maximum loss could be 
higher than the estimated loss, since when opting for a 95% confidence level there are 5% of scenarios 
in which the expected loss is higher. In addition, future market changes do not necessarily coincide with 
the behaviour of the previous year.

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In accordance with the risk management framework, risk appetite and target risk are set and residual 
risk is quantified. In addition, limits are set and monitored to ensure that residual risk is within the risk 
appetite and is also compliant with target risk.  
Although credit risk increased as a result of the market conditions initially caused by Covid-19, credit 
risk in the market has since moderated. This, together with active management, allowed for its 
mitigation, thus returning the Company´s residual risk to pre-pandemic levels. 
The credit risk resulting from the arrangement of financial derivatives is mitigated by the requirement 
that such instruments be subject to an ISDA master agreement.  
Occasionally, where deemed necessary, the Company requests that additional security be provided in 
the form of pledged collateral. 
In relation to credit risk arising from commercial transactions, impairment losses are recognised for 
trade receivables when objective evidence exists that the Company will be unable to recover all the 
outstanding amounts in accordance with the original contractual conditions of the receivables. The 
amount of the impairment loss is the difference between the carrying amount of the asset and the 
present value of the estimated cash flows, discounted at the effective interest rate. The amount of the 
provision is recognised in the income statement. During 2021 and 2020 were no significant additions 
to or applications in this connection (addition of 4 million euros in 2021). 
Liquidity risk 
The Company is not exposed to significant liquidity risk, as it maintains sufficient cash and cash 
equivalents to meet the outflows required in its normal operations. If the Company has a specific 
financing requirement, either in euros or in other currencies, it resorts to loans, credit facilities or other 
types of financial instruments (see Note 14). 
Note 14 contains a detail of the financial liabilities, along with their scheduled maturities.  
Interest rate risk 
The Company’s exposure to interest rate risk, which in no case is significant, arises principally in relation 
to the following items: 
 
Cash and cash equivalents: given the Company’s investment policy in the negative interest rate 
environment in the Euro zone, with the Euro as the main currency, there is a risk of negative 
returns on the financial position.  
 
Financial debt: given the amount of the Company’s external financing, any change in interest 
rates at year-end would not significantly affect profits. 
 
Discount rates: used in the calculation of the impairment losses on non-current assets (property, 
plant and equipment, intangible assets and equity instruments) (see Note 4.4).

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 
Derivatives: given the type of hedging instruments arranged, the interest rate risk is not material. 
The Company does not have any financial assets or liabilities designated as at fair value through profit 
or loss. A potential change in fair value would not imply significant impact. 
Country risk 
The international presence of the Company's subsidiaries and permanent establishment exposes it to 
the country risk of multiple geographical regions, in both its supply and its sales and distribution 
activities. The Company adapts its administrative and business processes in order to minimise country 
risk and take advantage of the benefits of geographical diversification. 
The conflict in Ukraine has forced the temporary suspension of the Inditex Group´s operations in 
Ukraine and in the Russian Federation (Note 20). The implications that the current circumstances may 
have for our business due to their potential ramifications, as well as their estimated duration, are still 
difficult to assess in such an uncertain context. The Company continues to permanently analyse the 
evolution of the conflict and its complex implications and implement plan to mitigate its impact, 
especially in relation to its workforce in the affected markets. 
One of the most significant manifestations of country risk is foreign currency risk and the possibility of 
exposure to limits or controls on the free circulation of cash flows due to a lack of currency convertibility, 
in current or capital account terms, or to unexpected restrictions on the movement of capital. The 
Company manages cash at corporate level based on a highly active repatriation policy aimed at reducing 
the aforementioned risks to a minimum.   
At 31 January 2022, there was no significant risk in relation to the repatriation of funds or any material 
cash surpluses not available for use by the Company or its subsidiaries. Similarly, there are no significant 
restrictions on the Company's ability to access the assets and settle the liabilities of its subsidiaries. 
Finally, in relation to Brexit, the United Kingdom has effectively become a third-party country. The action 
plans envisaged by the Company since the referendum in June 2016 have been implemented as 
planned in order to adapt all business operations to the new circumstances, including those relating to 
supply, transport and distribution flows, as well as administrative, accounting, tax and customs 
procedures. Our UK business is therefore operating normally. 
At 31 January 2022, the Company was not operating in markets in which there was more than one 
exchange rate.  
Capital management 
The Company’s capital management objectives are to safeguard its ability to continue operating as a 
going concern, so that it can continue to generate returns for shareholders and benefit other 
stakeholders, and to maintain an optimum capital structure to reduce the cost of capital.  
The Company manages its capital structure and makes adjustments thereto in response to changes in 
economic conditions. The current capital management policy is based on self-financing through funds 
generated by operations.  
There were no significant changes to capital management in the year.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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20. Other disclosures 
2019-2023 Long-Term Incentive Plan 
The Annual General Meeting held on 16 July 2019 approved the 2019-2023 Long-Term Incentive Plan 
for members of the management team and other personnel of Inditex and its Group of Companies 
(hereinafter referred to as the (‘2019-2023 Plan’). Under this Plan, each of the beneficiaries will be 
entitled, provided the terms and conditions established therein are fulfilled, to receive up to a maximum 
amount of the incentive allocated.  
The 2019-2023 Plan combines a multi-year cash bonus and a promise to deliver free share which, after 
a specified period of time has lapsed and achievement of targets has been established, will be paid to 
the Plan beneficiaries, either in full or at the percentage applicable in each case. 
The 2019-2023 Plan has a total duration of four years and is structured into two mutually independent 
time cycles. The first cycle of the 2019-2023 Plan runs from 1 February 2019 to 31 January 2022. The 
second cycle spans the period from 1 February 2020 to 31 January 2023.  
The 2019-2023 Plan is linked to critical business targets and the creation of shareholder value. As major 
development, the 2019-2023 Plan also links long-term variable remuneration to ESG targets, with this 
index having a maximum weight of 10% over the whole. 
The 2019-2023 Plan does not expose the Company to any material risks. 
To cater for this 2019-2023 Plan, the Company has, as a plan asset, a sufficient number of treasury 
shares to be able to settle the future obligations (see Note 11).  
The incentive to be received will be calculated as provided for in the resolution ninth of the Annual 
General Meeting held on 16 July 2019. 
2021-2025 Long-Term Incentive Plan 
The Annual General Meeting held on 13 July 2021 approved the 2021-2025 Long-Term Incentive Plan 
for members of the management team and other personnel of Inditex and its Group of Companies 
(hereinafter referred to as the ‘2021-2025 Plan’). Under this Plan, each of the beneficiaries will be 
entitled, provided the terms and conditions established therein are fulfilled, to receive up to a maximum 
amount of the incentive allocated.  
The 2021-2025 Plan combines a multi-year cash bonus and a promise to deliver free share which, after 
a specified period of time has lapsed and achievement of targets has been established, will be paid to 
the Plan beneficiaries, either in full or at the percentage applicable in each case. 
The 2021-2025 Plan has a total duration of four years and is structured into two mutually independent 
time cycles. The first cycle of the 2021-2025 Plan runs from 1 February 2021 to 31 January 2025. The 
second cycle spans the period from 1 February 2022 to 31 January 2025.

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The 2021-2025 Plan is linked to critical business targets and the creation of shareholder value. The 
weight of ESG targets has increased with regard to the former 2019-2023 Plan, now accounting for 
25% of the whole Plan. 
The 2021-2025 Plan does not expose the Company to any material risks. 
The liability related to the plans in cash is shown registered in the ‘Long-Term Provisions’ and 
‘Remuneration Payable’ items of the balance sheet, and its annual allocation is included in the 
‘Personnel expenses’ item of the income account.  
The amount relating to the equity-settled component of the plans is recognised under ‘Net Equity’ in 
the balance sheet and the related period charge is reflected under ‘Personnel expenses’ in the income 
statement.  
The impact of these obligations on the income statement and the balance sheet is not significant.  
Remuneration and other benefits paid to the Company's 
Directors and Senior Management 
The amounts included in the following tables and paragraphs are expressed in thousands of euros. 
The total remuneration earned by the Directors and Senior Management of Inditex in 2021 was as 
follows:  
 
Thousands of euros 
 
Directors 
Senior Management 
Remuneration 
21,232 
36,821 
Termination benefits 
‑ 
10,083 
Total 
21,232 
46,904 
The above referred remunerations for 2021 included the fixed and the short and long term variable 
remuneration accrued by Senior Managers, including the relevant severance payments. The 
remuneration for directors in 2021 includes the fixed remuneration of directors in their status as such, 
and the fixed and the short and long-term variable remunerations accrued by the Executive Chairman, 
Mr Pablo Isla Álvarez de Tejera, the new CEO, Mr Óscar García Maceiras and the outgoing CEO, Mr Carlos 
Crespo González, for the performance of executive functions.  
It includes, in particular, the amounts of the remuneration accrued by: (i) Mr Isla in his status as director 
and for the performance of executive functions from 1 February 2021 through 31 January 2022; (ii) Mr 
García, in his status as director and for the performance of executive functions from 1 December 2021, 
date of economic effect of his appointment as CEO, through 31 January 2022, as well as by (iii) Mr 
Crespo, in his status as director and for the performance of executive functions from 1 February 2021 
through 30 November 2021, date of economic effect of his resignation. 
With regard to long-term variable remuneration, it includes the amount accrued for the first cycle 
(2019-2022) of the 2019-2023 LTIP. The amount accrued in FY2021 for this incentive amounts to

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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6,921 thousand euros for the Executive Directors and 17,181 thousand euros for Senior Managers. Such 
incentive materialised as follows: 
 
Executive Directors: (i) cash incentive in the total gross amount of 1,760 thousand euros for the 
Executive Chairman, 36 thousand euros for the incoming CEO and 1,099 thousand euro for the 
outgoing CEO; and (ii) and incentive in shares equivalent to the total number of 112,953 shares 
for the Executive Chairman, corresponding to a gross amount of 2,458 thousand euros;  1,552 
shares for the incoming CEO, corresponding to a gross amount of 34 thousand euros, and 70,499 
shares for the outgoing CEO, corresponding to a gross amount of 1,534 thousand euros. 
 
Senior Managers: (i) a cash incentive in the total gross amount of 8,046 thousand euros; and (ii) 
and incentive in shares equivalent to the total number of 419,792 shares, which correspond to a 
gross amount of 9,135 thousand euros. 
It bears mention that for the purposes of quantifying the part of such incentive to be delivered in shares, 
the closing price of Inditex share on the last business day of the week before the board meeting during 
which the degree of achievement of the first cycle of the 2019-2023 Plan was assessed and approved 
(i.e., 11 March 2022) was taken as a reference.  
The incentive in cash and in shares will be paid in the month following the release of the annual accounts 
for FY2022. 
The total remuneration earned by the Directors and Senior Management of Inditex in 2020 was as follows:  
 
Thousands of euros 
 
Directors 
Senior Management 
Remuneration 
10,935 
13,304 
Termination benefits 
‑ 
‑ 
Total 
10,935 
13,304 
Remuneration for 2020 includes fixed remuneration and short-term variable remuneration accrued by Senior 
Managers. Remuneration of Directors for 2020 includes fixed items of remuneration of Directors in their status 
as such, as well as fixed salary and short-term variable remuneration of Executive Directors. 
No long-term variable incentive has been accrued in 2020. 
In 2021 and 2020 no contributions were made to the defined contribution benefit Plan.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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The Company has taken out a D&O liability insurance policy that covers its Directors, Senior Managers 
and other Officers and employees. The insurance premium for 2021 and 2020 amounted to 753 and 
320 thousand euros, respectively. 
In 2021 and 2020 the Company did not pay any remuneration to natural persons representing it on the 
governing bodies of any other companies. 
Disclosures required pursuant to Article 229 of Legislative 
Royal Decree 1/2010, of 2 July, approving the Consolidated 
Text of the Spanish Companies Act  
Pursuant to section 229 of the Spanish Companies Act, amended by Act 31/2014, of 3 December, it is 
hereby disclosed that none of Inditex´s Director has reported any situation of direct or indirect conflict 
of interest that they or their related persons might have with the Company. 
Notwithstanding the foregoing, Mr Rodrigo Echenique Gordillo, Mr Emilio Saracho Rodriguez de Torres 
and Ms Pilar López Álvarez, hold positions on the Boards of Directors of Santander Group, International 
Consolidated Airlines Group and Microsoft Western Europe, respectively, and perform their duties as 
directors as independent parties, without prejudice to the commercial relationships that Inditex has 
had with these companies for years. In any case, the Board of Directors ensures, through the Audit and 
Compliance Committee that the transactions with directors and/or significant shareholders, or with their 
respective related persons, are carried out on an arm´s length basis and respecting the principle of 
equal treatment to shareholders. 
Whenever the Board of Directors deliberated on the appointment, re-election, acknowledgment of 
resignation, making available a position, compensation or any other resolution relating to a director or 
to a person or company related to a director, the affected party was absent from the board meeting 
during the deliberation and voting of the relevant resolution.  
Disclosures on the average period of payment to suppliers 
Set out below are the disclosures required by Additional Provision Three of Act 15/2010, of 5 July (as amended 
by 2nd Final Provision of Act 31/2014, of 3 December), prepared in accordance with the Spanish Accounting 
and Auditing Institute (ICAC) Resolution of 29 January 2016 on the disclosures to be included in notes to 
annual accounts in relation to the average period of payment to suppliers in commercial transactions. 
 
2021 
2020 
 
      Days 
Average period of payment to suppliers 
48.08 
48.67 
Ratio of transactions settled 
49.29 
49.32 
Ratio of transactions not yet settled 
37.39 
41.14 
 
       Amount 
Total payments made 
1,461 
1,088 
Total payments outstanding 
166 
93

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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These balances relate to suppliers that qualify as trade creditors for the supply of goods and services 
and, therefore, they include the numbers relating to ‘Payable to suppliers’, ‘Payable to suppliers – Group 
companies and associates’ and ‘Sundry accounts payable’ under ‘Current liabilities’ in the accompanying 
balance sheet at 31 January 2022 and 2021. 
‘Average period of payment to suppliers’ is taken to be the period that elapses from the delivery of the 
goods or the provision of the services by the supplier to the effective payment of the transaction. 
In addition, if for any reason the quality of the goods or services once received is lower than expected 
or agreed upon, it is the Company's policy not to make payments until the situation is rectified. 
Fees paid to auditors 
In 2021 and 2020 the fees for statutory audit services provided by the auditor of the Company’s annual 
accounts, or by any firms related to this auditor as a result of a relationship of control, common 
ownership or common management, amounted 0.3 million euros each year. 
In addition, the auditor billed the Company for other services amounting to 0.3 million euros in 2021 
(0.23 million euros in 2020). 
Information on environmental activities 
Inditex has developed a flexible and integrated business model, with a strong customer focus and a 
clear sustainable approach. In this regard, Inditex’s environmental strategy is outlined in its 
Sustainability Policy, which sets out, among other aspects, the Group’s environmental principles, which 
are applied transversally across all its business areas and throughout its entire value chain. These 
principles are embodied by three environmental strategies: Global Energy Strategy, Global Water 
Strategy and Biodiversity Strategy, as well as the commitments in respect of forest products, set forth 
in the Forest Product Policy. Inditex has ramped up its environmental ambition by announcing new 
commitments at its latest Annual General Meeting held in July 2021. 
At the year-end, Inditex has no environmental liabilities, expenses, assets, provisions or contingencies 
that might be material with respect to its equity, financial position and profits (losses). Climate change 
has been assessed as part of the estimates and judgements made in the preparation of the annual 
accounts and is not considered to have a material impact thereupon. 
The following sections of the Group’s Statement on Non-Financial Information includes information on 
Inditex’s commitment to the environment through its Sustainability Policy: 5.4 Collaborating to 
transform through sustainable management of our products, 5.5 Collaborating so our suppliers grow, 
and 5.6 Collaborating to safeguard the planet, and information on the risks and opportunities of climate 
change in section 5.10.4 ‘Climate change: risks and opportunities’.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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Events after the reporting period 
War began in Ukraine on 24 February 2022 and it continues at the date of preparing these annual 
accounts. The conflict has prevented the ordinary course of operations throughout the region. 
In this regard, on 5 March 2022, the Inditex Group announced that under the current circumstances it 
could not guarantee the continuity of the operations and commercial conditions in the Russian 
Federation and temporarily suspended its activities there (this applies to physical stores and the online 
channel alike).  
In the current environment, it is difficult to gauge the possible implications of this this situation for the 
Inditex Group, based on the multiple potential developments in the short and medium term. As these 
circumstances occurred subsequent to the close of the financial statements, pursuant to Accounting 
Standard 23 of the Spanish General Accounting Plan, these events and circumstances were not taken 
into account in the valuation of the shareholdings, and no provision has been allocated in this 
connection.  
Group´s Management continues to track the unfolding conflict and its potential repercussions closely.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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21. Explanation added for translation to English 
These annual accounts are presented on the basis of the regulatory financial reporting framework 
applicable to the Company in Spain (see Note 2.1). Certain accounting practices applied by the 
Company that conform with that regulatory framework may not conform with other generally accepted 
accounting principles and rules.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
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Annex I. List of Company of investments in Group 
companies at 31 January 2022 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Comditel, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Buyer 
2 
1 
‑ 
Zara Asia, Ltd. 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Choolet, S.A. 
(*) 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
‑ 
1 
‑ 
Confecciones Fíos, 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
1 
2 
‑ 
Confecciones Goa, 
S.A. 
(*) 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
1 
1 
‑ 
Denllo, S.A. 
(*) 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
7 
6 
‑ 
Hampton, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
‑ 
1 
‑ 
Nikole, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Buyer 
3 
1 
‑ 
Stear, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
4 
‑ 
‑ 
Trisko, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
2 
1 
‑ 
Zintura, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
3 
1 
‑ 
Glencare, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Textile 
Manufacturing 
2 
‑ 
‑ 
Indipunt, S.L. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
7 
12 
‑ 
Zara España, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Retail sales 
54 
89 
20 
Zara Argentina, S.A. 
 
100.00% 
Direct 
Buenos Aires 
- Argentina 
31-jan 
Retail sales 
54 
95 
‑ 
Zara Belgique, S.A. 
(*) 
100.00% 
Direct 
Brussels - 
Belgium 
31-jan 
Retail sales 
44 
66 
‑ 
Zara Chile, S.A. 
 
100.00% 
Direct 
Santiago de 
Chile - Chile 
31-dec 
Retail sales 
16 
2 
32 
Zara USA, Inc. 
 
100.00% 
Inditect 
New York - 
USA 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara France, 
S.A.R.L. 
 
100.00% 
Direct 
Paris - France 
31-jan 
Retail sales 
309 
230 
19 
ITX UK LTD. 
 
100.00% 
Inditect 
London - UK 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara Mexico, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Holding 
company 
‑ 
‑ 
‑ 
ITX HELLAS SINGLE 
MEMBER S.A. 
 
100.00% 
Inditect 
Athens - 
Greece 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara México, S.A. de 
C.V. 
 
100.00% 
Direct 
Mexico City - 
Mexico 
31-dec 
Retail sales 
14 
‑ 
‑ 
ITX PORTUGAL - 
CONFECÇÕES, S.A. 
 
100.00% 
Inditect 
Lisbon - 
Portugal 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
G.Zara Uruguay, S.A. 
 
100.00% 
Direct 
Montevideo - 
Uruguay 
31-jan 
Retail sales 
12 
10 
‑ 
Zara Brasil, LTDA. 
 
100.00% 
Direct 
Sao Paulo - 
Brazil 
31-dec 
Retail sales 
70 
84 
‑ 
ITX NEDERLAND BV 
(*) 
100.00% 
Direct 
Amsterdam - 
Netherlands 
31-jan 
Retail sales 
30 
232 
‑ 
Zara Österreich 
Clothing, GmbH 
 
100.00% 
Direct 
Vienna - 
Austria 
31-jan 
Retail sales 
10 
8 
‑ 
Inditex Danmark, 
AS. 
 
100.00% 
Direct 
Copenhaguen 
- Denmark 
31-jan 
Retail sales 
12 
35 
‑ 
ITX SVERIGE AB 
 
100.00% 
Direct 
Stockholm - 
Sweden 
31-jan 
Retail sales 
17 
39 
4

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-85- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Inditex Norge, AS. 
 
100.00% 
Direct 
Oslo - 
Norway 
31-jan 
Retail sales 
13 
12 
‑ 
ITX CANADA, LTD 
 
100.00% 
Inditect 
Montreal - 
Canada 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara Suisse, S.A.R.L. 
 
100.00% 
Direct 
Fribourg - 
Switzerland 
31-jan 
Retail sales 
23 
6 
‑ 
Za Giyim Ithalat 
Ihracat Ve Ticaret 
Ltd. 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail sales 
22 
44 
8 
ITX ITALIA SRL 
 
100.00% 
Inditect 
Milan - Italy 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
ITX Japan Corp. 
 
100.00% 
Inditect 
Tokyo - 
Japan 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
INDITEX CESKÁ 
REPUBLIKA, S.R.O 
(*) 
100.00% 
Direct 
Prague - 
Czech 
Republic 
31-jan 
Retail sales 
10 
52 
‑ 
Zara Puerto Rico, 
Inc. 
 
100.00% 
Direct 
San Juan - 
Puerto Rico 
31-jan 
Retail sales 
5 
3 
8 
ITX RETAIL 
IRELAND LIMITED 
(*) 
100.00% 
Direct 
Dublin - 
Ireland 
31-jan 
Retail sales 
42 
66 
‑ 
Zara Magyarorszag, 
KFT. 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail sales 
6 
7 
‑ 
Zara Holding, B.V. 
 
100.00% 
Direct 
Amsterdam - 
Netherlands 
31-jan 
Holding 
company 
4,525 
3,682 
570 
Zara Monaco, SAM 
 
100.00% 
Direct 
Monte Carlo - 
Monaco 
31-jan 
Retail sales 
17 
‑ 
‑ 
Zara Commercial 
(Shanghai), Co Ltd. 
 
100.00% 
Direct 
Shanghai - 
China 
31-dec 
Retail sales 
80 
26 
‑ 
Zara Commercial 
(Beijing), Co Ltd. 
 
100.00% 
Direct 
Beijing - 
China 
31-dec 
Retail sales 
21 
8 
6 
Zara Macau, Ltd. 
 
100.00% 
Direct 
Macao SAR 
31-dec 
Retail sales 
12 
‑ 
‑ 
Zara Polska, Sp. 
Zo.o.  
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail sales 
(8) 
40 
(1) 
JSC "Zara CIS" 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail sales 
11 
898 
8 
Zara Deutschland, 
GmbH 
 
100.00% 
Direct 
Hamburg - 
Germany 
31-jan 
Holding 
company 
121 
114 
‑ 
INDITEX ROMANIA, 
S.R.L. 
(*) 
100.00% 
Direct 
Bucharest - 
Romania 
31-dec 
Retail sales 
75 
446 
14 
INDITEX UKRAINE 
LLC  
 
100.00% 
Inditect 
Kiev - 
Ukraine 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
INDITEX SLOVAKIA, 
S.R.O. 
(*) 
100.00% 
Direct 
Bratislava - 
Slovakia 
31-jan 
Retail sales 
7 
40 
‑ 
ITX Taiwan B.V. 
Zara  Taiwan Branch 
 
100.00% 
Inditect 
Taipei - 
Taiwan 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
ITX Croatia, Ltd. 
 
100.00% 
Direct 
Zagreb - 
Croatia 
31-jan 
Retail sales 
22 
104 
‑ 
Zara Retail Korea, 
Co Ltd. 
 
80.00% 
Direct 
Seoul - South 
Korea 
31-jan 
Retail sales 
72 
45 
‑ 
Zara Bulgaria Ltd 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail sales 
2 
3 
3 
Zara Diseño, S.L. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Design 
135 
‑ 
160 
Zara Management, 
B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Holding 
company 
‑ 
‑ 
‑ 
Zara Retail NZ 
Limited 
 
100.00% 
Inditect 
Auckland - 
New Zealand 
31-jan 
Retail sales 
‑ 
‑ 
‑

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-86- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
KG ZARA Deutschland 
B.V. & Co.  
 
100.00% 
Inditect 
Hamburg - 
Germany 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Zara Retail South Africa 
(Propietary), LTD. 
 
90.00% 
Inditect Johannesburg 
- South Africa 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Group Zara Australia 
Pty. Ltd. 
 
100.00% 
Inditect 
Sydney - 
Australia 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Limited Liability 
Company "ZARA BLR" 
 
100.00% 
Direct 
Minsk - 
Belarus 
31-dec 
Retail 
sales 
3 
‑ 
‑ 
ITX S, D.O.O 
 
100.00% 
Inditect 
Ljubljana - 
Slovenia 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
ITX Financien, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Financial 
services 
‑ 
‑ 
‑ 
ITX Taiwan, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Holding 
company 
‑ 
‑ 
‑ 
ITX BH D.O.O. 
 
100.00% 
Direct 
Sarajevo - 
Bosnia 
Herzegovina 
31-dec 
Retail 
sales 
8 
43 
10 
ITX RS DOO BEOGRAD 
(*) 
100.00% 
Direct 
Belgrade - 
Serbia 
31-jan 
Retail 
sales 
10 
52 
4 
Nikole Diseño, S.L. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Design 
12 
44 
‑ 
Inditex Montenegro, 
D.O.O. Podgorica 
 
100.00% 
Inditect 
Podgorica - 
Montenegro 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Inditex Vastgoed 
Korea, Ltd. 
 
100.00% 
Direct 
Seoul - South 
Korea 
31-jan 
Real 
estate 
1 
1 
‑ 
Inditex Trent Retail 
India Private Ltd 
 
51.00% 
Direct 
Gurgaon - 
India 
31-Mar 
Retail 
sales 
44 
5 
13 
Kiddy´s Class España, 
S.A. 
(*) 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Retail 
sales 
1 
4 
‑ 
ITX Finland, OY 
 
100.00% 
Inditect 
Helsinki - 
Finland 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Retail Group 
Kazakhstan, LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
ITX Financien III, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Financial 
services 
‑ 
‑ 
‑ 
ITX Albania SHPK 
 
100.00% 
Inditect 
Tirana - 
Albania 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Zara Fashion 
(Shanghai) CO., Ltd. 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho España, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Retail 
sales 
53 
30 
‑ 
Oysho Mexico, S.A. de 
C.V. 
 
100.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho Giyim Ithalat 
Ihracat Ve Ticaret Ltd. 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail 
sales 
6 
36 
8 
Oysho Polska, Sp zo.o 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail 
sales 
4 
23 
‑ 
Oysho CIS, Ltd. 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail 
sales 
5 
146 
1 
Oysho France, S.A.R.L. 
 
100.00% 
Inditect 
Paris - France 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho 
MAGYARORSZAG, KFT 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail 
sales 
1 
7 
‑ 
Oysho Diseño, S.L. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Design 
6 
41 
‑ 
Oysho Bulgaria, Ltd 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail 
sales 
1 
16 
1 
Oysho Commercial & 
Trading (Shangai) Co., 
Ltd. 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho Korea, Ltd 
 
100.00% 
Inditect 
Seoul - South 
Korea 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho Macau, Ltd 
 
100.00% 
Inditect 
Macao SAR 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho Kazakhstan, LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail 
sales 
‑ 
‑ 
‑

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-87- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Oysho Hong Kong Ltd 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho Belgique, S.A. 
 
100.00% 
Direct 
Brussels - 
Belgium 
31-jan 
Retail 
sales 
2 
9 
‑ 
Limited Liability 
Company "OYSHO 
BLR" 
 
100.00% 
Inditect 
Minsk - 
Belarus 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Oysho Suisse SÀRL 
 
100.00% 
Direct 
Fribourg - 
Switzerland 
31-jan 
Retail 
sales 
2 
7 
‑ 
Grupo Massimo Dutti, 
S.A. 
(*) 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Retail 
sales 
105 
127 
40 
Massimo Dutti Giyim 
Ithalat Ih.Ve Tic. Ltd. 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail 
sales 
8 
28 
‑ 
Massimo Dutti France, 
S.A.R.L. 
 
100.00% 
Inditect 
Paris - France 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti UK, Ltd. 
 
100.00% 
Inditect 
London - UK 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Massimo Dutti Suisse, 
S.A.R.L. 
 
100.00% 
Direct 
Fribourg - 
Switzerland 
31-jan 
Retail 
sales 
7 
9 
‑ 
Massimo Dutti USA, 
INC. 
 
100.00% 
Inditect 
New York - 
USA 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
LLC Massimo Dutti 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail 
sales 
17 
466 
3 
Massimo Dutti 
Deutschland, GmbH 
 
100.00% 
Direct 
Hamburg - 
Germany 
31-jan 
Holding 
company 
11 
65 
‑ 
Massimo Dutti Mexico, 
S.A. de C.V. 
 
100.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti, S.A. 
 
100.00% 
Inditect 
A Coruña - 
Spain 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Massimo Dutti Hong 
Kong, Ltd. 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti Polska, 
Sp z.o.o. 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail 
sales 
4 
56 
‑ 
Massimo Dutti Macau 
Ltd. 
 
100.00% 
Inditect 
Macao SAR 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti 
Commercial Beijing Co, 
Ltd. 
 
100.00% 
Inditect 
Beijing - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti 
Bulgaria, Ltd 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail 
sales 
2 
32 
1 
Massimo Dutti Korea, 
Ltd 
 
100.00% 
Inditect 
Seoul - South 
Korea 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti Diseño, 
S.L. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Design 
19 
199 
‑ 
Massimo Dutti 
Commercial Shangai 
CO, Ltd 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti 
Österreich Clothing, 
GMBH 
(*) 
100.00% 
Direct 
Vienna - 
Austria 
31-jan 
Retail 
sales 
3 
2 
‑ 
Limited Liability 
Company "MASSIMO 
DUTTI BLR" 
 
100.00% 
Inditect 
Minsk - 
Belarus 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
ITX Taiwan B.V. 
Massimo Dutti Taiwan 
Branch 
 
100.00% 
Inditect 
Taipei - 
Taiwan 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
MD Benelux, SA 
 
100.00% 
Direct 
Bruges - 
Belgium 
31-jan 
Retail 
sales 
8 
32 
‑ 
KG Massimo Dutti 
Deutschland, B.V. & 
CO. 
 
100.00% 
Inditect 
Hamburg - 
Germany 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo Dutti 
Magyarorxzág KFT 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail 
sales 
‑ 
12 
‑

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-88- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Master Retail Kazakhstan, 
LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Massimo DuttiI India 
Private Ltd 
 
51.00% 
Inditect 
Gurgaon - 
India 
31-Mar 
Retail 
sales 
‑ 
‑ 
‑ 
Pull & Bear España, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Retail 
sales 
116 
15 
45 
Pull & Bear Giyim Ith. 
Ihrac.Ve Tic. Ltd. 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail 
sales 
6 
27 
1 
Pull & Bear Mexico, S.A. 
de C.V. 
 
100.00% 
Direct 
Mexico City 
- Mexico 
31-dec 
Retail 
sales 
20 
‑ 
‑ 
Pull & Bear Belgique, S.A. 
 
100.00% 
Direct 
Brussels - 
Belgium 
31-jan 
Retail 
sales 
7 
22 
‑ 
Pull & Bear France, 
S.A.R.L. 
 
100.00% 
Inditect 
Paris - 
France 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Pull & Bear Magyarország 
Kft. 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail 
sales 
2 
41 
‑ 
Pull & Bear Polska, Sp 
zo.o 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail 
sales 
5 
67 
‑ 
Pull & Bear CIS, Ltd. 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail 
sales 
4 
181 
1 
Pull & Bear Uk Limited 
 
100.00% 
Inditect 
London - 
UK 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Pull & Bear Commercial 
Beijing Co, Ltd. 
 
100.00% 
Inditect 
Beijing - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Pull & Bear Bulgaria, Ltd 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail 
sales 
2 
12 
‑ 
Pull & Bear Hong Kong 
Ltd 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Pull & Bear Diseño, S.L. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Design 
11 
284 
20 
Pull & Bear Österreich 
Clothing, Gmbh 
 
100.00% 
Direct 
Vienna - 
Austria 
31-jan 
Retail 
sales 
3 
1 
‑ 
Pull & Bear Korea, Ltd 
 
100.00% 
Inditect 
Seoul - 
South 
Korea 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Limited Liability Company 
"PULL AND BEAR BLR" 
 
100.00% 
Inditect 
Minsk - 
Belarus 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
ITX Taiwan B.V. Pull & 
Bear Taiwan Branch 
 
100.00% 
Inditect 
Taipei - 
Taiwan 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Plataforma Cabanillas, 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
1 
‑ 
‑ 
P&B Gmbh 
 
100.00% 
Direct 
Hamburg - 
Germany 
31-jan 
Holding 
company 
5 
26 
‑ 
Pull & Bear Deutschland 
BV& CO 
 
100.00% 
Inditect 
Hamburg - 
Germany 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Pro Retail Kazakhstan, 
LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Pull & Bear Suisse, SÁRL 
 
100.00% 
Direct 
Fribourg - 
Switzerland 
31-jan 
Retail 
sales 
5 
32 
2 
Uterqüe Cis, Ltd 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Uterqüe Giyim Limited  
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Uterqüe México S.A. de 
C.V. 
 
100.00% 
Inditect 
Mexico City 
- Mexico 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
"ITX KOSOVO" L.L.C. 
 
100.00% 
Inditect 
Pristina 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
ITX Finance  Asia, LTD 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Financial 
services 
‑ 
‑ 
‑ 
Inditex USA, LLC 
 
100.00% 
Direct 
New York - 
USA 
31-jan 
Holding 
company 
559 
542 
153 
Uterqüe Polska SP. Z O.O. 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Uterqüe Kazakhstan LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail 
sales 
‑ 
‑ 
‑

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-89- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Bershka BSK España, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Retail 
sales 
96 
47 
50 
Bershka Mexico, S.A. de 
CV 
 
100.00% 
Inditect 
Mexico City 
- Mexico 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka Giyim Ithalat 
Ihracat Ve Tic.Ltd. 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail 
sales 
5 
36 
1 
Bershka Belgique, S.A. 
 
100.00% 
Direct 
Brussels - 
Belgium 
31-jan 
Retail 
sales 
13 
34 
‑ 
Bershka France, S.A.R.L. 
 
100.00% 
Inditect 
Paris - 
France 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka Suisse, S.A.R.L. 
 
100.00% 
Direct 
Fribourg - 
Switzerland 
31-jan 
Retail 
sales 
7 
30 
2 
Bershka U.K., Ltd. 
 
100.00% 
Inditect 
London - 
UK 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Bershka Polska Sp Z O.O. 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail 
sales 
4 
94 
1 
Bershka Magyaroszag Kft. 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail 
sales 
2 
26 
‑ 
Bershka Cis, Ltd 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail 
sales 
6 
235 
2 
Bershka Osterreich 
Clothing GmbH 
 
100.00% 
Direct 
Vienna - 
Austria 
31-jan 
Retail 
sales 
3 
5 
‑ 
Bershka Hong Kong 
Limited 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka Commercial 
Beijing Co, Ltd 
 
100.00% 
Inditect 
Beijing - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka Bulgaria, Ltd 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail 
sales 
2 
18 
1 
Bershka Korea, Ltd 
 
100.00% 
Inditect 
Seoul - 
South 
Korea 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka Diseño, S.L. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Design 
13 
359 
20 
BSKE, GMBH 
 
100.00% 
Direct 
Hamburg - 
Germany 
31-jan 
Holding 
company 
17 
97 
‑ 
Bershka Deutschland B.V. 
& CO. KG 
 
100.00% 
Inditect 
Hamburg - 
Germany 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Best Retail Kazakhstan, 
LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka Commercial 
(Shanghai) Co, Ltd 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
Bershka USA INC 
 
100.00% 
Inditect 
New York - 
USA 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Limited Liability Company 
"BK GARMENTS BLR" 
 
100.00% 
Inditect 
Minsk - 
Belarus 
31-dec 
Retail 
sales 
‑ 
‑ 
‑ 
ITX Taiwan B.V. Bershka 
Taiwan Branch 
 
100.00% 
Inditect 
Taipei - 
Taiwan 
31-jan 
Retail 
sales 
‑ 
‑ 
‑ 
Stradivarius España, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Retail 
sales 
94 
120 
90 
ITX RE DAC 
 
100.00% 
Inditect 
Dublin - 
Ireland 
31-jan 
Insurance 
‑ 
‑ 
‑ 
Stradivarius Giyim Ithalat 
Ih. Ve Tic. Ltd. 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail 
sales 
5 
30 
1 
Stradivarius Polska, Sp 
zo.o 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail 
sales 
6 
79 
‑ 
Stradivarius CIS, Ltd. 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail 
sales 
1 
115 
1

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-90- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Stradivarius France, 
S.A.R.L. 
 
100.00% 
Inditect 
Paris - 
France 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Stradivarius 
Magyaroszag Kft. 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail sales 
4 
17 
‑ 
Stradivarius 
Commercial Shangai 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Stradivarius Bulgaria, 
Ltd 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail sales 
1 
6 
‑ 
Stradivarius Diseño, 
S.L. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Design 
11 
224 
15 
Stradivarius Korea, Ltd 
 
100.00% 
Inditect 
Seoul - 
South Korea 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Stradivarius Hong 
Kong, Ltd 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Stradivarius México, 
S.A. de C.V. 
 
100.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Stradivarius UK 
LIMITED 
 
100.00% 
Inditect 
London - UK 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Stradivarius Belgique, 
S.A. 
(*) 
100.00% 
Direct 
Brussels - 
Belgium 
31-jan 
Retail sales 
2 
17 
‑ 
Limited Liability 
Company 
 
100.00% 
Inditect 
Minsk - 
Belarus 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Spanish Retail 
Kazakhstan, LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
ITX Trading, S.A. 
 
100.00% 
Inditect 
Fribourg - 
Switzerland 
31-jan 
Buyer 
‑ 
‑ 
‑ 
Zara Home España, 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Retail sales 
39 
34 
‑ 
Zara Home U.K., Ltd. 
 
100.00% 
Inditect 
London - UK 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Zara Home Mexico, S.A. 
de C.V. 
 
100.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Zara Home Giyim 
Ithalat Ihracat Ve 
 
100.00% 
Direct 
Istanbul - 
Turkey 
31-jan 
Retail sales 
2 
16 
1 
Zara Home Francia, 
S.A.R.L. 
 
100.00% 
Inditect 
Paris - 
France 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara Home CIS, Ltd. 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail sales 
6 
133 
1 
Zara Home Polska,  Sp 
zo.o 
 
100.00% 
Direct 
Warsaw - 
Poland 
31-jan 
Retail sales 
4 
13 
‑ 
Zara Home Diseño, S.L. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Design 
11 
43 
‑ 
Zara Home 
Deutschland B.V. & Co. 
 
100.00% 
Inditect 
Hamburg - 
Germany 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
ZHE, Gmbh 
 
100.00% 
Direct 
Hamburg - 
Germany 
31-jan 
Holding 
company 
15 
16 
‑ 
Zara Home Brasil 
Produtos para o Lar, 
 
100.00% 
Direct 
Sao Paulo - 
Brazil 
31-dec 
Retail sales 
(3) 
‑ 
‑ 
Zara Home Belgique, 
S.A. 
 
100.00% 
Direct 
Brussels - 
Belgium 
31-jan 
Retail sales 
8 
18 
‑ 
Zara Home Commercial 
& Trading (Shangai) 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Zara Home Macao SUL 
 
100.00% 
Inditect 
Macao SAR 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Zara Home Kazakhstan, 
LLP 
 
100.00% 
Inditect 
Almaty - 
Kazakhstan 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Zara Home Hong Kong  
Ltd 
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Dormant 
‑ 
‑ 
‑ 
G. Zara Home Uruguay, 
S.A. 
 
100.00% 
Direct 
Montevideo - 
Uruguay 
31-jan 
Retail sales 
2 
8 
‑ 
Zara Home Suisse 
SÀRL 
 
100.00% 
Direct 
Fribourg - 
Switzerland 
31-jan 
Retail sales 
12 
15 
‑ 
Zara Home Chile SPA 
 
100.00% 
Inditect 
Santiago de 
Chile - Chile 
31-dec 
Retail sales 
‑ 
‑ 
‑

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-91- 
Company 
 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Zara Home Australia 
Pty Ltd 
 
100.00% 
Inditect 
Sydney - 
Australia 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara Home 
Magyarorszag KFT. 
 
100.00% 
Direct 
Budapest - 
Hungary 
31-jan 
Retail sales 
1 
6 
‑ 
Zara Home Korea 
LIMITED 
 
100.00% 
Inditect 
Seoul - 
South Korea 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara Home Bulgaria 
EOOD 
 
100.00% 
Direct 
Sofia - 
Bulgaria 
31-dec 
Retail sales 
1 
11 
‑ 
Limited Liability 
Company "ZARA HOME 
 
100.00% 
Inditect 
Minsk - 
Belarus 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
ITX Taiwan B.V. Zara 
Home Taiwan Branch 
 
100.00% 
Inditect 
Taipei - 
Taiwan 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
Zara Logística, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
3 
1 
‑ 
Plataforma Europa, S.A. 
 
100.00% 
Direct 
Zaragoza - 
Spain 
31-jan 
Logistics 
6 
3 
‑ 
Plataforma Logística 
León, S.A. 
 
100.00% 
Direct 
León - Spain 
31-jan 
Logistics 
9 
6 
‑ 
Plataforma Logística 
Meco, S.A. 
 
100.00% 
Direct 
Madrid - 
Spain 
31-jan 
Logistics 
4 
‑ 
‑ 
Pull & Bear Logística, 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
2 
2 
‑ 
Massimo Dutti 
Logística, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Logistics 
1 
1 
‑ 
Bershka Logística, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Logistics 
3 
4 
‑ 
Oysho Logística, S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Logistics 
1 
1 
‑ 
Stradivarius Logística, 
S.A. 
 
100.00% 
Direct 
Barcelona - 
Spain 
31-jan 
Logistics 
2 
1 
‑ 
Zara Home Logística, 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
3 
1 
‑ 
Inditex Logística, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
17 
‑ 
‑ 
Nueva 
comercializadora global 
 
100.00% 
Direct 
Mexico City - 
Mexico 
31-dec 
Logistics 
‑ 
‑ 
‑ 
Corporación de 
Servicios XXI, S.A. de 
 
100.00% 
Direct 
Mexico City - 
Mexico 
31-dec 
Services 
8 
‑ 
‑ 
Goa-Invest, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Construction 
11 
3 
‑ 
Goa-Invest 
Deutschland GMBH 
 
100.00% 
Inditect 
Hamburg - 
Germany 
31-jan 
Construction 
‑ 
‑ 
‑ 
Zara Vastgoed, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Real estate 
‑ 
‑ 
‑ 
ITX Global  Solutions 
LIMITED  
 
100.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Services 
‑ 
‑ 
‑ 
SNC Zara France 
Immobiliere 
 
100.00% 
Inditect 
Paris - 
France 
31-dec 
Real estate 
‑ 
‑ 
‑ 
SCI Vastgoed Ferreol 
P03302 
 
100.00% 
Inditect 
Paris - 
France 
31-dec 
Real estate 
‑ 
‑ 
‑ 
SCI Vastgoed France 
P03301 
 
100.00% 
Inditect 
Paris - 
France 
31-dec 
Real estate 
‑ 
‑ 
‑ 
SCI Vastgoed General 
Leclerc P03303 
 
100.00% 
Inditect 
Paris - 
France 
31-dec 
Real estate 
‑ 
‑ 
‑ 
SCI Vastgoed Nancy 
P03304 
 
100.00% 
Inditect 
Paris - 
France 
31-dec 
Real estate 
‑ 
‑ 
‑

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-92- 
Company 
 
Effective 
% of 
ownership 
Types of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment 
Dividends 
Lefties España, 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Real estate 
‑ 
‑ 
‑ 
Born, S.A. 
 
100.00% 
Inditect 
Palma de 
Mallorca - 
Spain 
31-jan 
Real estate 
‑ 
‑ 
‑ 
LFT RUS Ltd 
(*) 
100.00% 
Direct 
Moscow - 
Russia 
31-dec 
Retail sales 
1 
‑ 
‑ 
Lelystad 
Platform, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Logistics 
‑ 
‑ 
‑ 
Robustae 
Mexico, S.A DE 
 
100.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
Inditex, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Zara Holding II, 
B.V  
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Holding 
company 
‑ 
‑ 
‑ 
Zara, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Zara, S.A. 
 
100.00% 
Direct 
Buenos Aires 
- Argentina 
31-jan 
Dormant 
‑ 
‑ 
‑ 
Fashion Logistic 
Forwarders, S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Logistics 
2 
‑ 
‑ 
ITX Asia Pacific 
Enterprise 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Buyer 
‑ 
‑ 
‑ 
FSF New York, 
LLC 
 
100.00% 
Inditect 
New York - 
USA 
31-jan 
Real estate 
‑ 
‑ 
‑ 
FSF Soho, LLC 
 
100.00% 
Inditect 
New York - 
USA 
31-jan 
Real estate 
‑ 
‑ 
‑ 
ITX USA, LLC 
 
100.00% 
Direct 
New York - 
USA 
31-jan 
Retail sales 
14 
4 
11 
Fashion Retail , 
S.A. 
 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Retail sales 
11 
‑ 
45 
ITXR 
Macedonaia 
Dooel Skopje 
 
100.00% 
Inditect 
Skopje - 
North 
Macedonia 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
ITX E-commerce 
(Shanghai) Co. 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Retail sales 
‑ 
‑ 
‑ 
ITX TRYFIN B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Financial 
services 
‑ 
‑ 
‑ 
ITX RUBFIN, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Financial 
services 
‑ 
‑ 
‑ 
ITX Korea 
LIMITED 
 
100.00% 
Inditect 
Seoul - South 
Korea 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
ITX Services 
India Private Ltd 
 
100.00% 
Inditect 
Gurgaon - 
India 
31-mar 
Buyer 
‑ 
‑ 
‑ 
Inditex France, 
S.A.R.L. 
 
100.00% 
Direct 
Paris - France 
31-jan 
Dormant 
‑ 
‑ 
‑ 
ITX Merken, B.V. 
 
100.00% 
Inditect 
Amsterdam - 
Netherlands 
31-jan 
Services 
‑ 
‑ 
‑ 
Zara Home 
Österreich 
 
100.00% 
Direct 
Vienna - 
Austria 
31-jan 
Retail sales 
‑ 
2 
‑ 
ITX 
LUXEMBOURG 
(*) 
100.00% 
Direct 
Luxembourg - 
Luxembourg 
31-jan 
Retail sales 
11 
32 
‑ 
CDC Trading 
(Shangai) Co. 
 
100.00% 
Inditect 
Shanghai - 
China 
31-dec 
Buyer 
‑ 
‑ 
‑ 
Zara Home Retail 
South Africa 
 
100.00% 
Inditect 
Johannesburg 
- South Africa 
31-jan 
Retail sales 
‑ 
‑ 
‑ 
FGI Gestión Mex, 
S.A. de C.V. 
 
100.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Construction 
‑ 
‑ 
‑ 
INDITEX 
RENOVABLES, 
(*) 
100.00% 
Direct 
A Coruña - 
Spain 
31-jan 
Services 
‑ 
‑ 
‑ 
Total 
 
 
 
 
 
 
 
11,218 
1,396 
 
(*) Net investment variation by merger, acquisition, cash contribution or reduction (Note 8.1).

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-93- 
List of Company investments in jointly controlled entities 
at 31 January 2022. 
Company 
Effective 
% of 
ownership 
Types 
of 
holding 
Location 
Reporting 
date 
Line of 
business 
Shareholders’ 
equity 
Net 
investment Dividends 
Tempe, S.A. 
50.00% 
Direct 
Alicante - 
Spain 
31-jan 
Marketing of 
footwear 
530 
- 
25 
Tempe México, S.A. de 
C.V. 
50.00% 
Inditect 
Mexico City - 
Mexico 
31-dec 
Dormant 
3 
- 
- 
Tempe Logística, S.A. 
50.00% 
Inditect 
Alicante - 
Spain 
31-jan 
Logistics 
‑ 
- 
- 
Tempe Brasil, Ltda. 
50.00% 
Inditect 
Sao Paulo - 
Brazil 
31-dec 
Dormant 
‑ 
- 
- 
Tempe Diseño, S.L. 
50.00% 
Inditect 
Alicante - 
Spain 
31-jan 
Design 
38 
- 
- 
Tempe Trading Asia 
Limited 
50.00% 
Inditect 
Hong Kong 
SAR 
31-jan 
Marketing of 
footwear 
95 
- 
- 
TMP Trading (Shanghai) 
Co. Ltd 
50.00% 
Inditect 
Shanghai - 
China 
31-dec 
Marketing of 
footwear 
13 
- 
- 
Tempe Giyim, Ltd. 
50.00% 
Inditect 
Istanbul - 
Turkey 
31-jan 
Dormant 
‑ 
- 
- 
Total 
 
 
 
 
 
 
‑ 
25

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-94- 
Annex II. Direct and indirect investments of the 
members of the Board of Directors in the share 
capital of the Company at 31 January 2022 
Name or company name of 
director 
% Voting rights 
attributed to the shares 
% Voting rights through 
financial instruments 
% Total 
voting rights 
% Voting rights that 
can be sell through 
financial instruments 
 
Direct 
Indirect 
Direct 
Indirect 
 
Direct 
Indirect 
Mr Pablo Isla Álvarez de Tejera ¹ 
0.0680% 
- 
0.0070% 
- 
0.0750% 
- 
- 
Mr Amancio Ortega Gaona ² 
- 
0.5929% 
- 
- 
59.2940% 
- 
- 
 Mr Óscar García Maceiras ³ 
0.0004% 
- 
0.0050% 
- 
0.0050% 
- 
- 
Mr José Arnau Sierra 
0.0010% 
- 
- 
- 
0.0010% 
- 
- 
Pontegadea Inversiones, S.L. ⁴ 
50.0100% 
- 
- 
- 
50.0100% 
- 
- 
Bns Denise Patricia Kingsmill 
- 
- 
- 
- 
- 
- 
- 
Ms Anne Lange 
- 
- 
- 
- 
- 
- 
- 
Ms Pilar López Álvarez 
0.0001% 
- 
- 
- 
0.0001% 
- 
- 
Mr José Luis Durán Schulz 
0.0001% 
- 
- 
- 
0.0001% 
- 
- 
Mr Rodrigo Echenique Gordillo 
- 
- 
- 
- 
- 
- 
- 
Mr Emilio Saracho Rodríguez de 
Torres 
- 
- 
- 
- 
- 
- 
- 
Total 
 
 
 
 
59.375% 
 
 
¹ With regard to the second cycle (2020-2023) of the 2019-2023 Long-Term Incentive Plan, the Executive Chairman may receive up to a maximum 
number of 120,174 shares (i.e. 0.0038%). Likewise, with regard to the first cycle (2021-2024) of the new 2021-2025 Long-Term Incentive Plan, 
the Executive Chairman may receive up to a maximum of 116,569 shares (i.e. 0.0037%). 
 ² Through Pontegadea Inversiones, SL and Partler Participaciones, S.L. (Partler 2006, S.L. holds 100% of its stake). 
³ With regard to the second cycle (2020-2023) of the 2019-2023 Long-term Incentive Plan, Mr Óscar García Maceiras, the new CEO of the company 
since 29 November 2021, may receive up to a maximum number of 61,854 shares. (i.e. 0.002%) for the duties performed as General Counsel and 
Secretary of the Board of Directors in 2021 and taking into account the amount he has been assigned as CEO pursuant to the Remuneration Policy 
approved at the Annual General Meeting held in 2021. Likewise, with regard to the first cycle (2021-2024) of the new 2021-2025 Long-Term 
Incentive Plan, the CEO may receive up to a maximum of 68,562 shares. (i.e. 0.002 %). 
⁴ Represented by Ms Flora Pérez Marcote. 
This Annex forms an integral part of Note 11 of the accompanying Notes to the annual accounts, and must be read 
in conjunction with this.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-95- 
DIRECTORS’ REPORT 
FOR THE YEAR 
ENDED 31 JANUARY 
2022

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-96- 
Directors’ report for the year ended 31 January 2022 
Company situation and business performance  
Industria de Diseño Textil, S.A. as parent of the Inditex Group owns the shareholdings of the main 
companies of the Group and performs the activities of a holding company, whereby its results derive 
largely from dividends received from its subsidiaries. Likewise, the company provides different kinds of 
corporate services to its subsidiaries, both domestic and foreign, and supplies clothing and accessories 
of the Zara concept to subsequently be responsible for their distribution and sale to other Group 
companies engaged in retail marketing. 
For a detailed analysis of the evolution of the Group’s businesses, as well as the forecast for 2022, it is 
necessary to refer to the Consolidated Directors’ Report of the Inditex Group.  
Financial risk management policy  
The Company’s activities are exposed to various financial risks: market risk (including foreign currency 
risk), credit risk, liquidity risk and cash flow interest rate risk. The Company's risk management focuses 
on the uncertainty of financial markets and aims to minimise the potential adverse effects on the 
Company's profitability, for which purpose it uses certain financial instruments described below. 
Foreign currency risk 
The Company operates in an international environment and, accordingly, is exposed to foreign currency 
on transactions in foreign currencies, in particular the US dollar. The foreign currency risk arises from 
future commercial transactions and from assets and liabilities recognised in currencies other than the 
euro. 
The Company uses currency forwards to hedge the foreign currency risk. The Company manages the 
net position in each foreign currency by using external currency forwards or other financial instruments. 
Raw material risk 
The Company is also exposed to potential cost volatility and inflation related to the impact resulting 
from price increases of the many raw materials (both textile and non-textile) consumed directly and 
indirectly in its operation and its procurement of goods (garments, footwear and accessories), and 
services, especially in terms of supply and distribution transport, as well as energy consumption. This 
risk is measured using 'at risk' methodologies from a portfolio of exposures standpoint. 
Credit risk 
The Company is not exposed to significant concentrations of credit risk as policies are in place to cover 
sales to franchises.  
Liquidity and interest rate risk 
The Company is not exposed to significant liquidity risk, as it maintains sufficient cash and cash 
equivalents to meet the outflows required in its normal operations. If the Company has a specific 
financing requirement, either in euros or in other currencies, it resorts to loans, credit facilities or other 
types of financial instruments.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-97- 
Interest rate fluctuations change the fair value of assets and liabilities that bear a fixed interest rate and 
the future flows from assets and liabilities bearing interest at a floating rate. The Company's exposure 
to this risk is not significant. 
Country risk 
The international presence of the Company's subsidiaries and permanent establishment exposes it to 
the country risk of numerous geographical regions, in both its supply and its sales and distribution 
activities. One of the most significant manifestations of country risk is foreign currency risk and the 
possibility of exposure to limits or controls on the free circulation of cash flows due to a lack of currency 
convertibility, in current or capital account terms, or to unexpected restrictions on the movement of 
capital. 
The Company manages cash at corporate level based on a highly active repatriation policy aimed at 
reducing the aforementioned risks to a minimum.  At 31 January 2022, there was no significant risk in 
relation to the repatriation of funds or any material cash surpluses not available for use by the Company 
or its subsidiaries. Similarly, there are no significant restrictions on the Company's ability to access the 
assets and settle the liabilities of its subsidiaries. 
Capital management 
The Company's capital management objectives are to safeguard its ability to continue operating as a 
going concern, so that it can continue to generate returns for shareholders and benefit other 
stakeholders, and to maintain an optimum capital structure to reduce the cost of capital.  
Significant events after the reporting period 
War began in Ukraine on 24 February 2022 and it continues at the date of preparing these annual 
accounts. The conflict has prevented the ordinary course of operations throughout the region. 
In this regard, on 5 March 2022, the Inditex Group announced that under the current circumstances it 
could not guarantee the continuity of the operations and commercial conditions in the Russian 
Federation and temporarily suspended its activities there (this applies to physical stores and the online 
channel alike).  
In the current environment, it is difficult to gauge the possible implications of this this situation for the 
Inditex Group, based on the multiple potential developments in the short and medium term. As these 
circumstances occurred subsequent to the close of the financial statements, pursuant to Accounting 
Standard 23 of the Spanish General Accounting Plan, these events and circumstances were not taken 
into account in the valuation of the shareholdings, and no provision has been allocated in this 
connection.  
Group´s Management continues to track the unfolding conflict and its potential repercussions closely.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-98- 
R&D activities 
Inditex carries out research, development and innovation activities in all areas of its activity in order to 
improve manufacturing and distribution processes and to develop, with its own means or with the help 
of third parties, technologies that facilitate business management. In particular, it highlights the 
technology linked to POS terminals, inventory management and management systems, distribution 
systems in distribution centers, communication with stores, clothing labelling and, lastly, digital 
transformation of the business. 
Treasury shares 
The Annual General Meeting held on 16 July 2019 approved the 2019-2023 Long-Term Incentive Plan 
and authorised the Board of Directors to derivatively acquire treasury shares to cater for this Plan. 
Likewise, the Annual General Meeting, at its meeting held on 13 July 2021, approved the 2021-2025 
Long-Term Incentive Plan. 
As at 31 January 2021, the Company owned 1,726,305 treasury shares, representing 0.055% of the 
share capital. 
In the first half of 2021, in the framework of the Temporary Share Buy-back Programme, and under the 
current authorisation granted by the General Meeting of Shareholders, 2,500,000 own shares were 
purchased to allow the Company to fulfil its share delivery obligations to the beneficiaries of the 2019-
2023 Long Term Incentive Plan, above referred. 
Consequently, as at 31 January 2022, the Company owned 4,226,305 treasury shares, representing 
0.136% of the share capital. 
Financial instruments 
Foreign currency risk is managed in line with the corporate risk management model guidelines, which 
establish the ongoing monitoring of exchange rate fluctuations and other measures designed to mitigate 
this risk, mainly through the optimisation of the Company’s operations, including centralisation, in order 
to minimise the impact, using natural hedges, the benefits of diversification and the arrangement of 
financial hedges. Occasionally, the Company uses financial derivatives like options purchased and 
currency forwards. 
Dividends policy  
The Board of Directors will propose to the Annual General Meeting a dividend of 0.93 euros per share, 
composed of an ordinary dividend of 0.63 euros per share and a bonus dividend of 0.30 euros per share. From 
the total amount of 0.93 euros per share, 0.465 euros per share are payable on 2 May 2022 as ordinary 
interim dividend and 0.465 euros per share are charged to reserves and payable on 2 November 2022 as 
ordinary dividend and supplementary bonus dividend.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-99- 
The dividends paid by the Parent in 2021 and 2020 amounted to 2,180 million euros and 1,090 million 
euros, respectively. These amounts correspond to payments of 0.35 euros per share and 0.88 euros 
per share, respectively.  
Other disclosures 
The Group's general payment policy complies with the periods for payment to trade suppliers set in the 
late payment legislation in force. The Company is currently implementing measures to try to reduce the 
payment period in those rare cases in which the established maximum payment period is exceeded. 
The aforementioned measures will focus on reducing the length of the processes involved in the receipt, 
verification, acceptance and accounting of invoices (enhancing use of electronic and technological 
methods) and improving the procedure for incident resolution in this connection. 
Annual corporate governance report 
The Annual Corporate Governance Report for 2021 is available at www.inditex.com and was published 
in the section on Relevant Event Communications of the CNMV (Spanish National Securities Market 
Commission) website (www.cnmv.es) on 16 March 2022. 
Non-financial and diversity information: sustainability and 
compliance with equality, diversity, non-discrimination 
and disability standards. 
Information regarding the Statement of Non-Financial Information of the Company is included in the 
Consolidated Directors’ Report of the Inditex Group whose parents is Industria de Diseño Textil, S.A. 
and which will be deposited, together with the Consolidated Annual Accounts, with the Mercantile 
Registry of A Coruña.  
Section 6.3 of this document includes the Group´s Statement on Non-Financial Information, which 
includes information about issues relating to sustainability and employees in sections 4.2 Sustainability, 
the basis for transformation; 5.1 Collaborating with our people, the engine of that transformation; 5.4 
Collaborating to transform through sustainable management of our products; 5.5 Collaborating so our 
suppliers grow; 5.6 Collaborating to safeguard the planet and 5.7 Collaborating to generate value in the 
community. 
Lastly, as at 31 January 2022, the Company was compliant with the new regulatory framework 
established by Royal Decree-Law 6/2019, of 1 March, on urgent measures to guarantee equal treatment 
and opportunities for women and men in employment and work.

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-100- 
Report on Internal Control 
Systems (ICFR)

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-101-

Inditex 2021 Annual Report | Annual Accounts and Directors’ Report 2021 
 
 
-102-

Annual Corporate 
Governance Report (ACGR)

Inditex Annual Report 2021 | Annual Corporate Governance Report (ACGR) 
 
 
-104- 
ISSUER IDENTIFICATION DETAILS 
Year End-Date: 31/01/2022 
Tax ID (CIF): A15075062 
Company name: INDUSTRIA DE DISEÑO TEXTIL, (INDITEX, S.A.) 
Registered office: Avda. de la Diputación, Edificio Inditex, 15142 Arteixo (A Coruña) (Spain)

Inditex Annual Report 2021 | Annual Corporate Governance Report (ACGR) 
 
 
-105- 
In this Annual Corporate Governance Report, the board of directors of INDUSTRIA DE DISEÑO TEXTIL, 
S.A. (INDITEX, S.A.), (“INDITEX”, “Inditex”, the “Group” or the “Company”) has included all the relevant 
information for financial year 2021, which commenced on 1 February 2021 and ended on 31 January 
2022, excepting those cases in which other dates of reference are specifically mentioned.  
The revised text of the Ley de Sociedades de Capital [Spanish Companies Act] approved by Real Decreto 
Legislativo 1/2010 of 2 July (the “Companies Act” or “LSC” [Spanish acronym]), amended by Act 31/2014 
of 3 December to improve corporate governance (“Act 31/2014”), Act 5/2015 of 27 April on promotion 
of corporate financing (“Act 5/2015”) and by recently passed Act 5/2021 of 12 April as regards 
encouragement of long-term shareholder engagement in listed companies (“Act 5/2021”), represents 
the basic legal framework of corporate governance in Spain.  
In addition, the Good Governance Code of Listed Companies (“GGC” or “Good Governance Code”), 
approved by the Comisión Nacional del Mercado de Valores [Spanish National Securities Market 
Commission] (“CNMV” [Spanish acronym]) in February 2015 and amended in part by CNMV’s board on 25 
June 2020, lists a set of principles and practices that must govern corporate governance in listed 
companies. 
For the purposes of aligning the standard forms of the Annual Corporate Governance Report and the 
Annual Report on Remuneration of Directors with LSC’s partial amendment resulting from Act 5/2021 
above referred, CNMV’s Circular 3/2021 of 28 September was published on 9 October 2021,  amending 
in part (i) Circular 5/2013, of 12 June that sets forth the standard form of the annual corporate 
governance report for listed public limited companies, saving banks and other entities that issue 
securities admitted to trading on regulated markets; and (ii) Circular 4/2013 of 12 June that sets forth 
the standard forms of the annual report on remuneration of directors for listed public limited companies, 
saving banks and other entities that issue securities admitted to trading on regulated markets (“Circular 
3/2021”).  
Consequently, this Report has been filed, taking into account the amendments and new requirements 
laid down in Circular 3/2021, in free format in accordance with the provisions of Circular 5/2013 above 
referred. 
Notwithstanding the foregoing, the contents of this Report meet the minimum requirements laid down 
in applicable regulations, as provided in section 540 LSC and in Order ECC/461/2013 of 20 March, and 
is accompanied by the relevant statistical Appendix.  
This Annual Corporate Governance Report will be released as other relevant information (OIR [Spanish 
acronym]) contemporaneously with the release of the Annual Report on Remuneration of Directors and 
will be available on Inditex’s corporate website and on CNMV’s website. 
Inditex’s corporate governance rules are established in the Articles of Association, the Board of 
Directors’ Regulations, the Regulations of the General Meeting of Shareholders, the terms of reference 
of board committees, the Internal Regulations of Conduct in the Securities Markets (IRC), the Code of 
Conduct and Responsible Practices and the Regulations of the Social Advisory Board, as it is explained 
in more detail below:

Inditex Annual Report 2021 | Annual Corporate Governance Report (ACGR) 
 
 
-106- 
Articles of Association. Approved by the Annual General Meeting in July 2000 and amended several 
times. They were last amended on 13 July 2021 for the purposes, on the one hand, of encompassing 
the regulatory development introduced by Act 5/2021 and on the other, aligning its language with the 
correlative amendments to the Board of Directors’ Regulations and the terms of reference of the Audit 
and Compliance, Nomination and Sustainability Committees made throughout 2020 to bring them into 
line with the provisions of the revised GGC, amended in part further to a resolution passed by CNMV’s 
board on 25 June 2020. 
With the second group of amendments, the process to review and standardize the Group’s internal 
regulations which had begun in FY2020 to align them with the revised GGC, is completed. 
Board of Directors’ Regulations: Approved by the Board of Directors in July 2000. This set of rules seeks 
to determine the principles of operation of the Board of Directors, the basic rules for its organization and 
proceedings and the rules governing the conduct of its members; it provides among other matters, rules 
regarding the appointment and removal of Directors, their rights and duties and the relations of the 
Board of Directors with the shareholders, the markets and the external auditor, all this with the aim of 
achieving the highest possible degree of efficiency. Amended several times, the last amendment was 
approved by the Board of Directors on 8 June 2021, for the purposes of encompassing the regulatory 
development introduced by Act 5/2021. All such amendments are addressed in greater detail in section 
C.1.15 below. 
Regulations of board committees (Audit and Compliance Committee’s Regulations, Nomination 
Committee’s Regulations, Remuneration Committee’s Regulations and Sustainability Committee’s 
Regulations, jointly “board committees”):  
The terms of reference of the Audit and Compliance Committee, the Nomination Committee, and the 
Remuneration Committee were approved by the Board of Directors in the meeting held on 9 June 2015. 
The board of directors approved the Sustainability Committee’s Regulations in the meeting held on 16 
July 2019 following the committee’s formation.  
These terms of reference seek to govern the proceedings of these Committees as regards their powers, 
composition, calling, quorum, decision-making and relationship with the remaining governing bodies of 
the Company. 
The terms of reference of board committees were updated for the last time on 8 June 2021. With regard 
to the Audit and Compliance and Nomination Committee’s Regulations, the amendment thereof mainly 
sought to align their provisions with the regulatory development introduced by Act 5/2021.  
Meanwhile, the terms of reference of all board committees were updated for the purposes of relaxing 
the current system set to hold meetings, expressly including the possibility to hold virtual meetings. 
With regard to the Remuneration Committee’s Regulations, they were amended for the purposes of 
extending diversity yardsticks to be considered for its membership, in line with the terms of the sets of 
rules of the remaining board committees.

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Regulations of the General Meeting of Shareholders: This set of rules was approved by the Annual 
General Meeting on 18 July 2003. Its aim is to govern the proceedings of the General Meeting of 
Shareholders as to calling of meetings, preparation, information, attendance, proceedings and exercise 
of voting rights, and to inform shareholders of their rights and duties relating to such body. Said 
Regulations have been amended on different occasions, to adapt its provisions to the successive 
updates of the Articles of Association, the latest one of which took place on 13 July 2021. As was the 
case with the amendment to the Articles of Association, approved on that same date, such amendment 
seeks to encompass the regulatory development introduced by Act 5/2021. In particular, the possibility 
of holding virtual-only general meetings was covered, in accordance with the provisions of new section 
182bis LSC. 
Internal Regulations of Conduct in the Securities Markets (the “Internal Regulations of Conduct” or 
“IRC”): the IRC was originally approved by the board of directors in July 2000. This document provides, 
among other things, the rules for processing, safeguarding and disclosing inside information and other 
relevant information of the Company, the system that governs transactions in Inditex securities and 
financial instruments carried out by the persons included in its scope, the provisions on prohibition of 
market manipulation and Inditex’s policy on treasury stock. 
The new IRC was approved by the board of directors on 19 July 2016 for the purposes of adapting its 
contents to the European regulatory framework to fight market abuse, made up of Regulation (EU) No 
596/2014 of 16 April 2014 on market abuse, Directive 2014/57/EU of 16 April 2014, and their 
respective implementing regulations, that seek to reinforce the integrity of the financial markets and to 
set up mechanisms for a streamlined implementation and supervision in the different Member States 
of the European Union. 
The last amendment to the IRC was approved by the board of directors on 14 September 2021, mainly 
for the purposes of aligning its language with the reorganization and changes in the Compliance 
Supervisory Board (formerly known as “Code Compliance Supervisory Board”) as well as encompassing 
the regulatory development introduced by Act 5/2021. 
Code of Conduct and Responsible Practices of the Inditex Group: approved by the Board of Directors on 
17 July 2012, it provides the action lines which must be followed by the Group in the performance of 
its professional duties. Its goal consists of exacting an ethical and responsible professional conduct 
from Inditex and its entire workforce in the conduct of their business anywhere in the world, as a gist of 
its corporate culture upon which the training and the personal and career development of its employees 
is based. For such purposes, the principles and values which shall govern the relations between the 
Group and its main stakeholders (employees, customers, shareholders, business partners, suppliers 
and the societies where its business model is implemented) are defined. The Code of Conduct and 
Responsible Practices is informed by a number of overarching principles, including, (i) that according to 
which all the operations of the Inditex Group shall be carried out under an ethical and responsible 
perspective; (ii) that according to which all persons, whether natural or legal, directly or indirectly 
engaged in any kind of professional, economic, social or industrial relationship with the Inditex Group, 
shall be treated in a fair and honourable manner; and (iii) that according to which all the activities of the 
Group shall be carried out in the most environment-friendly manner, promoting biodiversity 
preservation and sustainable management of natural resources.

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Current full text of all the aforementioned documents is available on the corporate website: (i) under 
the “Compliance” tab, “Corporate Governance” section; and (ii) under the “How we do business” tab.  
Regulations of the Social Advisory Board: The Social Board is Inditex’s advisory body in the field of social 
and environmental sustainability. In December 2002, the board of directors authorized its creation and 
approved its Regulations, which determine the principles of action, the basic rules governing its 
organization and proceedings and the rules of conduct of its members.  
The Regulations of the Social Advisory Board has been amended several times, and for the last time on 
16 July 2019 for the purposes of establishing its functional reporting line to the Sustainability 
Committee.

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A. Ownership structure 
A.1. Complete the following table on share capital and 
voting rights attached to shares, including those 
corresponding to shares with a loyalty vote at year end, 
where appropriate: 
Indicate whether company bylaws contain the provision of double loyalty voting:  
Yes 
No x 
Indicate whether the company has awarded votes for loyalty: 
Yes 
No x 
Date of the 
last share 
capital 
change 
Share 
capital (€) 
Number of 
shares 
Number of voting 
rights (not 
including 
additional votes 
for loyalty) 
Number of 
additional 
voting rights 
attached to 
shares with a 
loyalty vote 
Total number of 
voting rights, 
including 
additional votes 
attached to loyalty 
shares 
20/07/2000: 
AGM 
resolution 
€93,499,560 
3,116,652,000 
shares 
3,116,652,000 
0 
3,116,652.000 
Indicate whether there are different classes of shares with different rights attached: 
Yes 
No x 
Class 
Number of shares 
Par value 
Number of voting rights 
Rights and obligations 
conferred 
- 
- 
- 
- 
- 
 
All shares are of the same class and series, represented by the book-entry method and are fully paid-
up and subscribed. 
INDITEX has been listed on the four different Spanish Stock Exchanges since 23 May 2001 and has 
been part of the selective IBEX35 index since July 2001. In addition, it has been part of the Eurostoxx 
600 index since September 2001, of MSCI index since November 2001, of the Dow Jones Sustainability 
index since September 2002 and of the FTSE4Good index since October 2002.

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A.2. List the company’s significant direct and indirect 
shareholders at year end, including directors with a 
significant shareholding: 
The Company issues shares represented by the book-entry method. In addition, pursuant to the 
provisions of section 497 LSC, Inditex has a contract with Sociedad de Gestión de Sistemas de Registro, 
Compensación y Liquidación de Valores, S.A. (Iberclear) [Spanish Central Securities Depositary in 
charge of the Register of Securities, and the Clearing and Settlement of all trades] for the daily share 
ownership notification service. 
According to the Company’s Shareholders Register, the direct or indirect shareholders with significant 
shareholdings in the Company as at 31 January 2022, including directors with a significant 
shareholding, were those shown below:  
Name or company 
name of shareholder 
% of voting rights 
attached to the 
shares (including 
votes for loyalty) 
% of voting rights 
through financial 
instruments 
% of total 
voting 
rights 
From the total number of 
voting rights attributed 
to the shares, indicate, 
where appropriate, the 
additional votes 
attributed corresponding 
to the shares with a 
loyalty vote 
Direct 
Indirect 
Direct 
Indirect 
Direct 
Indirect 
Mr Amancio Ortega 
Gaona 
  
59.294% 
  
  
59.294% 
  
  
Ms Sandra Ortega 
Mera 
 
5.053% 
 
 
5.053% 
 
 
Breakdown of the indirect shareholding: 
Name or 
company 
name of the 
indirect 
owner 
Name or company 
name of the direct 
owner 
% of voting 
rights 
attached to 
the shares 
(including 
votes 
attached to 
loyalty 
shares) 
% of voting 
rights 
through 
financial 
instruments 
% of 
total 
voting 
rights 
From the total number of 
voting rights attached to 
the shares, indicate, where 
appropriate, the additional 
votes attached to loyalty 
shares 
Mr Amancio 
Ortega 
Gaona 
Pontegadea 
Inversiones, S.L. (*) 
50.010% 
- 
50.010% 
- 
- 
Partler 
Participaciones, 
S.L.U. 
9.284% 
- 
9.284% 
- 
- 
Ms Sandra 
Ortega Mera 
ROSP CORUNNA 
PARTICIPACIONES 
EMPRESARIALES, 
S.L. 
5.053% 
- 
5.053% 
- 
-

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Remarks 
(*) Mr Amancio Ortega Gaona owns a 59.294% stake in Inditex’s share capital through the companies 
styled Pontegadea Inversiones, S.L. and Partler Participaciones, S.L.U. 
Mr Ortega and Pontegadea Inversiones, S.L., represented by Ms Flora Pérez Marcote, sit on Inditex’s 
board of directors as proprietary directors. 
Indicate the most significant changes in the shareholder structure during the year: 
The Company has not received any notices regarding any significant movements in shareholder 
structure over the year. 
A.3. Give details of the stake at fiscal year-end, of the 
members of the board of directors who are holders of 
voting rights attached to shares of the company or through 
financial instruments, irrespective of the percentage, 
excluding the directors who have been identified in Section 
A2 above: 
As at 31 January 2022, directors with a stake in the share capital of the Company were as follows: 
Name or 
company 
name of 
director 
% of voting rights 
attached to 
shares (including 
loyalty votes) 
% of voting rights 
through financial 
instruments 
% of total 
voting 
rights 
From the total % 
of voting rights 
attached to 
shares, 
indicate, where 
appropriate, the 
% of the 
additional votes 
attached to 
shares with a 
loyalty vote 
% voting rights 
that can be 
transmitted 
through 
financial 
instruments 
Direct 
Indirect 
Direct 
Indirect 
Direct 
Indirect 
Direct 
Indirect 
Mr Pablo 
Isla Álvarez 
de Tejera 
0.068% 
- 
0.0071% 
- 
0.075% 
 
 
- 
- 
Mr Óscar 
García 
0.0004% 
- 
0.0052% 
- 
0.0054% 
 
 
 
 
                                                            
1 With regard to the second cycle (2020-2023) of the 2019-2023 Long-Term Incentive Plan, the Executive Chairman may 
receive up to a maximum number of 120,174 shares (i.e. 0.0038%). Likewise, with regard to the first cycle (2021-2024) 
of the new 2021-2025 Long-Term Incentive Plan, the Executive Chairman may receive up to a maximum of 116,569 shares 
(i.e. 0.0037%). 
2 With regard to the second cycle (2020-2023) of the 2019-2023 Long-term Incentive Plan, Mr Óscar García Maceiras, the 
new CEO of the company since 29 November 2021, may receive up to a maximum number of 61,854 shares. (i.e. 0.002%) 
for the duties performed as General Counsel and Secretary of the Board of Directors in 2021 and taking into account the 
amount he has been assigned as CEO pursuant to the Remuneration Policy approved at the Annual General Meeting held

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Maceiras 
Mr José 
Arnau 
Sierra 
0.001% 
- 
- 
- 
0.001% 
 
- 
- 
Bns. 
Denise 
Patricia 
Kingsmill 
- 
- 
- 
- 
- 
 
- 
- 
Ms Anne 
Lange 
- 
- 
- 
- 
- 
 
- 
- 
Ms Pilar 
López 
Álvarez 
0.0001% 
- 
- 
- 
0.0001% 
 
- 
- 
Mr José 
Luis Durán 
Schulz 
0.0001% 
- 
- 
- 
0.0001% 
 
- 
- 
Mr Rodrigo 
Echenique 
Gordillo 
- 
- 
- 
- 
- 
 
- 
- 
Mr Emilio 
Saracho 
Rodríguez 
de Torres 
- 
- 
- 
- 
- 
 
- 
- 
TOTAL 
0.0696 
 
 
 
0.0816 
 
 
 
 
Total % of voting rights held by the board of directors 
59.3756% 
 
Total % of voting rights represented on the board of directors 
59.3756% 
                                                            
in 2021. Likewise, with regard to the first cycle (2021-2024) of the new 2021-2025 Long-Term Incentive Plan, the CEO 
may receive up to a maximum of 68,562 shares. (i.e. 0.002 %).

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A.4. Where applicable, indicate any family, commercial, 
contractual or corporate relationships that exist among 
significant shareholders to the extent that they are known 
to the company, unless they are insignificant or arise in the 
ordinary course of business, with the exception of those 
reported in section A.6: 
Name or company name of 
related party 
Type of 
relationship 
Brief description 
- Ms Sandra and Mr Marcos 
Ortega Mera. 
- Mr Amancio Ortega Gaona 
Family 
Ms Sandra and Mr Marcos Ortega Mera are the offspring 
of Mr Amancio Ortega Gaona, director and indirect 
shareholder.  
Mr Amancio Ortega Gaona is an indirect shareholder of 
Inditex 
via 
significant 
shareholders 
Pontegadea 
Inversiones, S.L. and Partler Participaciones, S.L.U. and 
Ms Sandra and Mr Marcos Ortega Mera are indirect 
shareholders of the Company via significant shareholder 
Rosp Corunna Participaciones Empresariales, S.L. 
(where Mr Ortega Mera has a minority shareholding). 
The Company has not received notice of any family, commercial, contractual or corporate relationships 
existing between the owners of significant holdings that are of a relevant nature or that do not arise from 
the ordinary course of business. 
A.5. Where applicable, indicate any commercial, 
contractual or corporate relationships that exist between 
significant shareholders and the company and/or its group, 
unless they are insignificant or arise in the ordinary course 
of business: 
There have been no relationships of a commercial, contractual or corporate nature between significant 
shareholders and the company that are of a relevant nature or that do not arise from the ordinary course 
of business, without prejudice to the information provided, for transparency sake, under section D below 
regarding “Related party and Intragroup transactions”. 
A.6. Describe the relationships, unless insignificant for 
both parties, that exist between significant shareholders or 
shareholders represented on the Board and directors, or

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their representatives in the case of directors that are legal 
persons.  
Explain, where applicable, how the significant shareholders are represented. Specifically, indicate 
those directors appointed to represent significant shareholders, those whose appointment was 
proposed by significant shareholders, or who are linked to significant shareholders and/or companies 
in their group, specifying the nature of such relationships or ties. In particular, mention the existence, 
identity and post of any directors of the listed company, or their representatives, who are in turn 
members or representatives of members of the Board of Directors of companies that hold significant 
shareholdings in the listed company or in group companies of these significant shareholders. 
Name or company 
name of related 
director or 
representative 
Name or company name 
of related significant 
shareholder 
Company name of the 
group company of the 
significant shareholder 
Description of 
relationship/position 
Mr Amancio Ortega 
Gaona 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INVERSIONES, S.L. 
Chair of the Board 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INMOBILIARIA, S.L.U. 
Chair of the Board 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA GB 2020, 
S.L. 
Chair of the Board 
PARTLER 2006, S.L. 
PARTLER 2006, S.L. 
Chair of the Board 
PARTLER 2006, S.L.. 
PARTLER 
PARTICIPACIONES, S.L.U. 
Chair of the Board 
Mrs Flora Pérez 
Marcote 
(Legal representative 
of PONTEGADEA 
INVERSIONES, 
S.L.) 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INVERSIONES, S.L. 
1st Deputy Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INMOBILIARIA, S.L.U. 
1st Deputy Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA GB 2020, 
S.L. 
1st Deputy Chair 
Mr José Arnau Sierra 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INVERSIONES, S.L. 
2nd Deputy Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INMOBILIARIA, S.L.U. 
2nd Deputy Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
ESPAÑA, 
S.L.U. 
Joint Director 
PONTEGADEA 
INVERSIONES, S.L. 
ESPARELLE 2016, S.L. 
Sole Director 
(Legal representative of 
PONTEGADEA 
INMOBILIARIA, S.L.U.) 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
DIECIOCHO, S.L. 
Sole Director  
(Legal representative of 
PONTEGADEA 
INVERSIONES, S.L.) 
PONTEGADEA 
INVERSIONES, S.L. 
SOBRADO 
FORESTAL 
2014, S.L. 
Sole Director

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PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
FRANCE 
S.A.S. 
Legal representative of the 
Chair of the Company, 
PONTEGADEA 
INMOBILIARIA, S.L.U. 
PONTEGADEA 
INVERSIONES, S.L. 
PRIMA CINQUE S.p.A. 
Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PG 
REAL 
ESTATE 
INTEREST Ltd. 
Ordinary member 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
INMOBILIARIA S.A. 
de C.V. 
Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
CANADA 
Inc. 
Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA 
KOREA 
Inc. 
Ordinary member 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA USA Inc. 
Chair 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA GB 2020, 
S.L. 
2nd Deputy Chair 
PONTEGADEA 
INVERSIONES, S.L. 
HILLS PLACE, S.à.r.l. 
Ordinary member 
PONTEGADEA 
INVERSIONES, S.L. 
PONTEGADEA UK Ltd. 
Ordinary member 
PARTLER 2006, S.L. 
PARTLER 2006, S.L. 
2nd Deputy Chair 
PARTLER 2006, S.L. 
PARTLER 
PARTICIPACIONES, 
S.L.U. 
2nd Deputy Chair 
PARTLER 2006, S.L. 
PONTE 
GADEA 
PORTUGAL 
- 
INVESTIMENTOS 
IMOBILIARIOS E 
HOTELEIROS S.A. 
Chair 
PARTLER 2006, S.L. 
ALMACK Ltd. 
Ordinary member

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Remarks: 
As stated in sections A.2 and A.4 above, Mr Amancio Ortega Gaona is an indirect shareholder of Inditex 
through two significant shareholders: Partler Participaciones, S.L.U. and Pontegadea Inversiones, S.L. 
This latter is a member of Inditex’s board of directors, Ms Flora Pérez Marcote, the spouse of Mr 
Amancio Ortega Gaona, being its legal representative. 
A.7. Indicate whether the company has been notified of any 
shareholders’ agreements that may affect it, in accordance 
with the provisions of Articles 530 and 531 of the Spanish 
Companies Act (LSC). If so, describe them briefly and list 
the shareholders bound by the agreement: 
Yes 
No x 
Indicate whether the company is aware of any concerted actions among its shareholders. If so, provide 
a brief description: 
Yes 
No x 
The Company has not received any notices regarding the making of shareholders’ agreements nor does 
it have any proof of the existence of concerted actions among its shareholders. 
A.8. Indicate whether any individual or company exercises or 
may exercise control over the company in accordance with 
Article 5 of the Securities Market Act. If so, identify them: 
Yes x 
No 
Name or company name 
Mr Amancio Ortega Gaona 
Remarks: 
Mr Amancio Ortega Gaona owns a 59.294% stake in Inditex’s share capital through PONTEGADEA 
INVERSIONES, S.L. and PARTLER PARTICIPACIONES, S.L.U. 
A.9. Complete the following table with details of the 
company’s treasury shares: At the close of the year: 
Number of direct shares 
Number of indirect shares 
Total percentage of share capital 
4,226,305 
0 
0.136%

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Explain any significant changes during the year: 
As at 31 January 2021, the Company owned 1,726,305 treasury shares, representing 0.055% of the 
share capital. 
On 13 July 2021 the board of directors approved, under current authorization conferred at the Annual 
General Meeting held on 16 July 2014, a temporary share buy-back programme, for the purposes of 
purchasing the necessary number of treasury stock to fulfil the requirements of 2019-2023 Long-Term 
Incentive Plan regarding the delivery of shares to its beneficiaries.  
The Programme was launched in accordance with the provisions of article 5 of Regulation (EU) No 
596/2014 on market abuse and of Commission Delegated Regulation (EU) 2016/1052.Under such 
Progamme, 2,500,000 own shares were purchased, representing 0.08% of the company’s share 
capital. 
The purchase of shares within the scope of the above referred scheme aside, no other transactions with 
treasury shares have taken place in 2021. 
Consequently, as at 31 January 2022, the Company owned 4,226,305 treasury shares representing 
0.136% of the share capital. 
A.10. Provide a detailed description of the conditions and 
terms of the authority given to the Board of Directors to 
issue, buy back, or transfer treasury shares. 
At the date of this report, the authorization granted to the board of directors at the Annual General 
Meeting held on 16 July 2019 to acquire treasury shares remains in force. Such authorization 
superseded the prior authorization approved at the Annual General Meeting held on 19 July 2016. 
The resolution passed by the aforementioned Annual General Meeting held on 16 July 2019 regarding 
agenda item 10 is transcribed below: 
“To authorize the Board of Directors, so that it may, in accordance with the provisions of section 146 of 
Companies Act, proceed to the derivative acquisition of treasury stock, either directly or through any 
subsidiaries in which the Company is the controlling company, observing the legal limits and 
requirements and under the following conditions: 
a) 
Methods of acquisition: the acquisition shall be done through purchase and sale, 
exchange or dación en pago [acceptance in lieu of payment].  
b) 
Maximum number of treasury stock to be acquired: shares with a nominal value 
which, added to that of those shares, directly or indirectly in the possession of the Company, 
do not exceed 10% of the share capital.  
c) 
Maximum and minimum prices: the minimum price of acquisition of the shares shall 
be their nominal value and the maximum price shall be up to 105% of their market value at 
the date of purchase. 
d) 
Duration of the authorization: five (5) years from the date of this resolution. 
For the purposes of the provisions of section 146.1(a) of the Companies Act, it is hereby stated that 
shares acquired under this authority may be used by the Company, among other purposes, to be

Inditex Annual Report 2021 | Annual Corporate Governance Report (ACGR) 
 
 
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delivered to employees or directors of the Company, either directly or as result of the exercise of the 
option right they may hold, under employees’ remuneration schemes in respect of employees of the 
Company or its Group. 
This authorization supersedes the authorization approved at the Annual General Meeting held on 19 
July 2016”. 
As stated in section A.9 above, the board of directors approved in the meeting held on 13 July 2021 
under the above-described authorisation of the Annual General Meeting, a share buy-back programme 
to allow the Company to meet its obligations pertaining to the delivery of shares to the beneficiaries of 
the 2019-2023 Long-Term Incentive Plan.  
A.11. Estimated float: 
 
%  
Estimated float 
35.0394 
A.12. Indicate whether there are any restrictions (articles 
of association, legislative or of any other nature) placed on 
the transfer of shares and/or any restrictions on voting 
rights. In particular, indicate the existence of any type of 
restriction that may inhibit a takeover of the company 
through acquisition of its shares on the market, as well as 
such regimes for prior authorization or notification that 
may be applicable, under sector regulations, to 
acquisitions or transfers of the company’s financial 
instruments. 
Yes 
 
No x 
All shares of the Company carry the same voting and financial rights, and there are no legal or by-law 
restrictions on the acquisition or transfer of shares. 
As regards the exercise of voting rights, the only restriction is that provided in section 83.1 LSC, 
according to which any shareholder who is in arrears regarding any outstanding payments may not 
exercise their voting right. 
There are no restrictions either to absentee voting, as any shareholder can exercise this right.

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A.13. Indicate whether the General Meeting of 
Shareholders has resolved to adopt measures to neutralise 
a takeover bid by virtue of the provisions of Act 6/2007. 
Yes 
 
No x 
A.14.Indicate whether the company has issued shares that 
are not traded on a regulated EU market. 
Yes 
 
No x

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B. General meeting of shareholders 
The General Meeting of Shareholders duly convened and with a quorum present in accordance with all 
statutory requirements and those provided in the Articles of Association and its own Regulations, is the 
supreme and sovereign body of expression of the will of the company. Its resolutions are binding on all 
shareholders, including absent or dissenting ones, without prejudice to any remedies they may have at law.  
In accordance with the Articles of Association and the Regulations of the General Meeting of 
Shareholders, the General Meeting is authorized to pass all kinds of resolutions concerning the 
Company and, in particular, and subject to any other powers vested by the applicable regulations, the 
exercise of the following powers is reserved to such body: 
a) To resolve on the individual annual accounts of the Company and, where appropriate, on the 
consolidated accounts of the Company and its Group, as well as on the distribution of the 
income or loss; 
b) To approve the statement on non-financial information; 
c) To appoint, re-elect and dismiss directors, as well as, confirm or revoke such interim 
appointments of directors made by the Board of Directors, and to review their management; 
d) To approve the adoption of remuneration systems consisting of the granting either of shares or 
stock options, as well as any other remuneration system linked to the value of the shares, for 
the benefit of directors; 
e) To approve the remuneration policy for directors pursuant to statutory terms; 
f) 
To conduct, as a separate agenda item, an advisory say-on-pay vote on the Annual Report on 
Remuneration of Directors; 
g) To authorize the release of the directors from the duty of preventing conflicts of interest and of 
the prohibitions arising from the duty of loyalty, when the authorization to release them is 
attributed by statute to the General Meeting of Shareholders, as well as from the obligation not 
to compete with the Company; 
h) To authorize the Board of Directors to increase the Company’s share capital, or to proceed to 
the issue of bonds convertible into Company’s shares; 
i) 
To resolve the issue of bonds convertible into Company’s shares or which allow bondholders to 
participate in the company’s earnings, the increase or the reduction of the share capital, the 
exclusion or restriction of the pre-emptive right, the transformation, merger, split-off or 
winding-up of the Company, the global assignment of assets and liabilities, the approval of the 
final balance sheet of liquidation, the transfer of the registered office abroad, as well as any 
other amendment whatsoever of the Articles of Association; 
j) 
To authorize Company’s shares buy-back; 
k) To approve the related-party transactions that the General Meeting must approve pursuant to 
statute; 
l) 
To approve such transactions which entail a structural amendment in the Company, and 
namely: (i) the transformation of listed companies into holding companies, through 
“subsidiarisation” or the assignment to subsidiaries of core activities theretofore carried out by 
the Company, even though the Company retains full control of such entities; (ii) the acquisition, 
disposal or contribution to another company of essential assets; and, (iii) such transactions 
which entail an effective amendment of the corporate objects and those having an effect 
equivalent to the liquidation of the Company; 
m) To appoint, re-elect and remove the statutory auditor;

Inditex Annual Report 2021 | Annual Corporate Governance Report (ACGR) 
 
 
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n) To appoint and remove, where appropriate, the Company’s liquidators; 
o) To approve the Regulations of the General Meeting of Shareholders and any subsequent 
amendment thereof; 
p) To resolve on the matters submitted to it by a resolution of the Board of Directors; 
q) To give directions to the Board of Director or submit to the General Meeting of Shareholders’ 
prior authorization, the passing by the Board of Directors of decisions or resolutions on certain 
management matters; and 
r) 
To grant to the Board of Directors such powers it may deem fit to deal with unforeseen issues. 
The board of directors must call the Annual General Meeting once a year; within the first six months of the 
closing of each financial year in order to at least review the company’s management, approve, where 
appropriate, the accounts of the previous year and decide upon the distribution of income or loss.  
Pursuant to sections 168 and 495.2(a) LSC, the Extraordinary General Meeting shall meet when the 
board of directors so resolves or when a number of shareholders representing at least 3% of the share 
capital so request, expressing in the request the business to be transacted. In this latter case, the 
General Meeting of Shareholders shall be called to be held within the term provided in the applicable 
regulations and the agenda of the meeting must include the businesses that were the subject of the 
request.  
In the notice calling the General Meeting of Shareholders, the board of directors shall require the 
presence of a Notary to take up the minutes of the General Meeting. 
General Meetings must be convened by the board of directors through notice published in the Official 
Gazette of the Companies Register or in one of the newspapers with the largest circulation in Spain, on 
the Company’s website and on CNMV’s website, at least 1 month in advance of the day scheduled for 
the meeting to be held, or within any longer period required by statute, where appropriate, on account 
of the scope of the resolutions submitted for deliberation. The notice must state the name of the 
Company, the day, time and place of the meeting, as well as the date on which, if appropriate, the 
General Meeting shall be held on second call. There must be at least a 24-hour period between the first 
and the second call. The notice shall likewise state, clearly and precisely, all the business to be 
transacted therein. 
Where the board of directors resolves this possibility and it is announced in the notice calling it, 
attendance at the Annual General Meeting may be in person or remotely, or even, where circumstances 
so advise, a virtual-only general meeting can be called. At any rate, remote attendance shall be subject 
to ensuring that the identity of shareholders and proxy holders is duly guaranteed and that all attendees 
can effectively participate at the general meeting, both to exercise in real time the relevant right to 
speak, to information, to raise motions, and to vote they are entitled to, and to follow the participation 
of the remaining attendees by the above referred means. In such cases, the board of directors will 
implement in the notice calling the meeting the procedure to exercise shareholders rights. 
No later than the date of publication, or at any rate, on the business day that immediately follows, the 
Company shall send the notice calling the meeting to CNMV, and to the Governing Organizations of the 
Stock Exchanges where the company’s shares are listed for its insertion in the relevant Listing Bulletins. 
The text of the notice shall also be available on the Company’s website.

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Notwithstanding the above, the General Meeting shall be deemed to have been duly called and a 
quorum shall be deemed to be present to discuss any matter, whenever the whole share capital is 
present and all those attending unanimously agree to hold the meeting. 
Against a backdrop still marked by the existence of some restrictions to people’s mobility in certain 
parts of Spain, and for the purposes of ensuring that the Company operates normally and achieves its 
objectives, while at the same time, protecting the interests of shareholders and other stakeholders, the 
Annual General Meeting was held, once again on first call, on 13 July 2021. Shareholders and/or proxy 
holders were able to attend and participate in the meeting both in person or remotely, as the Company 
made available to them resources and means allowing remote and real time connection, pursuant to 
the provisions set forth in section 3.1(a) of Real Decreto-Ley 34/2020, of 17 November, on urgent 
measures to support business solvency and the energy sector, and article 16.5 of the Articles of 
Association and section 11bis of the Regulations of the General Meeting of Shareholders. 
The Company further implemented all necessary preventive measures to preserve the health of staff 
members responsible for arranging the Annual General Meeting and of the shareholders and proxy 
holders who chose to attend in person.  
All members of the board of directors attended the Annual General Meeting in person except for Mr 
Amancio Ortega Gaona.  
B.1 Indicate whether there are any differences between 
the minimum quorum regime established by the Spanish 
Companies Act (LSC) for General Meeting of Shareholders 
and the quorum set by the company, and if so give details. 
Yes x 
No 
 
% required for quorum if different 
than that set out in section 193 
LSC for general matters 
% required for quorum if different than 
that set out in section 194 LSC for 
special cases therein described 
Quorum required on 1st 
call 
50% of the subscribed voting stock 
- 
Quorum required on 2nd 
call 
- 
- 
 
Description of differences 
Article 18.1 of the Articles of Association and section 16 of the Regulations of the General Meeting 
provide that a quorum will be present at the General Meeting on first call when shareholders who are 
present or represented by proxy represent at least 50% of the subscribed voting stock. On second call, 
generally, a quorum will be present at the General Meeting irrespective of the capital attending the 
same. However, if the General Meeting of Shareholders is called to decide on an increase or a reduction 
of the share capital, the issue of bonds convertible into Company’s shares or which entitle bondholders 
to participate in the company’s earnings, the exclusion or restriction of the pre-emptive right, the

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transformation of the Company, the merger by creation of a new company or by absorption of the 
Company by another entity, its spin-off in whole or in part, the global assignment of assets and liabilities, 
the substitution of the company’s objects as well as any other amendment whatsoever of the Articles 
of Association, shall require, on second call, the attendance of 25% of the subscribed voting stock.  
Therefore, the only difference between said rules and the provisions of the Companies Act lies in the 
quorum required to hold the General Meeting on first call: under the Articles of Association and the 
Regulations of the General Meeting of Shareholders, a quorum will be present at the General Meeting 
to validly pass any resolution when shareholders present or represented by proxy represent at least 
50% percent of the subscribed voting stock, whereas in accordance with sections 193 and 194 LSC, 
such quorum will only be required to be present on first call for the General Meeting to pass resolutions 
on the matters described in section 194 exclusively.  
This qualified quorum may not be deemed to be a restriction on the control by the Company, since it is 
only applicable to first calls. 
This is expressly permitted by section 193 LSC which provided that a higher quorum may be established 
in the articles of association. 
B.2 Indicate whether there are any differences between 
the company’s manner of adopting corporate resolutions 
and the regime provided in the Spanish Companies Act 
(LSC) and, if so, give details: 
Yes 
No x 
B.3 Indicate the rules for amending the company’s articles 
of association. In particular, indicate the majorities 
required for amendment of the articles of association and 
any provisions in place to protect shareholders’ rights in 
the event of amendments to the articles of association. 
Pursuant to the provisions of sections 285 et seq. LSC, it is incumbent on the General Meeting of 
Shareholders to resolve about any amendment to the Articles of Association. 
Rules applicable to the amendment of the company’s by-laws are provided in the Articles of Association 
and the Regulations of the General Meeting of Shareholders. Article 18 of the Articles of Association and 
section 16 of the Regulations of the General Meeting of Shareholders provide a special quorum in order 
to convene on first call the Annual General Meeting which has to address any amendment to the Articles 
of Association. 
“A quorum will be present at the General Meeting of Shareholders on first call when shareholders who 
are present or represented by proxy hold at least fifty (50) percent of the subscribed share capital with 
the right to vote. On second call, generally, a quorum will be present at the General Meeting, regardless 
of the share capital attending same. However, if the General Meeting of Shareholders is called to decide 
on an increase or a reduction of the share capital, the issue of bonds convertible for shares in the 
Company, or bonds which confer on bondholders a stake in the company’s earnings, the exclusion or

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restriction of the pre-emptive right, the transformation of the Company, the merger by establishment of 
a new company or by absorption of the Company by another entity, its split-off in whole or in part, the 
global assignment of assets and liabilities, the transfer of the registered office abroad, the substitution 
of the company objects as well as any other amendment whatsoever of the Articles of Association, 
attendance of twenty-five (25) percent of the subscribed share capital with the right to vote shall be 
required on second call.” 
Section 6.(i) of the Regulations of the General Meeting of Shareholders expressly assigns to the General 
Meeting of Shareholders the power to approve any amendment to the Articles of Association: “In 
accordance with the provisions of the Articles of Association, the General Meeting of Shareholders is 
authorized to pass all kinds of resolutions concerning the Company, the following powers being namely 
reserved thereto, without prejudice to any other powers vested by the applicable regulations: (i) To 
resolve the issue of bonds convertible into Company’s shares or which allow bondholders to participate 
in the company’s earnings, the increase or the reduction of the share capital, the exclusion or restriction 
of the pre-emptive right, the transformation, merger, split-off or winding-up of the Company, the global 
assignment of assets and liabilities, the approval of the final balance sheet of liquidation, the transfer of 
the registered office abroad, as well as any other amendment whatsoever of the Articles of Association” 
B.4 Give details of attendance at General Meeting of 
Shareholders held during the reporting year and the two 
previous years: 
 
Attendance data 
AGM Date 
% physically 
present 
% present by 
proxy 
% absentee voting3 
Total 
Electronic voting 
Others 
16-07-2019 
0.08% 
87.19% 
0%(1) 
0.35%(1) 
87.62% 
Of which float 
0.08% 
22.85% 
0% 
0.35% 
23.28% 
14-07-2020 
0.07% 
88.31% 
0%(2) 
0.34%(2) 
88.72% 
Of which float 
0.07% 
23.96% 
0% 
0.34% 
24.37% 
13-07-2021 
0.07% 
88.35% 
0%(3) 
0.31%(3) 
88.73% 
Of which float 
0.07% 
24.00% 
0% 
0.31% 
24.38% 
 
(1) 
361 shareholders cast absentee vote through distance communication means, by post, or electronic vote. 
(2) 
146 shareholders cast absentee vote through distance communication means, by post, or electronic vote. 
(3) 
187 shareholders cast absentee vote through distance communication means, by post, or electronic vote. 
                                                            
3 Pursuant to the Regulations of the General Meeting of Shareholders of Inditex, shareholders who cast absentee votes 
shall be deemed to be present for the purposes of the quorum of the General Meeting of Shareholders in question

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B.5 Indicate whether there were any items on the agenda 
that were not approved by shareholders for any reason, for 
all general meetings that took place in the year. 
Yes 
No x 
None of the agenda items subject to deliberation at the Annual General Meeting held on 13 July 2021 
was rejected or not approved for any other reason. All agenda items were approved with the 
percentages and in the manner shown in the votes results available on the Company’s corporate 
website. 
B.6 Indicate whether the articles of association contain 
any restrictions requiring a minimum number of shares to 
attend General Meeting of Shareholders, or to cast 
absentee vote: 
Yes 
No x 
Number of shares required to attend General Meetings 
1 
Number of shares required to cast absentee vote 
1 
 
B.7 Indicate whether it has been established that certain 
decisions, other than those established by statute, entailing 
an acquisition, disposal or contribution to another 
company of essential assets or other similar corporate 
transactions must be submitted for approval to the General 
Meeting of Shareholders. 
Yes 
No x 
The General Meeting of Shareholders has no powers other than those established by statute. 
In accordance with the Articles of Association and the Regulations of the General Meeting of 
Shareholders, this latter is authorized to pass all kinds of resolutions concerning the Company and, in 
particular, and subject to any other powers vested by the applicable regulations, the exercise of the 
powers listed at the beginning of section B above is reserved to such body. 
The partial amendment to the Regulations of the General Meeting of Shareholders was approved under 
agenda item no. 8 of the Annual General Meeting held on 13 July 2021, for the purposes, inter alia, of 
(i) expressly including the power to approve certain related party transactions pursuant to statutory 
terms, as provided in new section 529duovicies LSC, introduced by Act 5/2021; and (ii) enabling the 
possibility of holding virtual-only general meetings, in line with the provisions of new section 182bis 
LSC.

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B.8 Indicate the address and manner of access on the 
company's website to information on corporate 
governance and other information regarding General 
Meeting of Shareholders that must be made available to 
shareholders through the company website. 
The most relevant information on the Company’s corporate governance system (Articles of Association, 
Regulations of the General Meeting of Shareholders, Board of Directors’ Regulations, the terms of 
reference of each board committee, the Internal Regulations of Conduct, as well as the composition of 
the board of directors and its committees, the Annual Corporate Governance Report and the Annual 
Report on Remuneration of Directors) can be found in the “Compliance” tab, “Good Governance” 
section 
of 
the 
corporate 
website 
(https:/www.inditex.com/en/compliance/corporate-
governance/board). 
In that same section, the “Annual General Meeting” sub-section provides information on the General 
Meeting. A tab is available for each Annual General Meeting. Shareholders have access to all mandated 
or recommended information from the date the meeting is called, so that they can duly exercise their 
rights to information and participation at the General Meeting. The Annual General Meeting is 
webcasted live and a link is provided for such purposes in such tabs. Once the meeting has been held, 
information on the resolutions passed and the votes results is also posted on the website.

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C. Company management structure  
C.1. Board of Directors 
Except for such matters exclusively within the purview of the shareholders at the General Meeting of 
Shareholders, the board of directors is the highest decision-making, supervisory and monitoring body 
of the Company, as it is entrusted with its administration, management and representation, delegating 
as a general rule the management of the day-to-day business of Inditex to the executive bodies and the 
management team and focusing on the general supervisory function, which includes guiding Inditex’s 
policy, monitoring the management bodies, assessing the management by the senior managers, making 
the most relevant decisions for the Company and liaising with the shareholders. 
It is also incumbent on the board of directors to ensure that the Company enforces its social and ethical 
duties, and its duty to act in good faith with regard to its relationship with its employees and with third 
parties, as well as to ensure that no individuals or small groups of individuals have decision power within 
the company which has not been subject to counterweights and controls, and that no shareholder 
receives a more privileged treatment than the others. 
The board of directors carries out its duties in accordance with the corporate interest, it being 
understood as the viability and maximization of the company’s value in the long term in the interest of 
all the shareholders, which shall not prevent taking into account the rest of legitimate interests, either 
public or private, that concur in the development of every business activity, especially those of the other 
“stakeholders” of the Company (employees, customers, suppliers and civil society at large), 
determining and reviewing its business and financial strategies pursuant to said criterion, trying to 
achieve a reasonable balance between the proposals chosen and the risks taken. 
C.1.1. Maximum and minimum number of directors established in 
the articles of association and the number set by the general 
meeting: 
Maximum number of directors 
12 
Minimum number of directors 
5 
Number of directors set by the general meeting 
11

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C.1.2. Complete the following table on board members: 
Name or company 
name of director 
Representative 
Directorship 
type 
Position on 
the board 
Date first 
appointed to 
the board 
Date of last 
appointment 
Election 
procedure 
Mr Pablo Isla 
Álvarez de Tejera 
 
Executive 
Executive 
Chairman 
09/06/2005 
16/07/2019 
AGM 
Mr Óscar García 
Maceiras González  
 
Executive 
CEO 
29/11/2021 
29/11/2021 
Board of 
Directors 
Co-option 
Mr Amancio 
Ortega Gaona 
 
Proprietary 
Ordinary 
member 
12/06/1985 
16/07/2019 
AGM 
Mr José Arnau 
Sierra 
 
Proprietary 
Deputy 
Chairman 
12/06/2012 
13/07/2021 
AGM 
PONTEGADEA 
INVERSIONES, S.L. 
Flora Pérez 
Marcote 
Proprietary 
Ordinary 
member 
09/12/2015 
14/07/2020 
AGM 
Bns Denise 
Patricia Kingsmill 
 
Independent 
Ordinary 
member 
19/07/2016 
14/07/2020 
AGM 
Ms Anne Lange 
 
Independent 
Ordinary 
member 
10/12/2019 
14/07/2020 
AGM 
Ms Pilar López 
Álvarez 
 
Independent 
Ordinary 
member 
17/07/2018 
17/07/2018 
AGM 
Mr José Luis Durán 
Schulz 
 
Independent 
Ordinary 
member 
14/07/2015 
16/07/2019 
AGM 
Mr Rodrigo 
Echenique Gordillo 
 
Independent 
Lead 
Independent 
Director 
15/07/2014 
17/07/2018 
AGM 
Mr Emilio Saracho 
Rodríguez de 
Torres 
 
Independent 
Ordinary 
member 
13/07/2010 
16/07/2019 
AGM 
 
Total number of directors 
11

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Indicate any removal whether through resignation or by resolution of the general meeting, that have 
occurred on the board of directors during the reporting period: 
Name or 
company name 
of director 
Directorship 
type at the 
time of 
removal 
Date of last 
appointment 
Date of 
termination 
Specialized 
committees of 
which he/she 
was a member 
Indicate 
whether the 
director left 
before the end 
of his or her 
term of office 
Mr Carlos 
Crespo 
González 
Executive 
16/07/2019 
29/11/2021 
Executive 
Committee 
Yes (end of his 
term of office: 
16/07/2023) 
Reason for removal when this occurs before the end of the term of office and other observations; 
information on whether the director has sent a letter to the remaining members of the board and, in the 
case of removal of non-executive directors, explanation or opinion of the director dismissed by the 
general meeting 
Inditex board of directors acknowledged in the meeting held on 29 November 2021 the resignation 
tendered by Mr Carlos Crespo González from the board of directors and from his positions as CEO and 
member of the Executive Committee. 
Mr Crespo’s resignation took place within the framework of the organizational restructuring of the 
Company, which includes the setting up of a new Management Committee, where Mr Crespo sits 
following his resignation, as COO & Head of Digital and Sustainable Transformation, to continue 
boosting areas which are a priority to the Group’s strategy. This was explained by Mr Crespo to all board 
members in a letter sent to the Deputy Chair of the Board of Directors on 29 November 2021. 
The foregoing is directly related with the resignation tendered on that same date by Mr Pablo Isla 
Álvarez de Tejera from his position as Chairman and member of Inditex’s board of directors and the 
Executive Committee. His resignation was also acknowledged by the board of directors in the above 
referred meeting held on 29 November 2021 and will become effective as of 31 March 2022. Mr Isla 
will continue performing his current duties until that date. 
In this same context, the board of directors resolved in that same meeting, following a favourable report 
of the Nomination Committee, to co-opt Ms Marta Ortega Pérez to the board as new proprietary director 
and (non-executive) Chair, to fill the board vacancy which will be created after Mr Isla’s departure, and 
to co-opt Mr Óscar García Maceiras to the board as new executive director and CEO, effective 
immediately, to fill the board vacancy created after Mr Crespo’s resignation. 
With Mr Isla’s departure and subsequent co-option of Ms Ortega to the board of directors, a generational 
handover, which had been in the making for a certain time will be completed, piloted by Mr Isla himself 
and Inditex’s founder, controlling shareholder and director, Mr Amancio Ortega Gaona, who were in 
agreement to ensure that the succession of the Chair takes place in an orderly and planned manner.

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C.1.3. Complete the following tables on the members of the board 
and their directorship type: 
The structure of the board of directors is addressed in detail in the sections below. It is represented in 
the following image: 
 
 
EXECUTIVE DIRECTORS 
Name or company name of the 
director 
Position within the company’s 
organization chart 
Profile 
Mr Pablo Isla Álvarez de Tejera 
Executive Chairman 
(1) 
Mr Óscar García Maceiras 
CEO 
(1) 
 
Total number of executive directors 
2 
% of all directors 
18.18% 
 
 
 
Remarks 
As indicated in section C.1.2 above, the board of directors resolved in the meeting held on 29 
November 2021, inter alia, following a report of the Nomination Committee, to accept the resignation 
tendered by Mr Isla who stepped down from the board and its Executive Committee. Mr Isla’s 
departure will be effective on 31 March 2022 and until that date, he will remain in office as Executive 
Chairman.

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NON-EXECUTIVE PROPRIETARY DIRECTORS 
Name or company name of director 
Name or corporate name of the significant 
shareholder whom they represent or 
who has proposed their appointment 
Profile 
PONTEGADEA INVERSIONES, S.L. 
Mr Amancio Ortega Gaona 
(2) 
Mr Amancio Ortega Gaona 
Mr Amancio Ortega Gaona 
(2) 
Mr José Arnau Sierra 
Mr Amancio Ortega Gaona 
(2) 
 
Total number of proprietary directors 
3 
% of all directors 
27.27 % 
 
Remarks 
The board of directors resolved in the meeting held on 29 November 2021, following a favorable 
report of the Nomination Committee on the motion raised by Mr Isla and Mr Ortega, to appoint 
through the co-option system Ms Marta Ortega Pérez to the board of directors as non-executive 
proprietary director, effective as of 1 April 2022, to fill the board vacancy which will be created only 
after Mr Isla’s departure, i.e., on 31 March2022. Therefore, as at 2021 year-end, this is not taken into 
account as a higher percentage of this directorship type. Ms Ortega’s appoitment to the board via the 
co-option system will be subject to shareholders at the following Annual General Meeting for 
ratification. 
Pursuant to First Transitional Provision of Act 5/2021, Pontegadea Inversiones, S.L., represented by 
its legal representative, Ms Flora Pérez Marcote, will remain a member of Inditex board of directors 
until the end of its term of office.  
Ms Pérez’s relationship with Pontegadea Inversiones, S.L. is detailed in section A.6 above.

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NON-EXECUTIVE INDEPENDENT DIRECTORS 
Name of director 
Profile 
Mr José Luis Durán Schulz 
(3) 
Mr Rodrigo Echenique Gordillo 
(3) 
Bns Denise Patricia Kingsmill 
(3) 
Ms Anne Lange 
(3) 
Ms Pilar López Álvarez 
(3) 
Mr Emilio Saracho Rodríguez de Torres 
(3) 
 
Total number of independent directors 
6 
% of all directors 
54.55 % 
State whether any independent director receives from the company or any company in the group any 
amount or benefit other than compensation as a director, or has or has had a business relationship with 
the company or any company in the group during the past year, whether in his/her own name or as a 
significant shareholder, director or senior manager of a company that has or has had such a relationship. 
Except as explained below, no independent director receives any amount or benefit other than the 
compensation as a director, nor has or has had during the past year any business relationship with the 
Company or any company in the Group, either in his/her own name or as significant shareholder, 
director or senior manager of an entity that maintains or has maintained any such relationship. 
If so, include a reasoned statement by the Board explaining why it believes that the director in question 
can perform his or her duties as an independent director. 
Name or company name of 
director 
Description of the relationship 
Reasoned statement 
- Ms Pilar López Álvarez 
- Mr Emilio Saracho 
Rodríguez de Torres 
- Mr Rodrigo Echenique 
Gordillo 
Inditex has been engaged for years in a 
business 
relationship 
with 
Microsoft, 
Consolidated Airlines Group and Banco 
Santander in the ordinary course of 
business. 
Pursuant to section 229 LSC and 
section 34.1(d) of the Board of 
Directors’ Regulations, the board 
of directors has considered that 
none 
of 
the 
business 
relationships 
with 
any 
such 
companies 
compromises 
the 
independence of its directors, as 
none of them takes part in the 
negotiation and execution of the 
relevant agreements, and none 
of such relationships can be

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deemed to be a significant or 
relevant business relationship, 
within the meaning of section 
529duodecis(4)(e)LSC. 
 
Below is a brief description of the profile of: 
(1) Executive directors 
(2) Proprietary directors 
(3) Independent directors 
(1) EXECUTIVE DIRECTORS 
Mr Pablo Isla Álvarez de Tejera 
Inditex’s Executive Chairman since 2011. He previously served as Deputy Chairman and CEO since 
2005. 
A law graduate from Complutense University of Madrid (1987), he became Spanish State Attorney 
[Abogado del Estado] in 1988, ranked #1 of its class. From 1992 to 1996 he was Group General Counsel 
of Banco Popular. He went on to be appointed General Director of State Assets at the Ministry of 
Economy and Finances. From July 2000 to 2005 he was Chairman of Altadis Group. He currently is an 
independent director on the board of directors of Nestlé. 
Mr Isla was re-elected to the board of directors at the Annual General Meetings held on 13 July 2010, 
14 July 2015 and 16 July 2019. 
He directly owns 1,989,764 shares of the Company.  
Mr Óscar García Maceiras 
Chief Executive Officer since November 2021. He previously served as General Counsel and Secretary 
of the Board since March 2021. 
A law graduate from Universidade de A Coruña (1998) - Premio Extraordinario y Premio Fin de Carrera 
[Award for Excellence in Academic Performance] in Galicia-, he became Abogado del Estado [Spanish 
State Attorney] in 2001. From 2001 through 2005 he was State Attorney at the State Legal Service in A 
Coruña. In 2005 he joined Banco Pastor as Head of Legal, and was subsequently appointed Director- 
General Counsel and Secretary of the Board. In 2012 he was elected Deputy Secretary of the Board of 
Directors and Head of Institutional Service (Deputy Director) of Banco Popular. In 2012 he joined SAREB 
where he served as General Counsel and Secretary of the Board and Head of Corporate Development 
and Legal Affairs until 2016. From 2016 through March 2021, he was Group General Counsel and 
Deputy Secretary of the Board of Directors of Banco Santander. 
Mr García was co-opted to the board of directors as executive director on 29 November 2021. 
He directly owns 3,645 shares of the Company.

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(2) PROPRIETARY DIRECTORS 
Mr Amancio Ortega Gaona 
Inditex founder. Mr Ortega began his business career in the textile manufacturing sector in 1963. In 
1972 he founded Confecciones Goa, S.A., the first garment-making factory of Inditex and 3 years later 
he founded Zara España, S.A. the first retailing company of the Group. He was Inditex’s Chairman from 
the date of incorporation until 2011. He currently chairs the board of directors of Pontegadea 
Inversiones, S.L. and Partler 2006, S.L. as well as the Board of Trustees of Fundación Amancio Ortega.  
He was re-elected to the board of directors at the Annual General Meetings held on 30 June 1990, 31 
July 1995, 20 July 2000, 15 July 2005, 13 July 2010, 14 July 2015 and 16 July 2019. 
Mr Ortega is the controlling shareholder of the Company where he owns 1,848,000,315 shares through 
Pontegadea Inversiones S.L. and Partler Participaciones, S.L.U. 
Pontegadea Inversiones S.L. 
The company is represented on Inditex’s board of directors by Ms Flora Pérez Marcote. It owns 
1,558,637,990 shares of the Company, which represents 50.01% of the share capital. 
Ms Flora Pérez Marcote is the legal representative of Pontegadea Inversiones S.L., where she holds the 
position of First Deputy Chair. She has spent her entire career within the Inditex Group, where she held 
different positions in areas relating to both design of products and the supply chain. In addition, she has 
broad experience as company director since 1992. She has been a member of Inditex’s board of 
directors since 2005 representing Pontegadea Inversiones, S.L. Additionally, she has been a member 
of the Board of Trustees of Fundación Amancio Ortega since March 2003 and its Deputy Chair since 
October 2005. 
She was appointed to the board of directors on 9 December 2015, ratified at the Annual General 
Meeting on 19 July 2016 and re-elected at the Annual General Meeting held on 14 July 2020. 
Mr José Arnau Sierra 
Inditex’s Deputy Chairman since June 2012. Non-executive proprietary director since 2012, 
representing the founder, Mr Amancio Ortega Gaona.  
A law graduate from University of Santiago de Compostela and State Tax Inspector, he has been the 
chief executive of Group Pontegadea since 2001. 
He was the head of the Tax Department and a member of Inditex’s Steering Committee from 1993 to 
2001, and served on its board of directors from 1997 to 2000. He had previously held different positions 
within the Tax Administration. He has been a member of different boards of directors as legal 
representative of Pontegadea Inversiones, S.L. From 1993 to 1996, he taught Tax Law at the University 
of A Coruña. He has been a member of the Board of Trustees of Fundación Amancio Ortega from 
inception and its Executive Deputy Chair since 2017. 
He was appointed to the board of directors in June 2012, ratified at the Annual General Meeting held 
on 17 July 2012 and re-elected at the Annual General Meeting held on 18 July 2017.

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He directly owns 30,000 shares. 
(3) NON-EXECUTIVE INDEPENDENT DIRECTORS 
Mr José Luis Durán Schulz  
Independent director since July 2015.  
Mr Durán holds a degree in Economics and Management from ICADE. From 1987 through 1990, he was 
an auditor at Arthur Andersen. In 1991, he joined Carrefour Group, where he held the following 
positions: Head of Management Control (Spain, Europe and Latin America) (1991-1997); Chief Financial 
Officer for Spain (1997-2001); Group Chief Financial Officer (2001-2005) and Group Chief Executive 
Officer (2005-2008).  
In July 2009, he joined Maus Frères International Group, based in Switzerland, where he held the 
following positions, until January 2015: Chief Executive Officer of Lacoste, Executive Chairman of Gant 
and Board member of Aigle, S.A. Until 4 October 2015, he was member of the Governance, 
Remuneration and Nomination Committee at Unibail-Rodamco, and member of the Board of Directors 
of such company. Until 30 June 2017, he was an independent director and member of the Audit 
Committee of Orange. At present, he is the CEO of Value Retail Management.  
Mr Durán was elected as a director at the Annual General Meeting held on 14 July 2015 and re-elected 
at the Annual General Meeting on 16 July 2019. 
He is the direct holder of 3,106 shares. 
Mr Rodrigo Echenique Gordillo  
Independent director since July 2014. Mr Echenique is a law graduate from Complutense University of 
Madrid and Spanish State Attorney [Abogado del Estado].  
At present, he is the Chair of Fundación Banco Santander and a member of the board of directors of 
Banco Santander International (BSI) and non-executive director of Directorio Santander Chile. 
He is a member of the Board of Trustees of Fundación Consejo España-EE.UU, Deputy-Chair of the 
Board of Trustees of Teatro Real, member of the Board of Trustees of Escuela Superior de Música Reina 
Sofia, of Fundación Empresa y Crecimiento and of Fundación ProCNIC y CNIC. 
From 1987 through 2020, he served on the board of directors of Banco Santander, S.A. He has been 
CEO, Deputy Chairman and Executive Director of Banco Santander, S.A., and has chaired Santander 
España and Banco Popular. He also served as Deputy Chairman of Banco Banif, S.A., Chairman of 
Allfunds Bank, and of SPREA. He has been a member of the board of directors of Santander Investment. 
He has been Ordinary Member of the board of directors of different industrial and financial companies 
such as Ebro Azúcares y Alcoholes, S.A., Industrias Agrícolas, S.A., SABA, S.A. and Lar, S.A.  
Mr Echenique chaired the Social Advisory Board of University Carlos III of Madrid. Additionally, he was 
first member and then Chairman of the Advisory Board of Accenture, S.A., Lucent Technologies, and 
Quercus y Agrolimen, S.A. He has been the Chairman of Vallehermoso, S.A., Vocento, S.A., NH Hotels 
Group, Metrovacesa, S.A., and Merlin Properties SOCIMI, S.A.

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Mr Echenique was elected to the board of directors at the Annual General Meeting held on 15 July 2014 
and re-elected at the Annual General Meeting held on 17 July 2018. 
Bns. Denise Patricia Kingsmill  
Independent director since July 2016.  
In 2000 she was awarded a CBE for services to Employment Law and Competition. In June 2006, 
Baroness Kingsmill was appointed to the House of Lords as a Labour Peer. She is a Member of the Select 
Committee on Economic Affairs. 
After a 20 year legal career she became deputy chair of the Competition Commission between 1996 
and 2004. She has 5 honorary Doctorates from universities in the United Kingdom.  
Baroness Kingsmill has been a Chair/member of the Remuneration committees of many international 
companies. As a lawyer she has advised in relation to remuneration schemes. In 2001 she was invited 
by the Government to head a task force looking at women’s employment and remuneration in the UK. 
In 2003 she was appointed Chairman of the Department of Trade and Industry’s Accounting for People 
task force. She headed a second Government enquiry (“Accounting for People”) into how companies 
should evaluate and measure the contribution of their work forces and specifically as to how they should 
communicate their progress in this area of “Human Capital Management” to all their stakeholders 
(www.accountingforpeople.gov.uk). In 2013 she was the co-chair of the Design Commission report into 
Design and Public Services (“Re-starting Britain”). 
Until May 2018, Baroness Kingsmill was the Chair of Monzo Bank and a Member of the Supervisory 
Board of E. ON SE. She is currently a member of the Advisory Board for the Global Sustainability Forum 
and the International Advisory Board of IESE Business School. She has recently been appointed a UK 
representative on the NATO Parliamentary Assembly. 
Baroness Kingsmill has been an adviser to a number of international companies and has been a non-
executive director of various British, European and American boards, including International 
Consolidated Airlines Group, S.A. and Telecom Italia. 
A diverse and varied career spanning fashion and design, the law and regulation, as well as politics and 
people have given Baroness Kingsmill a unique perspective on the contemporary boardroom. 
Baroness Kingsmill was elected as a director on 19 July 2017 at the Annual General Meeting and re-
elected at the Annual General Meeting held on 14 July 2020. 
Ms Anne Lange 
Independent director since December 2019.  
A French citizen, Ms Lange is an entrepreneur and a sought after C-level business advisor with over 25 
years of experience in technology innovation, both private & public sectors. She is graduated of French 
Grandes Écoles, Institut d’Etudes Politiques in Paris and École Nationale d’Administration (ENA). 
Her career began at the French Prime Minister's office as head of department for state-owned

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broadcasting companies until she joined Thomson, a high-tech champion, where she built up a new 
generation of consumer internet access devices. Anne worked in diverse global executive functions with 
Cisco since 2004, based out of France and Silicon Valley. As a C-level executive, her engagements 
centered on adoption and innovation of technological, organizational and business processes to drive 
business transformation. Ms Lange is the co-founder and former CEO of Mentis Services, an IoT Data 
Intelligent Software provider of urban space services. She is currently the founder and managing partner 
of Adara, a consulting company that provides senior-level advice in transformation strategy and an 
investor in start-ups. 
She currently serves on the executive boards of Orange (French leading service provider), Pernod-
Ricard (second largest wine and spirits company in the world) and Peugeot Invest (Peugeot’s family 
holding). 
She was appointed non-executive independent director by the Board of Directors in the meeting held 
on 10 December 2019 and ratified at the Annual General Meeting held on 14 July 2020. 
Ms Pilar López Álvarez  
Independent director since July 2018.  
Ms López has a Bachelor of Science in Business Administration and a Major in Finance from ICADE. She 
has worked in a variety of roles at J.P. Morgan in Madrid, London and New York (1993-1999). She joined 
Telefónica in 1999, where she held the following positions: Head of Management Planning and Control 
(1999-2001), Financial Controller in Telefónica Móviles (2001-2006), Strategy Director in Telefónica 
de España (2006-2007), Chief Financial Officer of O2 Plc., based in the UK (2007-2011) and for 
Telefónica Europa based in Madrid (2011-2014), and Head of the Operational Simplification Program 
of Grupo Telefónica (2014-2015).  
She has served as Supervisory Board member of Telefónica Czech Republic AS (2007-2014), and as 
Vice Chairman of the Supervisory Board of Telefónica Deutschland Holding AG (2012-2015). She was 
a member of the Board of Tuenti Technologies and non-executive director of Ferguson Plc (2013-
2018). She was a member of the Board of Trustees of Fundación ONCE, and a member of the board of 
directors of Asociación para el Progreso de la Dirección (APD).  
She was the Chair of Microsoft Ibérica S.R.L. At present, she is the Deputy Chair of Microsoft Western 
Europe. 
Ms López was elected to the board of directors at the Annual General Meeting held on 17 July 2018.  
She directly owns 4,000 shares of the Company. 
Mr Emilio Saracho Rodríguez de Torres  
Independent director since June 2010.  
Mr Saracho is a graduate in Economics from Complutense University of Madrid, he has an MBA from the 
University of California in Los Angeles (UCLA), awarded in 1980. He was also a Fulbright scholar. Mr 
Saracho began his career in 1980 in Chase Manhattan Bank, where he was responsible for operations

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in different sectors such as Oil and Gas, Telecommunications and Capital goods. In 1985, he took part 
in the launching and implementation of Banco Santander de Negocios, where he led the Investment 
Banking division. In 1989, he was appointed head of the Division of Large Companies of Grupo 
Santander and Deputy General Director. He has been a director of FISEAT, Santander de Pensiones and 
Santander de Leasing. In 1990, he worked for Goldman Sachs in London as co-head of Spanish and 
Portuguese operations. In 1995, he returned to Santander Investment as General Director in charge for 
the Investment Banking area worldwide. From 1996 to 1998, he was responsible for the Banking 
operations in Asia. Mr Saracho joined J.P. Morgan in 1998 as Chairman for Spain and Portugal and head 
of business for the Iberian Peninsula and member of the European Management Committee. From early 
2006 through 1 January 2008, he was Chief Executive Officer of J.P. Morgan Private Bank for Europe, 
the Middle East and Africa, based in London. He also sat on the Operating Committee and on the 
European Management Committee, while chairing at the same time J.P. Morgan in Spain and Portugal. 
He was in charge of Investment Banking operations of J.P. Morgan for Europe, the Middle East and 
Africa, and sat on the Executive Committee of the Investment Bank and on the Executive Committee of 
JPMorgan Chase. From December 2012 through April 2015, he was Deputy CEO for EMEA. From 2015 
to the end of 2016, he was Vice Chairman of JPMorgan Chase & Co and from February to June 2017, 
he chaired the Board of Directors of Banco Popular.  
At present, he sits on the Board of Directors of International Consolidated Airlines Group, S.A. (IAG) and 
is Senior Advisor of Altamar Capital Partners.  
Mr Saracho was elected as director on 13 July 2010 at the Annual General Meeting and re-elected at 
the Annual General Meetings held on 14 July 2015 and 19 July 2019. 
AFFILIATE DIRECTORS 
Identify affiliate directors, indicate the reasons why they cannot be considered either proprietary or 
independent, and detail their ties with the company or its management or shareholders: 
Name or company name 
of director 
Reasons 
Company, manager or 
shareholder to which or 
to whom the director is 
related 
Profile 
- 
- 
- 
- 
 
Total number of affiliate directors 
- 
% of all directors 
- 
Indicate any changes that have occurred during the period in each directorship type: 
Name or company name 
of director 
Date of change 
Previous directorship 
type 
Current directorship 
type 
- 
- 
- 
-

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Remarks 
As described in section C.1.2 above, in 2021 Mr Crespo stepped down from the board as executive 
director. However, the subsequent appointment of Mr García to the board through the co-option 
system as new executive director, to fill the board vacancy created following Mr Crespo’s resignation, 
entails that as at year end, the percentage of executive directors out of all board members remains 
the same. 
As described in section C.1.2 above, the board of directors acknowledged in 2021 the resignation 
tendered by Mr Isla as executive director, effective as of 31 March 2022. In view of the board vacancy 
following his resignation, the board of directors further resolved to appoint through the co-option 
system, Ms Marta Ortega Pérez to the board as proprietary director and Chair thereof. Such 
appointment will become effective on 1 April 2022. 
C.1.4 Complete the following table with information relating to the 
number of female directors at the close over the last 4 years, as 
well as their directorship type: 
 
Number of female directors 
% of total director of each type 
 
FY2021 
FY2020 
FY2019 
FY2018 
FY2021 
FY2020 
FY2019 
FY2018 
Executive 
0 
0 
0 
0 
0 
0 
0 
0 
Proprietary 
1 
1 
1 
1 
33.3% 
33.3% 
33.3% 
33.3% 
Independent 
3 
3 
3 
2 
50% 
50% 
40% 
20% 
Affiliate 
0 
0 
0 
0 
0 
0 
0 
0 
Total 
4 
4 
4 
3 
36.36% 
36.36% 
36.36% 
33.33%

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Remarks 
In the meeting held on 29 November 2021, the board of directors resolved, following a favorable 
report of the Nomination Committee on the motion raised by Mr Isla and Mr Ortega, to appoint Ms 
Marta Ortega Pérez to the board of directors through the co-option system, effective as of 1 April 
2022, as proprietary director to fill the board vacancy resulting from Mr Isla’s resignation.  
Following Ms Ortega’s appointment to replace Mr Isla, the percentage of women out of all board 
members will be 45.45%. Thus, if the structure and/or size of the board of directors is not subject to 
any change, the 40% target for female representation on the board, set in the company’s internal 
regulations since 2020 pursuant to Recommendation 15 GGC, will be exceeded.  
C.1.5 Indicate whether the company has diversity policies in 
relation to its Board of Directors on such questions as age, gender, 
disability, education and professional experience. Small and 
medium-sized enterprises, in accordance with the definition set out 
in the Spanish Auditing Act, will have to report at least the policy 
that they have implemented in relation to gender diversity. 
Yes x 
No  
Partial policies 
If so, describe these diversity policies, their objectives, the measures and the way in which they have 
been applied and their results over the year. Also indicate the specific measures adopted by the Board 
of Directors and the nomination and remuneration committee to achieve a balanced and diverse board 
membership.  
If the company does not apply a diversity policy, explain the reasons why. 
Description of the policies, objectives, measures, how they have been enforced and the results 
achieved 
Inditex’s Diversity of Board of Directors Membership and Director Selection Policy (“Diversity of Board 
of Directors Membership and Director Selection Policy”) was originally approved by the board of 
directors in the meeting held on 9 December 2015 and amended in part first at the board meeting held 
on 14 December 2020, for the purposes of aligning its provisions with the language of the revised GGC 
approved by CNMV’s board on 25 June 2020, and more recently at the board meeting held on 8 June 
2021 exclusively to align its wording with the new section 529bis LSC, introduced by Act 5/2021. Under 
such new section, only natural persons can serve as board members.

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The Policy provides guidelines to guide the board of directors and the Nomination Committee’s 
proceedings in the field of director selection and thus (i) ensure that the search and selection processes 
as well as the motions on the appointment, re-election or ratification of directors are based on a prior 
analysis of the needs of the Company and the competences required by the board; (ii) favour diversity 
of knowledge, skills, experience, geographic origin, age and gender of directors; (iii) ensure an 
appropriate composition of the board and its committees, facilitating the appropriate discharge of the 
duties they are called upon to perform; and, (iv) contribute to talent attraction in the Inditex Group, 
making efforts to ensure that the best professionals serve on its governing bodies. The Policy observes 
and follows both the recommendations laid down in the GGC and the overarching principles and 
guidelines of CNMV’s Technical Guide 1/2019 on nomination and remuneration committees 
(“Technical Guide 1/2019”). 
With regard to gender diversity, the female representation target on the board of directors provided in 
Recommendation 15 GGC is covered in the Policy. The Company has thus endorsed the commitment 
to ensure that the number of female directors should account for at least 40% of all board seats by the 
end of 2022 and not less than 30% prior to that date.  
In line with the provisions of the Diversity of Board of Directors Membership and Director Selection 
Policy, the terms of reference of board committees also reflect the board’s commitment to encouraging 
a diverse membership in terms of professional experience, competences, personal skills, sector-
specific knowledge, international experience or origin, age and gender, taking into account the 
restrictions that are a result of their smaller size. 
In this regard, the board of directors resolved in the meeting held on 8 June 2021, following an 
explanatory report issued by the Remuneration Committee, to amend in part the terms of reference of 
this latter for the purposes, inter alia of extending diversity yardsticks upon considering the committee’s 
membership, in line with the language of the terms of reference of all remaining board committees. 
In addition to the above referred Policy, the Inditex Group also relies on a Diversity and Inclusion (D&I) 
Policy, originally approved by the Board of Directors on 12 December 2017 and amended in part in the 
meeting held on 14 December 2020. 
The D&I Policy seeks to fully endorse the regulatory requirements, recommendations and best 
practices in the area of diversity and inclusion, and mark Inditex’s commitment to diversity and 
multiculturalism in the working environment, in all positions and levels within the company, including 
on the board of directors, and its commitment to champion a culture of inclusion, equal treatment and 
respect, advocating for equitable workplace environments within the scope of its zero tolerance policy 
against any kind of discrimination. In particular, the Policy fully endorses, in line with Recommendation 
14 GGC, the company’s commitment to favouring diversity among Senior Managers and namely gender 
diversity, as the board of directors and the Nomination Committee are fully committed to encourage the 
Company to have a significant number of female senior managers.

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The board of directors is the driving force behind this commitment of the Group at its highest level and 
its employees to diversity, and it shall ensure that action is taken to encourage diversity within the 
organization as well as ensuring the absence of any manner of discrimination, in particular gender-
based discrimination, upon electing board members or senior managers. 
The board of directors is ultimately responsible for the company’s management and is entrusted with 
guiding its policies. Thus, being the driving force behind this high-level commitment, it shall ensure that 
action is taken to ensure compliance with the D&I Policy at all levels within the organization and by all 
employees.  
The principles and action lines of the D&I Policy govern all the proceedings of the Company, in particular 
in the area of human resources: recruitment and selection of candidates, compensation and benefits, 
promotions, transfers, skills enhancement, professional development and training, demotions, 
terminations and other disciplinary actions. 
Meanwhile, pursuant to the Code of Conduct and Responsible Practices of the Inditex Group, no one 
who is employed at Inditex shall be discriminated against because of their gender, and all employees 
shall be bound to interact with other employees, pursuant to criteria of respect, dignity and justice, 
taking into account the different cultural background of each individual, without allowing any manner of 
violence, harassment or abuse in the workplace, or any manner of discrimination on account of race, 
religion, age, nationality, gender or any other personal or social condition beyond qualifications and 
capacity. 
With regard to a balanced and diverse board membership, the Annual General Meeting held on 13 July 
2021 resolved on the proposal of the Nomination Committee pursuant to agenda item 5, to re-elect Mr 
José Arnau Sierra to the board of directors as non-executive proprietary director. Such re-election was 
subsequently approved by the board of directors on 8 June 2021, on the proposal of the Nomination 
Committee. 
The re-election of Mr Arnau was based on the prior analysis of the needs of the company and the board 
of directors itself, the findings of which were written up in an explanatory report approved by the 
Nomination Committee on 7June 2021, in accordance with Recommendation 14 GGC and sections 3, 
4 and 5 of Technical Guide 1/2019 as well as section 5 of the Diversity of Board of Directors Membership 
and Director Selection Policy.  
In said analysis, the Nomination Committee took into account, without limitation: (a) the findings of the 
annual evaluation of the performance of the board of directors for 2020; and (b) the commitments 
undertaken by the Company, pursuant to the Diversity of Board of Directors Membership and Director 
Selection Policy with regard to: (i) the diversity of background, experience, skills and gender on the 
board of directors, and (ii) the achievement of the representation target for the least represented gender 
on the board, set in Recommendation 14 GGC. 
As shown in the above referred report, further to the review of the size, composition, skills and 
effectiveness of the board of directors at the time, the Nomination Committee considered that with its 
current composition and structure the board of directors had achieved an appropriate balance and 
stability materialized in: (i) a balanced presence of men and women on the board, as female 
representation has been gradually increasing over the past years, and the current percentage of women 
on the board is close to reaching the new 40% target set by the board of directors before 2022; and, (ii) 
an appropriate balance of skills and experience that befits the interests of the company and its Group.

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In particular, it was established that board members as a whole had accredited abilities, competences, 
experience and merits: (i) regarding the Company itself, the Group, and the retail sector; (ii) in economy 
and finances, accounting, audit and risk management matters, including both financial and non-
financial ones; (iii) in regulatory compliance and corporate governance matters; (iv) in the digital and 
new technologies sector; (v) in sustainability; (vi) in different geographical markets; and (vii) in 
management, leadership and business strategy.  
The findings of the Nomination Committee were confirmed in an explanatory report approved by the 
board of directors on 8 June 2021 covering the motion on the re-election of Mr Arnau to the board 
pursuant to section 529decies(5) LSC, section 23.1 of the Board of Directors’ Regulations and the 
Diversity of Board of Directors Membership and Director Selection Policy. 
Based on the foregoing, the board of directors found in the above referred explanatory report dated 8 
June 2021, that the re-election of Mr Arnau to the board of directors as proprietary director contributed 
in terms of diversity and considered as a whole, to maintaining and reinforcing:  
(i) A diverse board membership in terms of competences, personal skills, sector-specific 
knowledge, professional experiences, age and origin, contributing in particular, to 
maintaining the presence of Spanish citizens on the board. 
(ii) The presence on the board of profiles with proven experience and sound knowledge of the 
Company, the Group (including of its business model and its governance regulations), and 
generally, of the retail sector. 
At a later stage, the company’s governance structure underwent a significant change in 2021, 
completing the generational handover process driven by the Executive Chairman, Mr Isla, and the 
founder, controlling shareholder and director, Mr Ortega, to ensure that the succession of the chair takes 
place in an orderly and planned manner.  
Thus, in the meeting held on 29 November 2021, the board of directors passed by unanimous vote, 
following a favorable report of the Nomination Committee, the following resolutions, inter alia: 
 
To acknowledge the resignation tendered by Mr Pablo Isla Álvarez de Tejera as Chairman and 
member of the board of directors and its Executive Committee, effective as of 31 March 2022. 
Mr Isla will remain the Chairman of the company until that date. 
 
To co-opt Ms Marta Ortega Pérez to the board of directors as proprietary director, to fill the 
vacancy created following the resignation tendered by Mr Isla from his position as Chairman, and 
to appoint her (non-executive) Chair of the board of directors, effective as of 1 April 2022.

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 
To acknowledge the resignation tendered by Mr Carlos Crespo González from his position as CEO 
and member of the board of directors and its Executive Committee and to appoint him as COO & 
Head of Digital and Sustainable Transformation. His resignation and subsequent appointment 
will be effective immediately. 
 
To acknowledge the resignation tendered by Mr Óscar García Maceiras as General Counsel and 
Secretary of the board and its committees, and to co-opt him to the board as executive director 
and CEO. His resignation and subsequent appointment will be effective immediately. 
The above referred co-options to the board of directors were based on the prior analysis of the 
Company’s needs and of the competences required by the board, written up in the relevant explanatory 
report approved by the Nomination Committee on 29 November 2021, pursuant to Recommendation 
14 GGC and sections 3, 4 and 5 of CNMV’s Technical Guide 1/2019. 
In its report, the Nomination Committee considered, inter alia, that favouring gender diversity should 
be an immediate priority for any future director selection, to complete the process of achievement of 
targets set for 2022, without disregarding however, that all elections must be made based upon 
suitability and merit yardsticks. 
Thus, based upon the analysis of the Nomination Committee, the restructuring process carried out in 
2021 has contributed to:  
(i) 
reinforcing diversity of directorship types, ensuring a majority presence of non-executive 
directors and a representation of proprietary directors that ensures the existence of effective 
counterweights and the alignment of board decisions with shareholders’ interests. 
On the other hand, the actual separation of the position of Chair of the board of directors and 
chief executive, with a new non-executive Chair and a CEO, effectively reduces any potential 
risk of power concentration.  
(ii) Reinforcing female representation.  
Although as at year end, female directors account for 36.36% of all board seats, as of 1 April 
2022, date when the appointment of Ms Marta Ortega Pérez will become effective, the 
percentage of female representation will stand at 45.45%, thus surpassing the 40% target set 
for 2022;  
(iii) a progressive board refreshment, combined with the presence on the board of directors with 
proven experience and sound knowledge of the company, the Group and its business. 
The appointment of Mr García and Ms Ortega represents a generational handover while at the 
same time, Inditex’s values are upheld, thus ensuring the stability of the project, considering 
the career of both new directors. 
Moreover, both appointments have contributed to significantly reduce the average age of 
directors, as well as their average tenure; and  
(iv) reinforcing experience in areas such as digital transformation, sustainability, compliance, 
corporate governance and the relationship with regulators, as well as in leadership commercial 
strategy management, in particular as regards product, design, innovation and brand image,

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which are key strategic priorities for the Company. 
With such composition, the committee considers that an appropriate balance of skills and 
experiences exists on the board, that serves the interests of the Company and the Group, as 
directors with a solid experience and knowledge of the Group, its business and generally the 
retail sector sit with others with education, competences and experiences in other fields and 
industries. All of which contributes to the appropriate exercise of the oversight duty entrusted 
to the board of directors. 
Based on all the foregoing, the Nomination Committee has considered that Inditex meets the targets 
and fulfils its commitment to diversity provided in the Diversity of Board of Directors Membership and 
Director Selection Policy and the remaining internal regulations.  
C.1.6 Describe the measures, if any, agreed upon by the nomination 
committee to ensure that selection procedures do not contain 
hidden biases which impede the selection of female directors and 
that the company deliberately seeks and includes women who meet 
the target professional profile among potential candidates, making 
it possible to achieve a balance between men and women. Also 
indicate whether these measures include encouraging the company 
to have a significant number of female senior managers: 
As explained in detail in section C.1.5 above, the Group relies on the Diversity of Board of Directors 
Membership and Director Selection Policy and the D&I Policy, both of which reflect the company’s 
commitment to encouraging diversity, in particular gender diversity. Notwithstanding this, the role that 
the Nomination Committee plays in this area is addressed below. 
Pursuant to the section 529bis(2) LSC, the board of directors shall ensure that gender, experiences and 
knowledge diversity is encouraged in recruitment processes of directors, which should not suffer from 
any implicit bias that may entail any discrimination and particularly, that selection of female directors is 
fostered. 
The role that the Nomination Committee plays in this field is summarized below. 
Pursuant to the provisions of section 16.2(b) of the Board of Directors’ Regulations, and section 5.3(b) 
of the Nomination Committee’s Regulations, one of the basic responsibilities of the Nomination 
Committee shall be: “to seek an appropriate composition and a diverse membership on the board of 
directors and its committees in terms of professional experience, competences, personal skills, sector-
specific knowledge, international experience or geographic origin, age and in particular, gender.”  
According to the Diversity of Board of Directors Membership and Director Selection Policy, the 
Nomination Committee must set a representation target for the least represented gender on the board 
and provide guidance on how to meet such target. In this regard, pursuant to section 6(d) of the terms 
of reference of the Nomination Committee and the Diversity of Board of Directors Membership and 
Director Selection Policy, women should account for at least 40% of all board seats by the end of 2022. 
Under no circumstances shall such percentage be less than 30% at any given time before the expiry of 
such deadline

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Likewise, section 22.1. of the Board of Directors Regulations and section 6(c) of the Nomination 
Committee’s Regulations provide that both the board and such committee shall ensure that upon filling 
new vacancies or upon appointing new directors, selection procedures shall ensure the absence of any 
manner of discrimination. 
Meanwhile, pursuant to section 13 of the Board of Directors’ Regulations, section 5.3.(b) of the 
Nomination Committee’s Regulations and the provisions of the Diversity of Board of Directors 
Membership and Director Selection Policy, the Nomination Committee is responsible for seeking an 
appropriate composition and a diverse membership on the board of directors and its committees in 
terms of professional experience, competences, personal skills, sector-specific knowledge, 
international experience or geographic origin, age and in particular, gender, taking into account the 
restrictions that are a result of the smaller size of the Committee.  
Last, pursuant to section 5.3(e) of its terms of reference, the Nomination Committee shall be 
responsible for “issuing a report regarding the motions to appoint and to dismiss senior managers, 
supporting the existence of a significant number of female senior managers in the company”. 
C.1.7 Explain the conclusions of the nomination committee 
regarding verification of compliance with the policy aimed at 
promoting an appropriate composition of the Board of Directors.  
Three directors were appointed to the board in 2021. One of them, Mr José Arnau Sierra was re-elected, 
as his term of office came to an end in the year, whereas the other two, Mr Óscar García Maceiras and 
Ms Marta Ortega Pérez were co-opted to the board to fill vacancies. 
As explained in detail in section C.1.5 above, the Annual General Meeting held on 13 July 2021 resolved 
on the proposal of the Nomination Committee to re-elect Mr Arnau to the board of directors as non-
executive proprietary director. 
His re-election was based on the prior analysis of the needs of the company and the board of directors 
itself, the findings of which were written up in an explanatory report issued by the Nomination 
Committee on 7 June 2021, and which were subsequently endorsed by the board of directors in a report 
dated 8 June 2021 covering the motion on the re-election of the above referred director. Both reports 
and their findings have been addressed in detail in section C.1.5 above.  
Pursuant to section 4 of the then applicable Director Selection Policy, the above referred reports and 
the explanatory report of the needs of the board of directors were posted on the corporate website at 
the time that the 2021 Annual General Meeting was called. 
As explained in detail in section C.1.5 above, the board of directors resolved on 29 November 2021, 
following a favourable report of the Nomination Committee and exercising the power provided for in 
section 529decies LSC and in article 24.3 of the Articles of Association, to fill the following board 
vacancies:

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 The one which will arise on 1 April 2022 on account of the resignation tendered by Mr Isla, 
with the election of Ms Ortega to the board of directors as proprietary director and new (non-
executive) Chair of the Board of Directors, effective as of said date.  
 The vacancy created by the resignation from the board and consequently from his position as 
CEO, tendered by Mr Crespo on 29 November 2021, effective immediately, and the 
appointment of Mr García as new executive director and CEO, also effective immediately. 
The Nomination Committee has played an active role regarding the appointment of the 2 new directors 
via the co-option system, which shall be confirmed at the upcoming Annual General Meeting, even 
though they were made on the motion raised by the Executive Chairman, Mr Isla and the founder and 
director, Mr Ortega, within the scope of an orderly and planned succession of the Chair. In this regard, 
the committee began by reviewing the competences and skills that the board of directors needs to 
include or reinforce, considering the Company’s strategic priorities and challenges, current and future, 
in particular, (i) appraising the knowledge, experience and competences required to understand the 
business and its main risks and ensure it smooth running; and (ii) with regard to the addition of female 
directors who meet the profile sought, to encourage gender diversity on the board. The findings of such 
analysis were written up in the relevant explanatory report approved by the Nomination Committee on 
29 November 2021, pursuant to Recommendation 14 GGC and sections 3, 4 and 5 of CNMV’s Technical 
Guide 1/2019. Likewise, in line with best corporate governance practices, and pursuant to the 
provisions of section 6.1 of the Diversity and Director Selection Policy, the Committee engaged an 
external advisor, Heidrick&Struggles, to carry out the analysis of the suitability of the proposed 
candidates out of a selection of profiles included in a list of potential directors.  
Based on the foregoing, it can be inferred that the motions on the re-election and appointment of 
directors were consistent with the analysis on the needs of the board and the Company itself, and that 
the Nomination Committee has established that directors with a wide knowledge of business sit on the 
board, together with others with background in other industries, and that in general, board membership 
is diverse in terms of experiences and career – both domestic and international – age and gender. 
Based on all the foregoing, the Nomination Committee considered that the re-election and appointment 
process carried out by the Company in 2021 is aligned with the terms and goals set in the Diversity of 
Board of Directors Membership and Director Selection Policy, observing its overarching principles, as 
such process has been based on a prior analysis of the needs of the company and the Board of Directors, 
and has contributed to encouraging a diverse membership on the board and its committees, in 
particular gender diversity, seeking to ensure an appropriate board membership and contributing to 
talent attraction.

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C.1.8 Where applicable, explain the reasons for the appointment of 
any proprietary directors at the request of shareholders with less 
than a 3% equity interest: 
No proprietary directors have been appointed at the request of shareholders with less than a 3% equity 
interest. 
Name or company name of shareholder 
Reason 
- 
- 
Indicate whether the Board has declined any formal requests for presence on the Board from 
shareholders whose equity interest is equal to or greater than that of others at whose request 
proprietary directors have been appointed. If so, explain why the requests were not granted: 
Yes 
No x 
Name or company name of shareholder 
Explanation 
- 
- 
C.1.9 Indicate the powers, if any, delegated by the Board of 
Directors to directors or Board committees: 
Mr Pablo Isla Álvarez de Tejera 
Executive Chairman 
Mr Óscar García Maceiras 
CEO 
Mr Pablo Isla Álvarez de Tejera, Executive Chairman, and Mr Óscar García Maceiras, CEO, have been 
delegated each and every one of the powers contained in the list included further below, and these must 
be exercised in the following manner and conditions: all of them individually, without distinction, with 
the exception of those included in sections 4 to 6 (both inclusive) and which entail undertaking in excess 
of a given amount or disposal of funds in excess of a given amount; in such case either of the executive 
directors must act jointly with another person who, by virtue of any legal title, is also empowered with 
the power in question.  
At any rate, the prior resolution of the Board of Directors or, where delegated, of the Executive 
Committee, shall be required in the event of transactions, proceedings or agreements which (i) entail 
the acquisition, disposal or encumbrance of real property of the company, or of any manner of industrial 
or intellectual property rights of the company, or of shares or interests held by the Company, above a 
given amount; or which (ii) regardless of their nature, entail the assumption of payment commitments 
in excess of a given amount. Certain types of financial or treasury transactions, proceedings or 
agreements are excepted from the requirement of a resolution of the Board, as the joint action referred 
to above will suffice.

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At any rate, the requirement of joint action and/or of a prior resolution of the Board of Directors shall not 
apply when it involves transactions, proceedings or agreements which are, regardless of the amount 
involved, carried out or awarded between companies belonging to the INDITEX Group, understanding 
as such those companies, whether Spanish or foreign, in which Inditex holds, whether directly or 
indirectly through other investee companies, at least 50% of the share capital, in which case both the 
Executive Chairman and the CEO may act individually, for and on behalf of the company, regardless of 
the amount involved in the matter in question. 
List of powers:  
1.- To appear and represent the company vis-à-vis all manner of authorities, institutions, agencies, 
departments and offices of the General State Administration, Central or Peripheral Government, 
Autonomous Communities, Provinces, Municipalities, of the Institutional, Corporate or Independent 
Administration, whether Spanish authorities or authorities from a foreign State, or of the European 
Union, including vis-à-vis any manner of Public Registries and, in general, before any entity or public or 
private person, whether domestic or foreign. To sign and lodge all manner of applications and petitions; 
and, in general, to exercise such powers as may be required for the management and defense of the 
rights of the company.  
2.- To sign, send, receive and collect from the postal and telegraph authorities or offices ordinary or 
registered postal or telegraph correspondence, declared value items and postal and telegraphic money 
orders. To file any relevant claims before said authorities or offices and, where appropriate, collect the 
related indemnity payments.  
3.- To verify consignments of all kinds of merchandise and goods by land, sea or air, and to receive those 
addressed to the Company. To file the relevant claims against railroad, shipping companies or airlines, 
or against carriers in general for breakdowns, delays, losses or any other breach of the transportation 
agreement, and to collect the indemnity agreed with the same or set by the courts. To sign agreements 
and arrangements of all types with carriers, travel agencies, hotels, restaurants and other persons or 
entities who take part in the transport of individuals or in the sphere of the hotel and catering industry. 
4.- To claim and collect amounts owing to the Company for whatever reasons and to sign the 
appropriate receipts. To make payment. To render and require the rendering of accounts and to 
challenge or approve said accounts. To provide, cancel and recover all manner of bonds and deposits, 
including those at/of the General Savings Deposit and its branches. 
5.- To execute all manner of acts and contracts for valuable consideration relating to property of all 
kinds, whether movable and real property, rights, securities, shareholdings, shares, interests, at such 
prices, for such considerations, under such terms, for such periods and under such provisions, terms 
and conditions as are deemed appropriate. 
Specifically, without limitation: 
 
To acquire, assign, grant and dispose of or transfer for whatever title for valuable consideration, 
including that of a court-ordered sale in lieu of payment, all manner of property, whether movable 
or real property, rights, trademarks and other distinctive signs and industrial property on 
intellectual property rights, securities, shareholdings, shares and interests; take out all manner 
of compulsory and voluntary insurance; to hire the execution of works, services and supplies of 
all kinds; to lease as a lessor or lessee, grant or be the recipient of financial leases, sublease as a

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sub lessor or sub lessee; to create, amend, acknowledge and extinguish real property rights; 
including chattel mortgages and mortgages, pledges with or without transfer of possession and 
any other encumbrance on any manner of property and rights owned by the Company; to carry 
out groupings of, additions of, divisions of and severances of title to properties, make declarations 
of new construction work and divisions of real property under the condominium ownership 
system, establishing the bylaws which shall govern the same, and, generally, to execute any 
disposals; and to conduct and take part in measurements, surveys and boundary marking, 
approving the same and executing any certificates that may be issued. Regarding all the above 
acts and contracts, attorneys in fact may act with the broadest powers in the execution and 
performance thereof, requiring, where appropriate, whatever is necessary for such purpose, as 
well as to amend, substitute, cancel, terminate or discharge the same. 
 
To execute any manner of bank and financial agreements in general, even though they would 
entail indebtedness of the Principal; do such acts and things as are allowed by bank laws and 
practice; to act as a plaintiff or defendant in connection with all types of securities and 
commercial papers. 
As an exception to the foregoing, in the exercise of the authority conferred, securities and guarantees 
may only be granted to other companies belonging to the “INDITEX” Group, and as a result, securities, 
guarantees, surety insurance or any other security may only be granted to them.  
6.- To grant all manner of acts and contracts relating to IT, management, security and communication 
products, plant and systems, as well as those referring to intellectual property arising out of or related 
with the same and, in general, any others referring to all manner of movables. Specifically, to acquire, 
assign, grant, encumber and dispose of or transfer for whatever title, including that of a court-ordered 
sale in lieu of payment, the aforementioned goods; to lease them as lessee or lessor, to grant or be the 
recipient of financial leases in respect thereof, or to sublease them as sub lessor or sub lessee; to create, 
amend, acknowledge and extinguish or cancel real property rights and securities on the movables 
belonging to the Company. Regarding all the above acts and contracts, the attorneys in fact may act 
with the broadest powers in the execution and performance thereof, requiring, where appropriate, 
whatever is necessary for such purpose, as well as to amend, substitute, cancel, terminate or discharge 
them. 
7.- To enter into all manner of agreements for business collaboration, such as franchise contracts, joint-
venture contracts, accounts in participation, commercial distribution agreements, license and agency 
contracts as well as supply agreements and option to purchase agreements associated to the contracts 
for business collaboration and, in general, in any such agreement that the national and international 
expansion of the company might require. 
8.- To represent the Company in meetings or Annual or Extraordinary General Meetings of any manner 
of companies and economic interest groupings, uniones temporales de empresas [temporary business 
partnership] and any other entities, taking the floor therein and casting their vote in the way that they 
deem appropriate, regardless of the business being transacted, including, without limitation, the 
following business: incorporation, alteration, merger or split-off, assignment of assets and liabilities, 
winding-up and liquidation of all kinds of entities and companies, amendment of by-laws and internal 
regulations, capital increases or reductions, approval of accounts, granting and revocation of powers of 
attorney, appointment and removal of officers or acceptance of offices to which the principal has been

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appointed in any company, proceeding to the relevant statements of disqualification or incompatibility 
required to accept such appointment and appointing the natural persons who will act on their behalf in 
the discharge of such office, with all powers inherent therein, replacing the representatives natural 
persons already appointed, even where the appointment or replacement falls on the attorneys in fact 
themselves, and generally, exercising on behalf of the Company any rights that it may be entitled to, in 
its capacity as shareholder. To appear in and grant any deed of incorporation, amendment, merger, split 
off, assignment of assets and liabilities, winding-up or liquidation of any manner of companies, 
economic interest groupings, temporary business partnership of companies and any other entities. And 
for all purposes above, to subscribe such documents, whether public or private, which may be 
necessary and generally, to do such acts and things which may be required for the full effectiveness and 
publicity thereof further to their registration with public registries. 
9.- To attend in the name and on behalf of the company, meetings, general meetings and assemblies 
of condominiums or co-owners, taking the floor therein and casting their vote in the way that they deem 
appropriate, whatever the matter that is being debated and on which resolutions are passed, to accept 
positions and appointments and, in general, to exercise in the name of the company any rights that it 
may be entitled to in Condominium Owner Communities, as well as in the meeting they these may hold 
in compliance with the current Condominium Property Law and other applicable legislation 
10.- To appear in deeds of incorporation, alteration, merger or winding-up of all kinds of entities and 
companies, and attend, on behalf of the Company, assemblies, meetings or ordinary and extraordinary 
meetings of shareholders, intervening therein and casting their vote in the manner that they deem 
appropriate whatever the matter that is being debated and on which resolutions are passed, accepting 
positions and appointments and, in general, exercising in the name of the company any rights that may 
correspond to it. 
11.- To set up the offices, workplaces and buildings of the Company and to organize the services 
provided therein. To establish branches, hire staff, establishing recruitment and joining terms; to freely 
appoint and remove the same, including officers and skilled employees; to establish their rights, duties, 
powers and functions, salary, bonuses and indemnity payments; to agree upon promotions and 
transfers; and to exercise penalization and disciplinary powers, as well as to act on behalf of the 
Company before the employees' collective representation bodies and to represent it in the negotiation 
of agreements or pacts whatever their scope or nature. 
12.- To represent the company before any manner of authorities and administrative bodies, of 
whichever administration, that have authority in labour and Social Security matters, bringing 
proceedings and claims, requesting or not the suspension of the actions being the subject of the claim, 
to appear and act in matters pending in which their principal has a direct or indirect interest, in all 
manner of cases and proceedings, proposing and examining all types of evidence; to request and obtain 
documents, copies, certificates and transfers; to file, prepare and draft all manner of pleadings, 
applications, petitions, allegations and claims; and, in general, to carry out all those acts that are 
necessary in the labour life of the company, to file its registration as a company before the labour 
authorities and the Social Security, those necessary for and arising out of the hiring of all manner of 
workers, including applying for and receiving payment of subsidies and allowances, the registration of 
workers [with the relevant authorities], etc., as well as those actions that are necessary for or are 
motivated by the amendment or termination of that labour relationship; those that are necessary for or 
arise out of the training that has to be given to the personnel of the company; statements and payments

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of Social Security contributions, requests for postponement and refunds, all that are necessary in the 
relations of the company with the employment and job-search offices; and, in general, to following the 
procedures through all its stages and motions, bringing the appropriate actions before the courts or not, 
until such time as firm decisions are obtained and fully enforced. 
13.- To represent the company before all manner of authorities and administrative bodies, of whichever 
administration, that have authority in respect of Health and Safety at Work and Occupational Hazards, 
bringing proceedings and filing claims and, in general, carrying out all those actions that may be 
desirable for the principal company in those cases in which it, directly or indirectly, may have an interest. 
To carry out all that may be necessary to promote and maintain the safety of the workers in the 
workplaces, complying with the legislation on the prevention of Labour Risks and other complementary 
regulatory schemes; to plan and executive the policy for the prevention of risks; to act in the name of 
the company before the workers and their representative bodies and participating bodies as regards 
prevention; to draw up and introduce an occupational hazard plan; to organize the prevention service, 
providing it with the material and human resources that are necessary for it to develop its activity; to 
contract and to sign arrangements with authorized entities for the provision or acting as external 
prevention services; to carry out, organize and arrange the carrying out of assessments of risks, medical 
check-ups and other health check measures and prevention systems; to contract the performance of 
external labour risk prevention audits and, in general, all those acts that are related to such risks. To 
proceed to insure common and occupational risks of the workers, signing agreements and association 
documents with of the Social Security Agencies and Mutual Insurance Companies for Work Accidents 
and Industrial Diseases of the Social Security, or entities that should replace them in such functions and 
tasks, reporting or putting an end to, at the appropriate time, those that may have been signed; to accept 
positions and participate in the governing boards and advisory boards of such entities collaborating in 
the management of Social Security. 
14.- As regards procedural rules, to exercise all those actions that are available to the principal and to 
waive those brought. To appear before the ordinary and special Courts of Law and Tribunals of all levels 
and jurisdictions, in all manner of trials, as well as in any kind of voluntary jurisdiction cases, 
administrative and economic-administrative cases. Consequently, to enter into conciliation 
agreements, with or without composition settlements, to mediate in pre-court proceedings, to file 
relevant claims and to answers summons and notifications, to sue, contest or accept, and report or 
lodge complaints; to file statements and ratify them, request and obtain documents; to request the 
practice of any proceedings whatsoever including: indictments, imprisonment and releases from prison; 
to hear notifications, notices, citations and summons, to assert and challenge jurisdictions; to apply for 
joinder of claims; challenge judges, magistrates and court officials; to propose and examine evidence 
and submit depositions; to attend court appearances, hearings and meetings and speak and vote, 
including meetings of creditors in all manner of collective execution proceedings, and may take part in 
auctions and request the adjudication of goods in partial or total payment of the debt being claimed; to 
reach a composition in court and outside court, to file and pursue, to the end, the litigation or case 
through its particular proceedings, possible incidents and appropriate appeals, until such time as firm 
resolutions, decisions or judgments are obtained and enforced; to take responsibility for the money or 
goods that are subject to the procedure being followed and, generally, exercising in the name of the 
company any rights that it may be entitled to. 
15.- To compromise and refer to arbitrators all matters in respect of which they are empowered, either 
in any of the types of arbitration proceedings with the scope and under the requirements provided for

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in the Spanish legislation on arbitration, or those types of arbitration proceedings characteristic of 
international commercial arbitration. 
16.- To request that a Notary Public enter into record the minutes, and to serve and receive notices and 
notarial summons. 
17.- To grant powers of attorney, allocating to third parties, in full or in part, the above listed authorities, 
to revoke the powers granted, and to get copies of all kinds of records and deeds. 
18.-To execute as public deeds the resolutions passed by the Annual General Meeting, the board of 
directors or any other governing body. 
Additionally, as described in section C.2.1 below, the Executive Committee holds in delegation all the 
powers of the board of directors, except for those that cannot be delegated by statute or pursuant to 
the Articles of Association and those that are necessary for the responsible exercise of the general 
supervisory function that is incumbent on the board of directors. 
C.1.10. Identify any members of the Board who are also directors, 
representatives of directors or managers in other companies 
forming part of the listed company's group: 
As at 31 January 2022, Mr Óscar García Maceiras was a member of the governing body of the following 
Group companies. 
 
Company name of the group entity 
Position 
Does the director have 
executive power? 
ZARA BELGIQUE, S.A. 
Director 
Yes 
ITX LUXEMBOURG, S.A. 
Director 
Yes 
PULL & BEAR SUISSE, S.A.R.L. 
Director 
Yes 
ZARA HOME SUISSE, S.A.R.L. 
Director 
Yes 
ZARA SUISSE, S.A.R.L. 
Director 
Yes 
ITX SVERIGE, AB 
Director 
Yes 
INDITEX NORGE, AS 
Director 
Yes 
ITX HELLAS SINGLE MEMBER, S.A. 
Director 
Yes

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C.1.11. List the positions of director, administrator or 
representative thereof, held by directors or representatives of 
directors who are members of the company's board of directors in 
other entities, whether or not they are listed companies: 
Identity of the director 
or representative 
Company name of listed or 
unlisted company 
Position 
Paid or unpaid 
Mr Amancio Ortega 
Gaona 
Pontegadea Inversiones S. L 
Chair 
Paid 
Pontegadea Inmobiliaria S.L 
Chair 
Paid 
Partler 2006 S.L 
Chair 
Paid 
Pontegadea GB2020 S.L 
Chair 
Paid 
Partler Participaciones S.L 
Chair 
Unpaid 
Fundación Amancio Ortega 
Chair 
Unpaid 
Mr Pablo Isla Álvarez de 
Tejera 
Nestlé, S.A. 
Independent director 
Paid 
Ms Flora Pérez Marcote 
Pontegadea Inversiones S. L 
First Deputy Chair 
Paid 
Pontegadea Inmobiliaria S.L 
First Deputy Chair 
Paid 
Pontegadea GB2020 S.L 
First Deputy Chair 
Paid 
Fundación Amancio Ortega  
First Deputy Chair 
Unpaid 
Mr José Arnau Sierra 
Pontegadea Inversiones S. L 
Second Deputy Chair 
Paid 
Pontegadea Inmobiliaria, S.L.U. 
Second Deputy Chair 
Paid 
Partler 2006 S.L 
Second Deputy Chair 
Paid 
Pontegadea GB2020 S.L 
Second Deputy Chair 
Paid 
Pontegadea España, S.L.U. 
Joint Director 
Unpaid 
Partler Participaciones S.L. 
Second Deputy Chair 
Unpaid 
Esparelle 2016, S.L. 
Sole Director, legal 
representative of 
Pontegadea Inversiones 
S.L.U. 
Unpaid

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Pontegadea Dieciocho S.L 
Sole Director, legal 
representative of 
Pontegadea Inversiones S.L 
Unpaid 
Sobrado Forestal 2014, S.L 
Sole Director 
Unpaid 
Pontegadea France, SAS 
Chair, legal representative 
of Pontegadea Inmobiliaria 
SLU 
Unpaid 
Prima Cinque, S.p.a. 
Chair 
Unpaid 
PG Real Estate Interests Ltd 
Ordinary member 
Unpaid 
Pontegadea Inmobiliaria, SA de 
CV 
Chair 
Unpaid 
Pontegadea Canadá, Inc 
Chair 
Unpaid 
Pontegadea Korea, Inc 
Ordinary member 
Unpaid 
Ponte Gadea USA, INC 
Chair 
Unpaid 
Hills Place, Sarl 
Ordinary member 
Unpaid 
Pontegadea UK, Ltd 
Ordinary member 
Unpaid 
Almack Ltd 
Ordinary member 
Unpaid 
Ponte Gadea Portugal – 
Investimentos Imobiliários e 
Hoteleiros, S.A. 
Chair, appointed by Partler 
2006 SL 
Unpaid 
Pontegadea Amoreiras – 
Sociedade Imobiliária, S.A. 
Chair, appointed by Partler 
2006 SL 
Unpaid 
Proherre Internacional- 
Sociedade Imobiliária, Lda 
Joint and Several Director 
Unpaid 
Pontegadea Real Estate, SAS 
Chair, legal representative 
of Pontegadea Inmobiliario 
SLU 
Unpaid 
Montaigne Real Estate, SAS 
Sole Director 
Unpaid 
Adelphi Property SARL 
Ordinary member 
Unpaid 
Fongadea Recoletos 7-9, S.L. 
Chair 
Unpaid

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Daimar de Inversiones S.L. 
Sole Director 
Unpaid 
Pontel Participaciones S.L. 
Ordinary member 
Unpaid 
Fundación Amancio Ortega 
Gaona 
Second Deputy Chair 
Unpaid 
Fundación Kertor 
Trustee 
Unpaid 
Fundación Santiago Rey 
Fernández Latorre 
Trustee 
Unpaid 
Fundación Bal y Gay 
Trustee 
Unpaid 
Ms Anne Lange 
Pernod-Ricard, S.A 
Non-executive director 
Paid 
Peugeot Invest 
Non-executive director 
Paid 
Orange, S.A. 
Non-executive director 
Paid 
Mr Rodrigo Echenique 
Gordillo 
 
Banco Santander Chile 
Non-executive director 
Paid 
Banco Santander Internacional 
(BSI) 
Non-executive director 
Paid 
Fundación Banco Santander 
Chair 
Unpaid 
Mr Emilio Saracho 
Rodríguez de Torres 
International Consolidated 
Airlines 
Group, S.A. 
Independent director 
Paid 
Rustica y Forestal El Socor, S.L. 
Chair and CEO 
Unpaid 
Ms Pilar López Álvarez 
Microsoft Western Europe 
VP Sales, Marketing, Ops 
(COO)  
Paid 
 
Remarks 
 
Indicate, where appropriate, the other remunerated activities of the directors or directors' 
representatives, whatever their nature, other than those indicated in the previous table. 
Identity of the director or representative 
Other paid activities 
Ms Anne Lange 
Managing Partner at ADARA: a consulting firm that 
provides senior-level advice to start-ups and in the field 
of innovation. 
Mr Rodrigo Echenique Gordillo 
Advisor to Banco Santander (Santander Group) 
Mr Emilio Saracho Rodríguez de Torres 
Senior Advisor at Altamar Capital Partners 
Mr José Luis Durán Schulz 
CEO for Europe at VALUE RETAIL MANAGEMENT

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C.1.12. Indicate whether the company has established rules on the 
maximum number of company boards on which its directors may 
sit, explaining if necessary and identifying where this is regulated, 
where applicable: 
Yes x 
No 
Explanation of the rules and identification of the document where this is regulated 
Pursuant to section 22.2 of the Board of Directors’ Regulations, the Board of Directors may not propose 
or appoint in order to fill a position of director, anyone who holds the office of director in more than 4 
listed companies other than the Company at the same time. 
C.1.13. Indicate the remuneration received by the Board of 
Directors as a whole for the following items: 
Remuneration accruing in favour of the Board of Directors in the financial year 
(thousands of euros) 
21,232 
Funds accumulated by current directors for long-term savings systems with 
consolidated economic rights (thousands of euros) 
9,422 
Funds accumulated by current directors for long-term savings systems with 
unconsolidated economic rights (thousands of euros) 
- 
Pension rights accumulated by former directors (thousands of euros) 
- 
The amount stated as “Remuneration of the board of directors (thousand euros)” corresponds to the 
aggregate amount shown in section C.1.c) “Summary of remunerations (thousand euros)” of the Annual 
Report on Remuneration of Directors for 2021. Included therein are the fixed remuneration of directors 
in their status as such, and the fixed and the short and long-term variable remunerations accrued by 
the Executive Chairman, Mr Pablo Isla Álvarez de Tejera, the new CEO, Mr Óscar García Maceiras and 
the outgoing CEO, Mr Carlos Crespo González, for the performance of executive functions. In particular: 
The amounts of the remuneration accrued by: (i) Mr Pablo Isla Álvarez Tejera, as director and for the 
performance of executive functions from 1 February 2021 through 31 January 2022; (ii) Mr Óscar 
García Maceiras, in his status as director and for the performance of executive functions from 1 
December 2021, date of economic effect of his appointment as CEO, through 31 January 2022, as well 
as (iii) Mr Carlos Crespo González, in his status as director and for the performance of executive 
functions from 1 February 2021 through 30 November 2021, date of economic effect of his resignation. 
With regard to long-term or multi-year variable remuneration: included in the above referred global 
remuneration for directors are the amounts of €4,218 thousand, €70 thousand and €2,633 
thousand accrued by the Executive Chairman, the new CEO and the outgoing CEO, respectively, as 
at 31 January 2022, under the first cycle (2019-2022) of the 2019-2023 Plan. Such Plan 
materialised in: 
- A cash incentive in the aggregate gross amount of (i) €1,760 thousand for the Executive Chairman; 
(ii) €36 thousand for the new CEO; and (iii) €1,099 thousand for the outgoing CEO.

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- An incentive in shares equivalent to the total number of: (i) 112,953 shares, corresponding to the 
gross amount of €2,458 thousand for the Executive Chairman; (ii) 1,552 shares corresponding to 
the gross amount of €34 thousand for the new CEO. These are the shares accrued for the period 
running form 1 December 2021, date of economic effect of his appointment through 31 January 
2022; and (iii) 70,499 shares, corresponding to the gross amount of €1,534 thousand for the 
outgoing CEO. These shares were accrued for the period in FY2021 when he held such position, 
i.e., from 1 February 2021 through 30 November 2021.  
It bears mention that for the purposes of quantifying the part of such incentive to be delivered in 
shares, the closing price of Inditex share on the last business day of the week before the date when 
the board of directors assessed and approved the level of target achievement of the the first cycle 
of the 2019-2023 Plan (i.e. 11 March 2022), was considered. The incentive in cash and in shares 
will be paid in the month following the release of the annual accounts for FY2022. 
With regard to the “Funds accumulated by current directors for long-term savings systems with 
consolidated economic rights (thousand euros)”, no contributions to long term savings systems have 
been made since 2015 and the amount of accumulated funds in such systems reached €9,422 
thousand as of 31 January 2022 (pursuant to section C.1.a iii) “Long term saving systems” of the Annual 
Report on Remuneration of Directors for 2021. 
C.1.14. Identify members of senior management who are not also 
executive directors and indicate their total remuneration accrued 
during the year: 
Name or company name 
Position 
Ms Lorena Alba Castro 
Chief Logistics Officer 
Mr José Pablo del Bado Rivas 
Director of PULL & BEAR 
Mr Carlos Crespo González 
Chief Operating Officer & Head of Digital and Sustainable 
Transformation 
Mr Miguel Díaz Miranda 
Chief Financial Officer & Chief Operating Officer of ZARA 
Mr Jesús Echevarría Hernández 
Chief Communication Officer 
Mr Ignacio Fernández Fernández 
Chief Financial Officer 
Mr Antonio Flórez de la Fuente 
Director of BERSHKA 
Mr Javier García Torralbo 
Chief e-commerce Director of ZARA 
Ms Begoña López-Cano Ibarreche 
Chief Human Resources Officer 
Mr Abel López Cernadas 
Head of Import, Export and Transport 
Mr Marcos López García 
Capital Markets Director 
Mr Juan José López Romero 
Head of General Services and Infrastructures 
Mr Javier Losada Montero 
Chief Sustainability Officer 
Mr Gabriel Moneo Marina 
Chief IT Officer 
Mr Javier Monteoliva Díaz 
General Counsel and Secretary of the Board

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Ms María Lorena Mosquera Martín 
Director of ZARA HOME 
Ms Paula Mouzo Lestón 
Chief Audit Officer 
Ms Beatriz Padín Santos 
Director of ZARA WOMAN 
Mr Jorge Pérez Marcote 
Director of MASSIMO DUTTI 
Mr Óscar Pérez Marcote 
Director of ZARA 
Mr José Luis Rodríguez Moreno 
Director of UTERQÜE 
Ms Carmen Sevillano Chaves 
Director of OYSHO 
Mr Jordi Triquell Valls 
Director of STRADIVARIUS 
 
Number of women in senior management 
6 
Percentage out of all senior managers 
26.08% 
 
Total remuneration of senior management (thousand euros) 
79,287 
 
Included in the amount stated as “Aggregate remuneration for senior managers” is the amount of the 
fixed remuneration and the variable remuneration accrued by senior managers in financial year 2021, 
both the short-term variable remuneration and the long-term variable remuneration for the first cycle 
(2019-2022) of the 2019-2023 Long-Term Incentive Plan. 
Under such cycle, the amount of €27,581 thousand were accrued by senior managers as at 31 
January 2022 in the framework of the 2019-2023 Plan, materialized in: (i) an incentive in cash in 
the aggregate gross amount of €13,472 thousand, and (ii) an incentive in shares equivalent to a 
total number of 648,398 shares, which correspond to the gross amount of €14,109 thousand.  
It bears mention that for the purposes of quantifying the part of such incentive to be delivered in 
shares, the closing price of Inditex share on the last business day of the week before the date when 
the board of directors assessed and approved the level of target achievement of the first cycle of 
the 2019-2023 Plan (i.e. 11 March 2022) was considered.

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The incentive in cash and in shares will be delivered within the month following the release of the annual 
accounts for 2021. 
Likewise, included in such amount are: 
 
The remuneration accrued by Mr Óscar García Maceiras for the performance of his duties as 
General Counsel and Secretary of Board for the period running from 31 March 2021, date when 
he was appointed to the position through 30 November 2021, date of economic effect of his 
appointment as new Chief Executive Officer and when he ceased performing senior management 
duties.  
 
The remuneration accrued by Mr Carlos Crespo González for the performance of his duties as 
Chief Operating Officer and Head of Digital and Sustainable Transformation of the Group, for the 
period running from 1 December 2021, date of economic effect of his appointment until FY2021 
year end. 
 
The remuneration accrued by Mr Javier Monteoliva Díaz, for the performance of his duties as 
Head of Legal, through 30 November 2021, as well as for the performance of his duties as 
General Counsel and Secretary of the Board from 1 December 2021 until FY2021 year end. 
 
The remuneration accrued by Ms Beatriz Padín Santos, Mr Miguel Díaz Miranda and Mr Javier 
García Torralbo, from 1 December 2021, date on which they began performing senior 
management duties, following their appointment to the Company’s Management Committee, 
through FY2021 end. 
 
The remunerations accrued on a pro-rata basis in 2021 by Mr Ramón Reñón Túñez and Mr 
Antonio Abril Abadín for the time they performed senior management duties in the year, including 
relevant severance payments. 
C.1.15. Indicate whether the Board regulations were amended 
during the year: 
Yes x 
No 
In the meeting held on 8 June 2021, the board of directors approved, following a favourable report of 
the Audit and Compliance Committee, the partial amendment to its Regulations, for the main purpose 
of aligning its provisions with the regulatory development introduced by Act 5/2021.

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The amendments made are addressed below: 
 
Amendment to section 15 (“The Audit and Compliance Committee”) in Chapter IV. (“Structure 
of the Board of Directors”) 
The amendments to this section seek to:  
 Adapt the power already assigned to the Committee regarding related-party transactions, in 
accordance with the new language of section 529quaterdecies LSC, introduced by Act 
5/2021. The proposed change consists of removing such power from sub-paragraph (g) and 
adding a new sub-paragraph to cover such power separately. 
 Reflect that committee meetings take place on a quarterly basis for the purposes of reviewing 
the financial information that the Company is going to release to CNMV, whether to fulfil an 
obligation or of its own accord, following the entry into force of Act 5/2021 under which listed 
companies are no longer bound to release an interim management statement with regard to 
each year’s first and third quarter. 
 
Amendment to section 19 (“Board meetings”) in Chapter V. (“Proceedings of the Board of 
Directors”) 
The amendment made sought to relax the system for the board to meet by remote means, for 
the purposes of allowing virtual-only meetings. 
 
Amendment to section 21 (“Election of Directors”) in Chapter V. (“Proceedings of the Board of 
Directors”) 
With regard to the powers relating to the election of new directors, the reference to natural 
persons acting on behalf of a director legal person whose appointment is proposed has been 
removed, as in line with the new wording of section 529bis(1) LSC, no legal person can be 
appointed as company directors. 
 
Amendment to section 34 (“Conflicts of interest”) in Chapter IX. (“Duties of directors”) 
This amendment made seeks to align the system on related parties with the new language of 
section 231 LSC, introduced by Act 5/2021, revising to such end the percentage that determines 
a significant shareholding in a company and adding a new conflict of interest situation: that of 
shareholders represented by a director on the Board of Directors. Likewise, the possibility for 
directors in a conflict of interest not to have to abstain in such cases provided for in applicable 
regulations is included. 
 
Amendment to section 36 (“Non-public information”) in Chapter IX. (“Duties of directors”) 
The amendment consists of changing the order of paragraphs 2 and 3 for the sake of higher 
consistency.

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 
Amendment to section 40 (“Transactions with directors and significant shareholders”) in Chapter 
IX. (“Duties of directors”) 
This section has been amended to align its provisions with the system on related-party 
transactions addressed in the new section 529duovicies LSC, introduced by Act 5/2021. 
Transaction carried out with Group companies in their ordinary course of business and on an 
arm’s length basis are not subject to the general approval by the board of directors system. 
Likewise, the value of transactions carried out pursuant to standard framework agreements 
applied en masse to a large number of clients has been reduced to 0.5%. With regard to this 
derogation system, the requirement of establishing an internal procedure for information and 
monitoring overseen by the Audit and Compliance Committee, has been included.  
Likewise, a new obligation is added: that of reporting on such transactions under certain 
circumstances, on the website and to CNMV. 
On the other hand, to allow the Company higher flexibility, a derogation has been added with 
regards to such transactions which, for reasons of urgency, and provided that they are duly 
supported, must be carried out without the board’s authorisation. Notwithstanding the foregoing, 
they shall be subsequently submitted to the board for ratification. 
 
Amendment to section 42 (“Corporate Website”) in Chapter X. (“Relations of the board of 
Directors”) 
The opportunity has been seized to introduce some editorial improvements. In particular, the 
term “Relevant Fact” is replaced with communication of “Other Relevant Information” (Otra 
información relevante) in sub-section (r) in section 42.1, pursuant to the terms introduced in the 
new Procedure for Disclosing Issuer Information approved by CNMV on 8 February 2020. 
 
Amendment to section 44 (“Relations with the Markets”) in Chapter X. (“Relations of the Board 
of Directors”) 
This section has been amended following the entry into force of Act 5/2021, as companies are 
no longer bound to release quarterly financial information, in line with the change made to section 
15, above referred. 
C.1.16. Specify the procedures for selection, appointment, re-
election and removal of directors. List the competent bodies, steps 
to follow and criteria applied in each procedure.  
The system for the selection, appointment and re-election of members of the board of directors 
constitutes a formal and transparent procedure which is expressly covered in the Articles of Association, 
the Board of Directors’ Regulations and the Nomination Committee’s Regulations. 
The Diversity and Director Selection Policy referred to in section C.1.5 above, provided guidance on 
selection of directors for the purposes of guiding the proceedings of the Board of Directors and the 
Nomination Committee in this area. 
The Policy is informed by the Recommendations of the GGC and the overarching principles and 
guidelines of CNMV’s Technical Guide 1/2019. According to the Policy, the process to appoint, ratify

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and re-elect directors shall be guided by the following overarching principles: (i) favouring diversity and 
search for excellence within the board of directors; (ii) the selection process for prospective directors 
shall not be tainted by any kind of discrimination and shall follow the merit-based approach; (iii) fulfilling 
the corporate interest; and (iv) transparency in the process to select prospective directors. 
In this regard, the Policy sets forth that the selection, appointment, ratification and re-election of 
directors shall be based upon a prior analysis of the needs of the Company and the Group, and of the 
competences required by the board of directors itself. Such analysis shall be carried out by the board of 
directors on the advice of the Nomination Committee. The board of directors has its own organization 
and internal proceedings, including: (i) the co-option of directors to fill board vacancies, on the proposal 
or following a favorable report of the Nomination Committee, as the case may be; and (ii) the election, 
on the proposal or following report of the same committee, of internal positions and of members of 
board committees. In turn, the Nomination Committee is responsible for the process to select 
prospective directors. Pursuant to the Articles of Association, the Board of Directors’ Regulations, and 
its own terms of reference, directors shall be appointed either by the General Meeting of Shareholders 
or the board of directors, pursuant to applicable laws and the company’ regulations on corporate 
governance. 
The motions on the appointment, ratification or re-election of directors submitted by the board of 
directors to shareholders at the Annual General Meeting, and the appointment resolutions passed by 
the board of directors via the co-option system in use of the powers it is entrusted by statute shall be 
made following: (i) a motion raised by the Nomination Committee, as regards independent directors; or, 
(ii) a report of the Nomination Committee for all other directorship types. 
To ensure the appropriate composition of the board of directors at all times, its structure, size and 
composition as well as the membership of its committees shall be regularly reviewed.  
To this end, efforts should be made to ensure that the board of directors has a balanced membership 
with regard to the different classes of directors, with a large majority of non-executive directors and an 
appropriate mix of proprietary and independent directors, and an appropriate balance of profiles, 
knowledge, skills, careers and experiences so that multiple viewpoints are contributed to the discussion 
of the business transacted and the decision-making process is enriched. In addition, consideration 
should be given to ensuring a progressive and orderly board refreshment to achieve the objectives set 
out in the Policy. 
As provided in the Policy, the findings of the above referred prior analysis shall be written up in an 
explanatory report issued by the Nomination Committee, to be posted on the corporate website upon 
calling the General Meeting to which the nomination, ratification or re-election of each director is 
submitted. 
Prospective directors of the Company shall meet at all times the following requirements: 
 
Be honest, respectable persons of well-known ability, competence, professional background and 
experience and merits.

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 
Be law-abiding and respectful of good marketing practices both in their lives and professional 
careers and observe the provisions of applicable regulations.  
 
Be trustworthy professionals whose conduct and career is aligned with the principles and duties 
set out in Inditex’s internal regulations – in particular, in the Code of Conduct and Responsible 
Practices – and with the views and values of the Inditex Group.  
 
Be committed to their duties as directors and available to dedicate sufficient time and efforts to 
meet their board responsibilities.  
In the process for the selection of prospective directors, those individuals who meet the requirements 
laid down in the Policy and who, given their profile and features favour diversity of knowledge, skills, 
experiences, origin, age and gender on the board of directors, shall be considered, and any implicit bias 
which might entail any manner of discrimination and specifically hamper selection of female directors 
shall be prevented. 
In order to define the duties and required skills of prospective directors, the Nomination Committee 
shall review the competences, knowledge, experience and other occupations of current directors 
serving on the board, and it shall prepare and keep updated a board skills matrix, based upon which it 
shall define the duties and skills required from candidates who have to fill each vacancy and evaluate 
the required time and dedication for them to effectively meet their board responsibilities. 
Those persons who are involved in any legal grounds of disqualification to be a company director or who 
fail to meet the requirements laid down by the Company’s corporate governance rules to be a director, 
shall not be eligible to be a director. 
In particular, neither the Committee nor the board of directors can propose or appoint as member of 
the board of directors anyone who serves as a director at the same time in more than four listed 
companies other than the Company. 
The Nomination Committee shall take into account the motions submitted by any director, provided that 
the prospective candidate meets the requirements to be eligible and the provisions of the Diversity of 
Board of Directors Membership and Director Selection Policy are observed. For such purposes, it shall 
take all necessary measures and make all appropriate enquiries to ensure that the candidates are not 
involved in any of the scenarios described in the foregoing paragraphs. 
Likewise, the Company may rely on external advisors to carry out the prior analysis of the needs of the 
company, and to assess the competences required by the board of directors and the Inditex Group, as 
well as to search or assess prospective directors or evaluate their performance and/or suitability. It is 
incumbent on the Nomination Committee to establish and ensure the effective independence of the 
above referred experts. 
The motions or reports on the appointment of directors shall be prepared by the Nomination Committee 
and include the directorship type assigned to the director, this classification having to be duly 
supported.  
The motions on the election of directors that the board of directors submits to the Annual General 
Meeting shall be accompanied by an explanatory report issued by the board of directors assessing the 
qualifications, experience and merits of the proposed candidate; such report shall be attached to the

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minutes of the Annual General Meeting or board meetings. Additionally, with regard to the ratification 
or re-election of directors, the explanatory report shall assess the quality of the director’s work and their 
dedication to office during their tenure as well as their observance of the company’s corporate 
governance rules. At any rate, the Nomination Committee shall take into account the need for 
progressive board refreshment.  
Where the board of directors departs from the motions and reports of the Nomination Committee, it 
must state the reasons for its actions and place them on record. 
The board of directors shall explain to the Annual General Meeting in charge of appointing, ratifying or 
re-electing directors the directorship type, which shall be confirmed or, where appropriate, reviewed on 
an annual basis in the Annual Corporate Governance Report, after verification by the Nomination 
Committee. 
With regard to the representation target for the least represented gender on the board and to the 
guidance on how to meet it, the company has updated the female representation target on the board of 
directors, in line with Recommendation 15 GGC, as provided in section 5.1.1 of the Diversity of Board 
of Directors Membership and Director Selection Policy and in section 6(d) of the terms of reference of 
the Nomination Committee. The company endorses the commitment to ensure that the number of 
female directors should account for at least 40% of all board seats by the end of 2022 and not less than 
30% prior to that date. 
The Nomination Committee shall establish on an annual basis compliance with the Diversity of Board 
of Directors Membership and Director Selection Policy and inform thereof the board of directors, which 
shall disclose such information in the Annual Corporate Governance Report.  
With regard to the removal and dismissal of directors, directors shall vacate office upon expiry of their 
term of office, or at any time further to a resolution of the General Meeting of Shareholders.  
The board of directors may only propose to the General Meeting the removal of an independent director 
before the expiry of his/her term of office when a just cause arises, where the director has incurred in 
any grounds for dismissal or resignation pursuant to applicable regulations or to the Company’s 
corporate governance rules. Such just cause must be considered by the board, and in case of 
independent directors, following a favourable report of the Nomination Committee. In particular, 
pursuant to section 25.3 of the Board of Directors’ Regulations, a just cause will exist when a director 
holds new positions or assumes new obligations preventing them from making sufficient time available 
for board meetings and other duties inherent in the office of director; is in breach of the duties inherent 
in the office or is involved in any of the circumstances leading to them no longer qualifying as 
independent directors, pursuant to the provisions of applicable regulations. Likewise, removal of a 
director may be proposed as a result of takeover, mergers or other similar corporate transactions which 
entail a change in the shareholding structure of the Company, where such change entails in turn another 
in the structure of the Board of Directors on account of the ratio of proprietary directors. 
Furthermore, where a director vacates their office before the end of their term of office through 
resignation or further to a resolution of the General Meeting of Shareholders, they should state the 
reasons for such resignation, or with regard to non-executive directors, their opinion on the reasons for 
the dismissal resolved by the General Meeting of Shareholders, in a letter that must be addressed to all 
the members of the board of directors. To the extent that this may be relevant for investors, and without 
prejudice to reporting it in the Annual Corporate Governance Report, the Company, shall announce their

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departure in the shortest delay with sufficient reference to the reasons or circumstances provided by 
the director. 
Where directors tender their resignation, the Nomination Committee must ensure the transparency of 
such process, gathering the information it may deem necessary to this end. 
C.1.17. Explain to what extent the annual evaluation of the Board 
has given rise to significant changes in its internal organization and 
in the procedures applicable to its activities: 
The Company carries out a process to evaluate the board of directors, its committees and its members, 
as provided in its internal regulations, in accordance with applicable regulations and the 
recommendations of the Good Governance Code. 
In this regard, following each annual evaluation, a number of recommendations are issued, where 
appropriate, to improve (i) the quality and effectiveness of the proceedings of the board of directors; (ii) 
the proceedings and composition of its committees; (iii) the diversity of board membership and powers; 
(iv) the performance of the Executive Chairman and the CEO; and (v) the performance and input of each 
director, paying special attention to the chairs of the different board committees and to the Lead 
Independent Director and the Secretary of the board. 
In 2021, the findings of the annual evaluation for the previous year were considered both in the various 
analysis of board needs carried out by the Nomination Committee in respect of the re-election and 
appointment of directors resolved in the year, and in the suitability analysis commissioned by the 
committee and carried out by the external facilitator. In particular, the following findings were 
established further the evaluation: 
i) 
The current number of directors was found to be appropriate to facilitate dialogue and 
interaction among them, and its size was considered to be aligned with the Group’s 
dimensions, complexity and business, and on par with that of comparable companies. 
ii) 
The Committee appreciated the relevance of keeping and reinforcing within the company’s 
supreme governing body: (i) different profiles and experiences line with the strategic focal 
points marked as a priority by the Company; (ii) a highly diverse membership on the board 
in terms of, without limitation, professional experience, competences, personal skills, 
sector-specific knowledge and age; (iii) a balanced membership of the different 
directorship types, ensuring the majority of non-executive directors and that the presence 
on the board of proprietary directors is such as to ensure the existence of an effective 
counterweight; and, (iv) a progressive board refreshment, combined with the necessary 
presence on the board of directors with proven experience and sound knowledge of the 
company, the Group, its business and generally, the retail sector. 
In this regard, favouring gender diversity was identified as a priority for any future director 
selection, without disregarding however, that all elections must be made based upon 
suitability and merit yardsticks.

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As described in detail in section C.1.5 above, in accordance with the above-mentioned analyses, both 
the re-election of Mr Arnau and the appointment of Ms Ortega as proprietary director and (non-
executive) Chair, and of Mr García as executive director and CEO, in line with the directors’ insight 
reflected in the annual evaluation, contribute to: (i) consolidating diversity of directorship types, keeping 
the balance of proprietary and independent directors and increasing the already wide majority of non-
executive directors (90.9%); (ii) reinforcing female representation, as the 40% target set for 2022 has 
been exceeded; (iii) ensuring the existence of appropriate counterweights, as the positions of Chair of 
the Board and chief executive are separate; (iv) reinforcing the existence of profiles with a wide 
experience and knowledge of the Company, its Group, the retail sector, as well as the experience in 
digital transformation, ESG (which are the focal points of the Company’s strategy) and the relationship 
with regulators, in view of the increasing regulatory pressure in the industry; as well as (v) reducing 
directors’ average age and average tenure. 
On the other hand, with regard to the organization and proceedings of the board and its committees, 
the annual self-evaluation process is a very useful driver of the gradual implementation of required 
changes, such as:  
i) 
The improvement of the internal dynamics of the board and its committees as a result of: 
 The appropriate arrangement of board and committees’ meetings, via the relevant schedule 
that allows to systematically arrange the agenda, topics and attendees. 
 In terms of agenda, it has also contributed to (i) greater commitment to strategy-related 
issues, and (ii) a gradual transformation of board debates and decisions, as topics related to 
sustainable management and stakeholders’ accountability are gaining momentum. 
 An increasing interaction between directors and the management team, as members of this 
latter are increasingly in attendance at board and committees’ meetings.  
 Directors are more regularly updated on business evolution without a need for formal 
meetings 
 Headway has been made in providing the information earlier in advance as well as in terms of 
its quality, in the context of a continuous improvement process, thus allowing them to better 
prepare the meetings and dedicate more time to debate. 
ii) 
Significant progress regarding directors’ training schemes. In 2021, a new action plan 
was launched, which has been drafted considering directors’ concerns and key elements 
pointed out in the annual evaluation. 
iii) 
The process for evaluating the board of directors, its members and committees, the 
Executive Chairman, the CEO, the Lead Independent Director and the Secretary of the 
board has been automated, as a result of which it has become more effective. 
iv) 
Significant headway was made in the dynamics of separate meetings held by 
independent directors under the helm of the Lead Independent Director. Once again, 
they are deemed to be very useful to exchange their input on highly relevant matters to 
the Company, align board practices with those of peer companies and consequently

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speed up changes in the areas subject to improvement which were identified, enhance 
the proceedings of the board of directors and its committees.  
Such meetings are further considered a very useful practice, as they have served the 
purposes of determining issues considered to be a priority, with the subsequent 
scheduling of meetings and proceedings of the board and its committees. 
Describe the evaluation process and the areas evaluated by the board of directors with or without the 
help of an external advisor, regarding the functioning and composition of the Board and its committees 
and any other area or aspect that has been evaluated. 
Pursuant to the provisions of section 7(a) of the Nomination Committee’s Regulations, the committee 
must establish and oversee an annual programme for evaluating the performance of the board of 
directors, the Executive Chairman, the CEO, board committees and in particular, following up on 
attendance of directors at the meetings of the board and the committees where they sit. 
Therefore, considering the statutory framework and Inditex’s own internal regulations, the evaluation 
system of the board of directors, its members and committees, the Executive Chairman, the CEO, the 
Lead Independent Director and the Secretary of the Board is carried out as follows: 
1. The Nomination Committee prepares an annual programme for the evaluation of the 
performance of the duties of the board of directors, its members and committees, the 
Chairman, the CEO, the Lead Independent Director and the Secretary of the Board.  
2. According to this annual programme, each committee has to prepare an evaluation report 
assessing its performance and that of its members which has to be sent to the board of 
directors. Contemporaneously, the Nomination Committee must prepare a report to evaluate 
the performance of the board of directors, the Chairman, the CEO, the Lead Independent 
Director and the Secretary of the Board. 
To carry out this procedure, separate questionnaires are sent to each director, as described 
below: 
a) An individual self-evaluation questionnaire for each director. 
b) An evaluation questionnaire on the performance of the committees. 
c) An evaluation questionnaire on the performance of the board of directors that 
includes specific questions on the role of the Lead Independent Director and the 
Secretary of the board of directors. 
d) A questionnaire on the performance of the Chairman and the CEO. 
3. On the other hand, since the Chairman is currently an executive director until 31 March 2022, 
the evaluation of his performance is coordinated by the Lead Independent Director.  
The Nomination Committee also plays an active role in the evaluation of the performance of the 
Chairman, the CEO and the remaining executive directors, if any.

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4. Finally, the board of directors assesses – pursuant to statute and to the Board of Directors’ 
Regulations–, its performance, that of its members and committees, of the Chairman, the CEO, 
the Lead Independent Director and the Secretary of the Board, based upon the reports issued 
by these latter, as stated in section 2 above. 
The above referred questionnaires are reviewed and updated every year, to align the annual 
evaluation of the performance of the board of directors, its members and committees and the 
Chairman with best practices in the field of good governance.  
New developments in the evaluation process have been introduced in the year for the purposes 
of: (i) removing or redirecting certain questions from the previous year about the governing 
bodies performance during the crisis resulting from the pandemic; (ii) putting the spotlight on 
Sustainability and non-financial risks, given their increasing relevance and the state of maturity 
reached by the Sustainability Committee; and, (iii) diversity-related issues are gaining attention.  
In addition to the material changes introduced as detailed above, further formal amendments 
have been made to the questionnaire this year to raise more simple and consistent questions. 
Special mention is made of the fact that the process has been automatised through the use of 
a technological platform available to the Directors that ensures information confidentiality, 
traceability and security. 
Last, in accordance with Recommendation 36 of the Good Governance Code, Inditex has relied 
once again on the advice of external consultant Spencer Stuart in the evaluation process for 
2021. 
C.1.18. Provide details, for years in which the evaluation was 
carried out with the help of an external advisor, of the business 
relationships that the external advisor or company in its group 
maintains with the company or any company in its group. 
Inditex has relied again in 2021 on consultant Spencer Stuart for advice on the process for the 
evaluation of the performance of the board of directors, its members and committees, and the 
performance of the members of board committees, the Executive Chairman, the CEO, the Lead 
Independent Director, and the Secretary of the board. Other than this specific engagement, Spencer 
Stuart has no business relationship with Inditex or with any company of its Group.

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C.1.19. Indicate the cases in which directors are required to resign. 
Pursuant to section 25 of the Board of Directors’ Regulations, directors must offer their resignation to the 
board of directors and effectively resign, should this latter deem it advisable, in the following cases: 
a) When they reach a certain age, under the terms detailed in section C.1.22. 
b) When they cease to hold the executive positions to which their appointment as director was 
associated. 
c) When they are involved in any of the incompatibility or prohibition cases provided in applicable 
regulations, the Articles of Association or these Regulations, including if they would happen 
to hold the office of director in more than four listed companies other than the Company. 
d) When they are seriously admonished by the Audit and Compliance Committee for having 
breached their duties as directors. 
e) When they are involved in any circumstances affecting them, related or not to their actions 
within the Company, that may harm the name and reputation of the Company or, otherwise 
jeopardize the Company’s interests. For such purposes, they shall report to the board of 
directors any criminal charges brought against them as well as any procedural consequences. 
f) When the reasons for their appointment cease. 
g) With regard to proprietary directors, when the shareholders they represent dispose of their 
ownership interest in its entirety or reduce it up to a limit which requires the reduction of the 
number of proprietary directors. 
h) With regard to independent directors, when they have continuously held such position in the 
Company for 12 years. 
C.1.20. Are qualified majorities other than those established by 
statute required for any particular kind of decision? 
Yes x 
No 
If so, describe the differences. 
Description of differences 
A qualified majority other than that established by statute is exclusively required to amend the Board of 
Directors’ Regulations. Pursuant to section 3.4 thereof, in order for the amendment of such Regulations to 
be valid, a resolution passed by a majority of two-thirds of the directors present shall be required. 
Apart from this, the scenarios of qualified majority for the passing of resolutions by the board of directors are 
addressed in article 25.4 of the Articles of Association which reads: “For resolutions to be passed, an 
absolute majority of votes by the directors attending the meeting shall be required, except for such cases 
where a larger majority is required by statute, by these Articles of Association or by the Board of Directors’ 
Regulations. In the case of an equality of votes, the Chairman shall have a casting vote.” Likewise, article 
27.2 of the Articles of Association provides that for the permanent delegation of any power of the board of 
directors other than non-delegable ones it shall be necessary for two-thirds of those making up the board of 
directors to vote for the motion, as provided in section 249.3 LSC.

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C.1.21. Explain whether there are any specific requirements, other 
than those relating to directors, for being appointed as chairman of 
the Board of Directors. 
Yes  
 
No x 
 
Description of requirements 
- 
 
C.1.22. Indicate whether the articles of association or Board 
regulations establish any limit as to the age of directors: 
Yes x 
 
No  
 
Age limit 
Chair 
68 
CEO 
65 
Director 
68 
 
Section 25.2(a) of the Board of Directors’ Regulations provides that directors must offer their resignation 
to the Board of Directors and effectively resign, should this latter deem it advisable “When they reach 
the age of 68. Notwithstanding this, directors who hold the office of Chief Executive Officer or Managing 
Director shall offer their resignation to the Board of Directors upon attaining the age of 65, being able to 
continue as ordinary members of the Board of Directors until the aforementioned age of 68. As an 
exception, the foregoing rules shall not apply in the case of the founder of the Company, Mr. Amancio 
Ortega Gaona”. 
C.1.23. Indicate whether the articles of association or Board 
regulations establish any term limits for independent directors 
other than those required by law or any other additional 
requirements that are stricter than those provided by law: 
Yes 
No x 
Additional requirements and/or maximum number of years of office 
-

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C.1.24. Indicate whether the articles of association or Board 
regulations establish specific rules for appointing other directors 
as proxy to vote in Board meetings, if so the procedure for doing so 
and, in particular, the maximum number of proxies that a director 
may hold, as well as whether any limit has been established 
regarding the categories of director to whom votes may be 
delegated beyond the limits imposed by law. If so, briefly describe 
these rules. 
Article 25.3 of the Articles of Association sets forth that any director can appoint another director as 
proxy holder in writing, each meeting requiring a special proxy, notifying the Chairman of the same in 
writing. 
Pursuant to such article and section 20.1 of the Board of Directors’ Regulations, non-executive directors 
may only be represented by another non-executive director. 
No maximum number of proxies that a director can hold has been fixed. 
In line with this provision, section 20.1 of the Board of Directors’ Regulations provides that quorum shall 
be present on the board of directors when at least half plus one of its members attend either in person 
or by proxy (or, in case of an uneven number of directors, when a number of directors immediately 
higher than half of it is in attendance), stating further that the directors shall do their best to attend the 
meetings of the board of directors, and, when they cannot do so in person, they shall endeavour to grant 
a proxy to another member of the board giving instructions as to its use and communicating the same 
to the Chairman of the Board of Directors. 
C.1.25. Indicate the number of meetings held by the Board of 
Directors during the year. Also indicate, where applicable, the 
number of times the Board met without the chairman being 
present. Meetings where the chairman gave specific proxy 
instructions are to be counted as attended. 
Number of board meetings 
7 
Number of board meetings held without the chairman's presence 
0 
In 2021, the board and its committees held hybrid meetings (with some directors attending in person 
and others remotely). Videoconference or conference call systems were used to hold such meetings, 
pursuant to the provisions of section 19.4 of the Board of Directors’ Regulations. 
In 2021, the board of directors has held the same number of meetings as in the previous year. Agendas 
of the board and its committees meetings, in particular of the Audit and Compliance Committee, have 
been marked by the follow-up on the evolution of the global health crisis and its impact on the group’s 
operations as well as the main risk indicators.

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Indicate the number of meetings held by the lead independent director with the other directors, where 
there was neither attendance nor representation of any executive director: 
Number of meetings 
1 
Remarks 
On 12 July 2021, a separate meeting of non-executive independent directors was held led by Mr 
Rodrigo Echenique Gordillo, Lead Independent Director, for the purposes of discussing highly relevant 
matters to the Company, thus ensuring that with regard to the decision-making over such matters, their 
independence within the board of directors is kept. 
Indicate the number of meetings held by each board committee during the year: 
Number of meetings held by the executive committee 
0 
Number of meetings held by the audit committee 
5 
Number of meetings held by the nomination committee 
4 
Number of meeting held by the remuneration committee 
3 
Number of meetings held by the sustainability committee 
4 
In 2021, board committees held hybrid meetings (with some directors attending in person and others 
remotely), in accordance with the provisions of sections 19.2, 15.2, 12.2 and 14.2 of the terms of 
reference of the Audit and Compliance, Nomination, Remuneration and Sustainability Committees, 
respectively, which were amended in 2021 to relax the existing system to hold meetings by remote 
means, as virtual-only meetings of the board and its committees are now allowed. 
C.1.26. Indicate the number of meetings held by the Board of 
Directors during the year with member attendance data: 
Number of meetings in which at least 80% of directors were present in person 
7 
Attendance in person as a % of total votes during the year 
96.10% 
Number of meetings with attendance in person or proxies given with specific 
instructions, by all directors 
7 
Votes cast in person and by proxies with specific instructions, as a % of total votes 
during the year 
100%

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C.1.27. Indicate whether the individual and consolidated financial 
statements submitted to the Board for issue are certified in 
advance: 
Yes x 
No  
Identify, where applicable, the person(s) who certified the individual and consolidated financial 
statements of the company for issue by the Board: 
The individual and consolidated annual accounts of the Company that are presented to be stated by the 
board of directors are previously certified by the Executive Chairman and the Chief Financial Officer. 
Name 
Position 
Mr Pablo Isla Álvarez de Tejera 
Executive Chairman 
Mr Ignacio Fernández Fernández 
Chief Financial Officer 
C.1.28. Explain the mechanisms, if any, established by the Board of 
Directors to ensure that the financial statements it presents to the 
General Meeting of Shareholders are prepared in accordance with 
accounting regulations. 
The Audit and Compliance Committee, mostly made up of non-executive independent directors, meets 
with the auditors of the individual and consolidated annual accounts in order to review the Company’s 
annual accounts and certain periodic financial information that the board of directors must provide to 
the markets and their supervisory boards, overseeing compliance with the legal requirements and 
correct application of generally accepted accounting principles in the drafting of the financial 
statements. In such meetings, any disagreement or difference of opinion existing between the 
Company’s Management and the external auditors is put forward, so that the board of directors can take 
the necessary steps to ensure that the annual accounts are stated in accordance with accounting 
regulations, endeavouring for them to be drafted in such a manner that they do not give rise to 
qualifications on the part of the auditor. 
Furthermore, before drafting the annual, half-yearly or quarterly financial statements, the Company’s 
Management meets with the Audit and Compliance Committee and is subjected by the latter to suitable 
questions as to, among others, the application of accounting standards and the estimates made in the 
preparations of the financial statements, topics which are subject to discussion with the external 
auditors. 
In this regard, in line with the revised Recommendation 8 GGC, section 7(d) of the terms of reference 
of the Audit and Compliance Committee includes the following among the powers of such committee: 
“to review the contents of the auditor’s reports and, where appropriate, of the reports on limited review 
of interim accounts, as well as other mandatory reports to be prepared by the statutory auditor, prior to 
the issue thereof, in order to avoid qualified reports, ensuring that the annual accounts that the Board 
of Directors presents to the General Meeting of Shareholders are drawn up in accordance with 
accounting standards and, that in the circumstances where the statutory auditors includes any 
qualification in the auditor’s report, the Chair of the Committee should give a clear explanation at the

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General Meeting of the committee’s opinion regarding the contents and scope of such qualifications, 
making a summary of that opinion available to the shareholders at the time of the publication of the 
notice calling the General Meeting of Shareholders along with the rest of the proposals and reports of 
the board of director.” 
Meanwhile, section 45.5 of the Board of Directors’ Regulations reads as follows: “The Board of Directors 
shall ensure that the annual accounts are drawn up in accordance with accounting standards, striving 
for them to be drafted in such a manner that they do not give rise to qualifications on the part of the 
auditor. However, in the exceptional circumstances where the auditor expresses a qualified opinion and 
the Board of Directors considers that it must stick to its position, it shall publicly explain the contents 
and scope of the discrepancy. The foregoing without prejudice to the information that the Chair of the 
Audit and Compliance Committee would make available to the shareholders at the Annual General 
Meeting.” 
Finally, pursuant to the provisions of section 45.2 of the Board of Directors Regulations, the board shall 
meet at least once a year with the statutory auditor to receive information on the work done and on the 
evolution of the accounting and risk situation of the Company. 
C.1.29. Is the secretary of the Board also a director? 
Yes 
No x 
If the secretary is not a director, complete the following table: 
Name or company name of the secretary 
Representative 
Mr Javier Monteoliva Díaz 
- 
The board of directors acknowledged in the meeting held on 9 March 2021 the resignation tendered by 
Mr Antonio Abril Abadín, who stepped down as General Counsel and Secretary of the board, and 
resolved to appoint Mr Óscar García Maceiras as new General Counsel and Secretary of the board and 
its committees, following a favourable report of the Nomination Committee. Both the resignation and 
appointment above referred became effective as of 31 March 2021. 
At a later stage, in the meeting held on 29 November 2021, the board of directors resolved, following a 
favourable report of the Nomination Committee, to appoint Mr Javier Monteoliva Díaz as General 
Counsel and Secretary of the Board and its committees, replacing Mr García, whose resignation was 
also acknowledged in such meeting.

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C.1.30. Indicate the specific mechanisms established by the 
company to safeguard the independence of the external auditors, 
and any mechanisms to safeguard the independence of financial 
analysts, investment banks and rating agencies, including how legal 
provisions have been implemented in practice. 
Section 45 of the Board of Directors’ Regulations reads: 
1.  “The relations of the Board of Directors with the external auditor of the Company shall be 
channeled through the Audit and Compliance Committee. 
2. The Board of Directors shall meet at least once a year with the statutory auditor to receive 
information on the work done and on the evolution of the accounting and risk situation of the 
Company.  
3. The Audit and Compliance Committee shall refrain from proposing to the Board of Directors, 
and the latter shall refrain from putting forward to the General Meeting of Shareholders, the 
appointment as statutory auditor of the Company of an audit firm incurring in incompatibility in 
accordance with the legislation on statutory audit as well as any audit firm wherein the fees that 
the Company expects to pay them for all services are in excess of the limits established in the 
legislation on statutory audit. 
4. The Board of Directors shall publicly disclose the whole of the fees paid by the Company to the 
audit firm for non-audit services. […]” 
The measures to preserve the independence of external auditors are explained below: 
 
The Audit and Compliance Committee, mostly made up of non-executive independent directors, 
and as a whole, with the relevant background with regard to the industry to which Inditex belongs, 
proposes to the board of directors the appointment of the statutory auditors, so that such motion 
is submitted to the Annual General Meeting. The Audit and Compliance Committee shall be in 
charge of the process for the selection of auditors, pursuant to applicable regulations, as well as 
of the terms of their engagements, the scope of their professional mandate and, where 
appropriate, the termination or non—renewal of their appointment. 
With regard to such process for the selection of auditors, above referred, and in accordance with 
the provisions of CNMV’s Technical Guide 3/2017 on audit committees at public-interest entities, 
the Procedure for the Selection of the Statutory Auditor was approved by the Audit and 
Compliance Committee on 9 September 2019.  
For the purposes of ensuring an unbiased, fair, transparent and efficient and non-discriminating 
process, the selection criteria to be considered are defined in the Procedure, as well as the 
different proceedings both for the selection and appointment of external auditors, and for their 
re-election or replacement. 
In accordance with the Procedure, the process for the selection of auditor must begin with the 
issue of tender documents for candidate firms, pursuant to a timeline and a request for proposals 
previously determined. A work team made up of members of different areas and departments 
will be appointed to assist in the process. Such team will be responsible for selecting and inviting

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candidate firms to tender their proposal to become the statutory auditor of the Inditex Group. 
Finally, the work team will issue a report evaluating the proposals tendered based upon the 
predefined criteria.  
On the other hand, the criteria for the re-election or replacement of the statutory auditors are also 
defined in the Procedure, based upon an annual evaluation of the proceedings of the statutory 
auditor that will take into account, without limitation, their contribution to the quality of the audit 
and to the integrity of financial and non-financial information.  
 
Likewise, the Audit and Compliance Committee is entrusted with the duty of liaising with external 
auditors in order to receive information on such matters that could compromise their 
independence and on any other matter related to the carrying out of the statutory audit, as well 
as on those other communications envisaged by auditing legislation and auditing standards. 
Namely, the Audit and Compliance Committee shall: 
 • 
Receive from the auditors on an annual basis, the statement on their independence 
regarding the Company or the companies related thereto, directly or indirectly. 
 • 
Oversee the engagement of the statutory auditor for non-audit services as well as the 
terms and the performance of the contracts entered into with the external auditor of the 
Company for the rendering of such services. 
For such purposes, the Committee relies on the Procedure to Contract an Auditor for the 
Provision of Additional Non-audit Services, approved by the Audit and Compliance 
Committee on 18 July 2016 and amended in part in the meeting held on 14 March 2022, 
that regulates the process that shall be followed so that the Committee may be apprised of 
and approve the agreements executed by the Company and the entities within its Group with 
external auditors for the provision of non-audit services (in particular, when fees are 
significant), as a mechanism to ensure the due independence of the latter.  
Statutory auditors will provide the committee with detailed and itemized information about 
non-audit services of any kind rendered and the relevant fees paid to them or to any of their 
related natural or legal persons, in accordance with the provisions of the regulations on 
statutory audit. 
However, to safeguard the independence of its statutory auditor, Inditex limits as much as 
possible, the provision by said auditor of any non-audit service. In this regard, the above 
referred Procedure sets out a number of services that under no circumstances may be 
provided by external auditors. 
 Additionally, for the purposes of reinforcing the duty to oversee and establish the 
independence of the statutory auditor, the engagement by Inditex’s parent company (i.e., 
Pontegadea Inversiones, S.L. and/or any other significant shareholder of the Company from 
time to time) of non-audit services from such auditor shall be subject to prior approval by 
Inditex’s Audit and Compliance Committee.

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 • 
Verify that the Company and the statutory auditor not only comply with applicable 
regulations regarding the provision of non-audit services but also respect the limits on the 
concentration of the auditor’s business, the rules on professional fees and, generally, all other 
regulations established to ensure the independence of the auditors. 
In this regard, it shall ensure that the remuneration of the external auditors for their work 
does not compromise their quality and independence.  
 • 
Finally, issue on an annual basis and prior to the issue of the auditor’s report, a report 
setting forth its opinion on whether the independence of the statutory auditor or of the audit 
firms has been jeopardized. In any case, such report must contain the assessment of the 
provision by external auditors of each and every additional non-audit service, considered both 
separately and as a whole, and its opinion regarding the independence system of the auditor 
pursuant to statutory audit regulations. 
 
Finally, in the event of resignation of the statutory auditor, the Audit and Compliance Committee 
shall examine the circumstances that may have given rise thereto. 
As regards the mechanisms established to ensure the independence of the financial analysts, the 
Company releases information to the market following the principles of the Internal Regulations of 
Conduct in the Securities Markets, especially relating to the obligation that the information must be 
accurate, clear, quantified and complete, avoiding subjective assessments that lead or could lead to 
confusion or deceit.  
The Company also relies on the Policy on Communication and Contact with Shareholders, Institutional 
Investors and Proxy Advisors, informed by a set of principles that it must observe upon disclosing 
information: transparency, accuracy, immediacy and symmetry. Under the policy, the Company is 
encouraged to keep communication channels which ensure that clear, full, streamlined and 
simultaneous information is made available to its current and potential shareholders, to assess the 
performance of the Company and its economic and financial results. Such Policy is available on the 
corporate website. 
Likewise, in accordance with Recommendation 4 GGC, the board of directors approved on 14 December 
2020, following a report of the Audit and Compliance Committee, the Policy on Disclosure of Economic-
Financial, Non-Financial and Corporate Information that seeks to establish a framework for action and 
define the overarching principles that will govern the disclosure by the Company of Economic-Financial, 
Non-Financial and Corporate Information via Regulated and non-Regulated Channels. 
The Policy is aligned with the provisions of the Company’s internal regulations, in particular with the 
Policy on Communication and Contacts with Shareholders, Institutional Investors and Proxy Advisors. 
As the highest supervisory body responsible for overseeing economic-financial, non-financial and 
corporate information, the board of directors shall ensure the largest circulation and the highest quality 
of the information provided to the stakeholders and to the markets at large, in accordance with a set of 
principles, including transparency, objectivity, accuracy, immediacy and symmetry in disclosure of 
information.

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C.1.31. Indicate whether the company changed its external auditor 
during the year. If so, identify the incoming and outgoing auditors: 
Yes 
No x 
Outgoing auditor 
Incoming auditor 
- 
- 
Financial year ended on 31 January 2022, i.e., FY2021 has been the last year audited by Deloitte. The 
maximum engagement period in accordance with statutory audit regulations will have been reached at 
the end of such year.  
The board of directors resolved in the meeting held on 14 December 2020, following a report of the 
Audit and Compliance Committee to submit to the Annual General Meeting the appointment of Ernst & 
Young, S.L. as statutory auditor to audit the individual annual accounts and directors’ report of the 
Company, and the consolidated annual accounts and directors’ report of the Inditex Group for financial 
years 2022, 2023 and 2024. 
Such motion of the Audit and Compliance Committee was drawn up following an audit tender process 
led by such committee in accordance with the Procedure to Select the Statutory Auditor for the Group, 
and CNMV’s Technical Guide 3/2017 on audit committees at public-interest entities. The process has 
been described in section C.1.30 above. 
If there were any disagreements with the outgoing auditor, explain their content: 
Yes 
No x 
Explanation of disagreements 
- 
C.1.32. Indicate whether the audit firm performs any non-audit 
work for the company and/or its group and, if so, state the amount 
of fees it received for such work and express this amount as a 
percentage of the total fees invoiced to the company and/or its 
group for audit work: 
Yes x 
No  
 
Company 
Group companies 
Total 
Amount invoiced for non-audit 
services (thousand euros) 
198 
16 
214 
Amount invoiced for non-audit 
work/Amount for audit work (in %) 
32.7% 
0.2% 
2.6%

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C.1.33. Indicate whether the auditors’ report on the financial 
statements for the preceding year contains a qualified opinion. If 
so, indicate the reasons given to shareholders at the general 
meeting by the chairman of the audit committee to explain the 
content and extent of the qualified opinion. 
Yes 
No x 
Explanation of the reasons and direct link to the document made available to the shareholders at the time 
that the general meeting was called in relation to this matter 
- 
C.1.34. Indicate the number of consecutive years for which the 
current audit firm has been auditing the company's individual 
and/or consolidated financial statements. Also, indicate the 
number of years audited by the current audit firm as a percentage 
of the total number of years in which the financial statements have 
been audited: 
 
Individual 
Consolidated 
 
Number of consecutive years 
10 
10 
 
 
Individual 
Consolidated 
 
Number of years audited by the current audit 
firm/number of years in which the company has 
been audited (in %) 
28% 
32% 
C.1.35. Indicate whether there is a procedure for directors to be 
sure of having the information necessary to prepare the meetings 
of the governing bodies with sufficient time; provide details where 
applicable: 
Yes x 
No  
Details of the procedure 
Pursuant to section 19.2 of the Board of Directors’ Regulation, the notice calling ordinary meetings shall 
be given at least 3 days in advance of the meeting, and the notice shall always include the agenda of 
the meeting and shall be accompanied by the duly summarized and prepared relevant information.

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In this regard, to help directors effectively prepare meetings, in addition to the documentation relating 
to agenda items, an executive summary of each of them is made available to them ahead of each 
meeting, outlining the main business to be transacted, the presentations and the minutes of the 
previous meeting. 
Directors are made available in real time via a platform the documentation deemed appropriate to 
prepare the meetings of the board and its committees, according to the agenda, including the relevant 
presentations. Such tool allows directors permanent access to the documentation. Additionally, other 
relevant information for the appropriate performance of their duties is added through the tool (including, 
without limitation, internal conduct and corporate governance policies, updated membership of 
governing bodies, information about current agreements on remuneration or analysts’ reports which 
may be useful for directors), in a confidential and secure environment.  
On the other hand, attendance at board and committees’ meetings of officers and supervisors of the 
different departments and areas of the Company with a recurrent presence is encouraged, to give their 
insight on certain issues directly associated with the responsibilities of the board and its committees so 
that directors have a direct understanding of business concerns and are entitled to directly debrief them 
on the business transacted at each meeting.  
Additionally, any employee or officer can be called to the meetings, even without the presence of any 
other officer. 
Without prejudice to the foregoing, efforts will be made to ensure that presence at committee meetings 
of anyone other than its members is limited to such cases where it is necessary, and for the transaction 
of specific items on the agenda for which they were called to attend. 
For the purposes of ensuring that Inditex’s board members fully understands their duties and 
responsibilities, as well as the proceedings of the Company’s governing bodies, a “Directors Handbook” 
was prepared in 2021. 
Additionally, section 27 of the Board of Directors’ Regulations, recognizes the widest powers for 
directors to garner information about any topic affecting the Company (and its subsidiaries); examine 
its books, registers, documents and other records of the company’s operations and inspect all its 
facilities; likewise it provides that the exercise of the powers of information shall be channeled through 
the Chairman, the Deputy Chairman or (any of the Deputy Chairmen, where appropriate), or through the 
Secretary of the board of directors, who shall attend to the requests made by any director, and directly 
provide him/her with the information, facilitate contacts with the appropriate spokespersons at the 
appropriate level in the organization or establish such measures as to enable them to conduct the 
desired examinations on-site. 
On the other hand, specific questions on the quality of the information made available to directors and 
on how early in advance it has been received, are included in the evaluation questionnaire of the board. 
Additionally, the areas subject to improvement identified in the previous year and the assessment of 
the directors in respect of the improvement thereof, is subject to annual follow-up. This entails that 
where directors point out quality of information and/ how in advance they receive it as potential areas 
subject to improvement, progress can be made regarding submission of information required to prepare 
the meetings of the board of directors and its committees.

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Meanwhile, section 28 of the Board of Directors’ Regulations addresses the possibility for directors to 
seek external advice. 
C.1.36. Indicate whether the company has established rules 
obliging directors to inform the Board of any circumstances, 
whether or not related to their actions in the company itself, that 
might harm the company’s standing and reputation, tendering their 
resignation where appropriate. If so, provide details: 
Sí x 
No 
Explain the rules 
Pursuant to Recommendations 22 and 24 GGC and section 25.2(e) of the Board of Directors’ 
Regulations, directors must submit their resignation from the position to the board of directors and 
formally tender their resignation, if this latter should consider it advisable, when they are involved in any 
circumstances affecting them, related or not to their actions within the Company, that may harm the 
name and reputation of the Company or, otherwise jeopardize its interests. For such purposes, they 
shall report to the board of directors any criminal cases in which they are accused as well as how the 
legal proceedings subsequently unfold. 
Meanwhile, pursuant to section 39.3 of the Board of Directors’ Regulations, directors shall inform the 
Board of Directors of any circumstance which might compromise the credit and reputation of the 
Company or jeopardize its interest.  
C.1.37. Indicate whether, apart from such special circumstances as 
may have arisen and been duly minuted, the Board of Directors has 
been notified or has otherwise become aware of any situation 
affecting a director, whether or not related to his or her actions in 
the company itself, that might harm the company’s standing and 
reputation: 
Yes x 
No  
Remarks 
The board of directors has not been notified in the year nor has it been made aware of any situation affecting a 
director, that might harm the company’s standing and reputation.

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C.1.38. Detail any material agreements entered into by the 
company that come into force, are modified or are terminated in 
the event of a change in control of the company following a public 
takeover bid, and their effects.  
Not applicable. 
C.1.39. Identify individually as regards directors, and in aggregate 
form in other cases, and provide details of any agreements between 
the company and its directors, executives or employees containing 
indemnity or golden parachute clauses in the event of resignation 
or dismissal without due cause or termination of employment as a 
result of a takeover bid or any other type of transaction.  
Number of beneficiaries 
25

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Type of beneficiary 
Description of agreement 
Executive Chairman and CEO 
Both executive directors will be entitled to severance pay in 
an gross amount equivalent to the remuneration of 2 years 
calculated based upon their fixed remuneration for the 
current year respectively, where their contracts are 
terminated by unilateral decision of the Company, as well as 
in case of resignation tendered by the Executive Chairman or 
the CEO under certain premises (including the succession in 
the company or a change in control in the Company that 
affects more than 50% of the share capital or of the voting 
rights, provided that a significant refreshment of the 
governing bodies of the Company or a change in the purpose 
of the main activity of the Company takes place at the same 
time, if such request for termination is made within 6 months 
of the occurrence of such succession or change. For such 
purposes, no succession or change in control shall be deemed 
to have taken place in the event of direct or indirect family 
succession in the ownership of the Company). 
Senior managers and officers 
Golden parachute clauses are written in the contracts executed 
with 23 senior managers and officers, in the event that their 
contract, whether ordinary or senior management, is terminated 
further to withdrawal by Inditex, wrongful or unreasonable 
dismissal, or resignation based upon certain grounds, pursuant 
to the terms and conditions of their contracts. In such cases, the 
senior manager or officer shall be entitled to severance pay in a 
gross amount equivalent to the remuneration of 2 years, 
calculated based upon the fixed and variable remuneration 
determined for the current year. 
3 new senior managers have been appointed this year and their 
pay information is reported for the first time. Their employment 
contract does not cover an indemnity or golden parachute 
clause, as their seniority within the Group makes them 
unnecessary.  
In the context of Mr Isla’s departure from the company, and in order to strengthen the protection of the 
Company’s legitimate interests, the board of directors resolved, on the proposal of the Remuneration 
Committee to submit to the Annual General Meeting to be held in 2022 for approval, inter alia: (i) the 
motion to extend the scope of the post-contractual non-compete obligation, and the related increase 
of his compensation further to such extension, and (ii) the motion to amend the current Directors’ 
Remuneration Policy approved at the Annual General Meeting held in 2021, to align it with the above 
referred reality. 
In any case, the maximum termination payment amounts for executive directors pursuant to the 
provisions of the above referred recommendations GGC, are respected.

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Indicate whether, beyond the cases established by law, these agreements have to be communicated 
and/or authorized by the governing bodies of the company or its group. If so, specify the procedures, 
the cases concerned and the nature of the bodies responsible for their approval or communication: 
 
Board of Directors 
General Meeting of Shareholders 
Governing body authorizing the clauses 
x 
 
 
 
Yes 
No 
Are these clauses notified to the General Meeting of Shareholders? 
x 
 
The internal system regarding approval of the terms and conditions of the contracts entered into by the 
Company or any Group company with senior managers and directors, provided in the Articles of 
Association, the Board of Directors’ Regulations and the specific sets of regulations of each board 
committee, is not different from the statutory system provided in the Companies Act. 
The clauses included in contracts with senior managers are approved by the board of directors, 
following a favourable report of the Remuneration Committee. 
Information about such clauses, which are included in the contracts entered into with the Executive 
Chairman and the CEO, can be found in the Annual Report on Remuneration of Directors for 2021, which 
will be put to an advisory say-on-pay vote at the following Annual General Meeting as a separate agenda 
item. 
C.2 Committees of the Board of Directors 
C.2.1 Provide details of all committees of the Board of Directors, 
their members, and the proportion of executive, proprietary, 
independent and other external directors forming them: 
EXECUTIVE COMMITTEE  
In accordance with the provisions of article 27 of the Articles of Association, an Executive Committee 
was set up by the Board of Directors on 28 February 1997, which holds in delegation all the powers of 
the Board, except for those that cannot be delegated by statute or pursuant to the Articles of Association 
and those that are necessary for the responsible exercise of the general supervisory function that is 
incumbent on the board of directors.

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Composition of the Executive Committee as at 31 January 2022: 
Name 
Position  
Directorship type 
Mr Pablo Isla Álvarez de Tejera 
Chair 
Executive 
Mr José Arnau Sierra 
Deputy chair 
Proprietary 
Mr Amancio Ortega Gaona 
Ordinary member 
Proprietary 
Mr Óscar García Maceiras 
Ordinary member 
Executive 
Ms Pilar López Álvarez 
Ordinary member 
Independent 
Mr José Luis Durán Schulz 
Ordinary member 
Independent 
Mr Rodrigo Echenique Gordillo 
Ordinary member 
Independent 
Mr Emilio Saracho Rodríguez de 
Torres 
Ordinary member 
Independent 
 
% executive directors 
25 % 
% proprietary directors 
25 % 
% independent directors 
50 % 
% affiliate directors 
0 % 
Mr Javier Monteoliva Díaz, General Counsel and Secretary of the Board, acts as Secretary non-member 
of the Executive Committee. 
Considering the foregoing, the structure of the Executive Committee is represented in the image below:

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Explain the duties delegated or assigned to this committee, other than those that have already been 
described in Section C.1.9. and describe the rules and procedures for its organization and functioning. 
For each of these functions, briefly describe its most important actions during the year and how it has 
exercised in practice each of the functions assigned to it by law, in the articles of association or in other 
corporate resolutions.  
a) Composition 
The board of directors resolved on 14 December 2020, following a favourable report of the Audit and 
Compliance Committee to amend in part its terms of reference for the purposes, inter alia, of aligning 
the rules on the composition of the Executive Committee with the new language of Recommendation 
37 GGC. 
Pursuant to section 14.2 of the Board of Directors’ Regulations, the Executive Committee, should it 
exist, shall be made up of a number of directors being no less than 3 and no greater than 8. At least 2 
of the members of the Executive Committee must be non-executive directors and at least one of these 
latter must be an independent director. The Chairman of the board of directors shall chair the Executive 
Committee and the Secretary of the Board of Directors shall act as Secretary, who may be assisted by 
the Deputy-Secretary. 
b) Duties 
The Executive Committee holds in delegation all the powers of the board, except for those that cannot 
be delegated by statute or pursuant to the Articles of Association and those that are necessary for the 
responsible exercise of the general supervisory function that is incumbent on the board of directors. 
Pursuant to article 27 of the Articles of Association, for the permanent delegation of any power of the 
board of directors to the Executive Committee, it shall be necessary for two-thirds of those making up 
the board of directors to vote for the motion. 
c) Proceedings 
No meeting of the Executive Committee was held in 2021. 
AUDIT COMMITTEE 
Article 28 of the Articles of Association and section 15 of the Board of Directors’ Regulations, as well as 
the Audit and Compliance Committee’s Regulations set out the regulations governing the Audit and 
Compliance Committee.  
Composition of the Audit and Compliance Committee as at 31 January 2022: 
Name 
Position 
Directorship type 
Ms Pilar López Álvarez 
Chair 
Independent 
Bns. Denise Patricia Kingsmill 
Ordinary member 
Independent 
Ms Anne Lange 
Ordinary member 
Independent

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Mr José Arnau Sierra 
Ordinary member 
Proprietary 
Mr José Luis Durán Schulz 
Ordinary member 
Independent 
Mr Rodrigo Echenique Gordillo 
Ordinary member 
Independent 
Mr Emilio Saracho Rodríguez de 
Torres 
Ordinary member 
Independent 
 
% executive directors 
0 % 
% proprietary directors 
14.29 % 
% independent directors 
85.71 % 
% affiliate directors 
- 
Mr Javier Monteoliva Díaz, General Counsel and Secretary of the Board, acts as Secretary non-member 
of the Audit and Compliance Committee. 
Considering the foregoing, the structure of the Audit and Compliance Committee is represented in the 
image below: 
 
Explain the duties assigned to this committee, including where applicable those that are additional to 
those prescribed by law, and describe the rules and procedures for its organization and functioning. For 
each of these duties, briefly describe its most important actions during the year and how it has exercised 
in practice each of the duties assigned to it by law, in the articles of association or in other corporate 
resolutions.  
a) Composition:

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Pursuant to section 14 of the Audit and Compliance Committee’s Regulations and article 28 of the 
Articles of Association, the Audit and Compliance Committee shall be made up of a minimum of 3 and 
a maximum of 7 non-executive directors appointed by the board of directors, a majority of whom must 
necessarily be independent directors. All members of the committee and in particular its Chair shall be 
appointed taking into account their knowledge and experience on accounting, audit, internal control or 
risks management matters, both financial and non-financial, as well as industry-specific knowledge. 
Additionally, at least one of them shall be appointed taking into account their knowledge, skills and 
experience in the matter of information technology.  
The Audit and Compliance Committee must be chaired by an independent director, who shall be elected 
by the board of directors for a maximum 4-year term, upon expiry of which he/she shall be replaced. 
He/she may be re-elected after expiry of one year of the date of his/her removal. The board of directors 
shall appoint a Secretary of the Audit and Compliance Committee, who needs not be a member of said 
body. 
The board of directors shall encourage a diverse committee membership in terms of professional 
experience, competences, personal skills, sector-specific knowledge, international experience or 
geographic origin, age and gender, taking into account the restrictions that are a result of the smaller 
size of the committee. 
b) Duties 
The mission and powers of the Audit and Compliance Committee are addressed in article 28 of the 
Articles of Association, section 15 of the Board of Directors’ Regulations and sections 5 to 13 of the 
Audit and Compliance Committee’s Regulations. 
In addition to the powers it is expressly assigned pursuant to statute and the Recommendations of the 
Good Governance Code, the Audit and Compliance Committee shall be expressly entrusted with the 
following duties: 
 
• Powers relating to Corporate Governance: (i) to review and evaluate the appropriateness of the 
corporate governance system and to propose to the Board of Directors the amendments and 
updates of the Company’s corporate governance regulations; (ii) to oversee the degree of 
compliance by the Company with generally recognized recommendations on good governance 
and in particular, with the GGC; (iii) to oversee compliance with the Internal Regulations of 
Conduct in the Securities Markets, and, in general, with the corporate governance regulations of 
the Company; (iv) to be regularly apprised of issues relating to management of treasury stock; 
and (v) to prepare and table to the board of directors for approval, the Annual Corporate 
Governance Report.  
 
• Powers relating to Compliance: (i) to issue reports on the policies and procedures of the 
Company on topics within its remit; (ii) to oversee compliance with the applicable regulations and 
the effectiveness of the internal policies and procedures of the Company; (iii) to review the 
recommendations and best practices on Compliance and corporate governance, both domestic 
and/or international, and to encourage compliance with the most demanding standard; (iv) to 
oversee compliance with the Annual Compliance Plan and with the Model of Criminal Risk 
Prevention of the Group; (v) to ensure that the Compliance Function relies on the necessary 
resources for the appropriate discharge of its duties; and (vi) to receive information, at least every

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6 months, on the degree of compliance with the Codes of Conduct and the proceedings of the 
Ethics Line and the reports received through the relevant channel of any potential breach of the 
Codes of Conduct of the Group, of any other internal regulation of the Group and of any potentially 
relevant irregularities, including of a financial and/or accounting nature, or otherwise relating to 
the Company. 
 
• Powers relating to tax issues: (i) to receive from the head of tax issues of the Company prior to 
the statement of the annual accounts and the filing of the Corporate Tax return, information on 
tax criteria followed by the Company during the financial year, and on the degree of compliance 
with the Code on Good Tax Practices; and (ii) to apprise the board of directors of the tax policies 
applied and, in the case of transactions or matters which must be referred to the board of 
directors for approval, of the tax consequences thereof, when they represent a relevant factor. 
 
• Other powers entrusted to the Audit and Compliance Committee: (i) to oversee in coordination 
with the Sustainability Committee, where applicable and with regard to issues under its purview, 
the strategy of communication and relations with shareholders, including small and medium 
shareholders, investors, proxy advisors and other stakeholders as well as the effective 
application of the Policy on Disclosure of Economic-Financial, Non-Financial and Corporate 
Information, and encourage its enhancement; (ii) to oversee and evaluate the process of 
interaction with the different stakeholders of the company as regards issues under its purview; 
and (iii) to exercise when the Committee so decides all the duties inherent in audit committees 
from time to time provided in applicable laws, as regards such Group companies that are deemed 
to be public-interest entities (as defined by applicable regulations) provided that such companies 
are directly or indirectly wholly-owned by the Company and the administration thereof is not 
vested in a board of directors. 
The terms of reference of the Audit and Compliance Committee have been amended in 2021, for the 
main purpose of aligning the duties it is entrusted with regarding related party transactions, with the 
legal system provided in the new section 529duovicies LSC introduced by Act 5/2021. 
c) Organizational and operational rules 
The Committee shall meet, at least on a quarterly basis, for the purposes of reviewing the periodic 
financial information to be submitted to the market authorities further to an obligation or of its own 
accord, as well as the information that the board of directors must approve and include within its annual 
public documentation. Likewise, it shall meet each time that its Chair calls it. The Chair must call the 
Audit and Control Committee whenever the board of directors or the Chairman thereof would request a 
report or the submission of motions and, at any rate, whenever it is appropriate for the successful 
performance of its functions. 
Likewise, the Chair may arrange other communication channels, working meetings to prepare 
committee meetings on specific topics apart from the formal meetings of the committee. 
Ordinary meetings shall be called by letter, fax, telegram or e-mail and the notice shall be signed by the 
Chair or the Secretary. A quorum for committee meetings shall be declared when at least half plus one 
of its members, present or represented are in attendance. The committee may also pass resolutions in 
writing, without holding a meeting, pursuant to the provisions of statute.

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Committee meetings may be held via videoconference or conference call, or any other equivalent 
system allowing to recognize and identify attendees, for them to communicate, speak and cast vote, all 
of it in real time.  
Likewise, for the purposes of making the appropriate arrangements that ensure the achievement of the 
objectives effectively sought, the committee shall prepare an annual working plan, which shall include, 
at least, the specific objectives for the financial year and an annual schedule of ordinary meetings. In 
addition, the committee may rely on external advisors to properly carry out its duties. 
d) Main proceedings of the Audit and Compliance Committee carried out in 2021  
The main proceedings of the Audit and Compliance Committee in the year in furtherance of the 
responsibilities it has been entrusted with pursuant to article 28 of the Articles of Association and 
implemented in sections 5 to 13 of the Audit and Compliance Committee’s Regulations, are addressed 
below: 
1. 
Proceedings relating to the supervision of the process to draw up and release the periodic 
financial information, annual accounts, auditor’s report and Statement on Non-Financial 
Information. 
 
Preparation of financial and non-financial information  
The Audit and Compliance Committee reviews Inditex’s economic and financial information before it is 
approved by the board of directors. 
To do so, prior to the stating of the quarterly, half-yearly or annual financial statements, the Audit and 
Compliance Committee also meets with the Company’s Management to review, among other things, 
the enforcement of the accounting principles and the estimates made upon stating the financial 
statements. 
Additionally, the committee, which is entirely made up of non-executive directors, meets with the 
external auditor for the purposes of reviewing the Company’s annual accounts and certain periodic 
financial information, ensuring compliance with statutory requirements, the appropriate delimitation of 
the consolidation perimeter and the appropriate use of generally accepted accounting principles upon 
stating the annual accounts. 
The Audit and Compliance Committee reviewed on 8 March 2021 the annual accounts and the 
directors’ report, both consolidated and individual, as well as the auditor’s report for FY2020. The 
Committee verified that an unqualified auditor’s report was issued. In that same meeting, in the 
exercise of the oversight duties inherent in audit committees assumed in respect of Zara España, S.A. 
(“Zara España”), a wholly-owned subsidiary, the Committee reviewed the results and the Annual 
Financial Report, comprising the individual annual accounts and directors’ reports for FY2020. 
Likewise, the Audit and Compliance Committee reviewed the quarterly results for 2021 and the relevant 
Results Releases and Press Releases in the meetings held on 7 June (1Q), 13 September (1H) and 13 
December 2021 (3Q). Such results – and the respective Results Releases and Press Releases – were 
provided by the board of directors to the market and its supervisory bodies on a quarterly basis pursuant 
to the Periodic Public Information (PPI) format.

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 
Statement on Non-financial Information  
The committee gave a favourable report to the consolidated Statement on Non-financial Information 
(SNFI) of the Inditex Group for 2020 in the meeting held on 8 March 2021. 
The SNFI was prepared in accordance with the provisions of applicable commercial regulations, 
following the criteria laid down in Global Reporting Initiative (GRI) standards, in particular in GRI 101: 
Foundation 2016, selected pursuant to the table of required contents provided in Act 11/2018.  
It was subject to an independent review by an external facilitator and the Audit and Compliance 
Committee verified that it was unqualified. The SNFI was an integral part of the Annual Report for 2020. 
 
Report on the Internal Control over Financial Reporting System (ICFR)  
The committee oversaw the effectiveness of the Internal Control over Financial Reporting System 
(ICFR). This is accounted for in section F of the 2020 Annual Corporate Governance Report approved 
on 8 March 20210. The Company’s ICFR has been verified by the statutory auditor, who issued an 
unqualified report. 
2.  
Proceedings relating to statutory audit 
 
Overseeing the process to select and appoint the external auditor 
The audit tender process to select the new statutory auditor was completed in 2020. In the meeting 
held on 11 December 2020, the Audit and Compliance Committee resolved to submit to the Board of 
Directors the motion on the appointment of E&Y, S.L. to be the new statutory auditor of the Company 
and its Group for FY2022, 2023 and 2024. 
Pursuant to applicable audit laws, the audit firm charged with performing the mandatory audit of a 
public interest entity will not be able to provide to the audited entity, its parent company or controlled 
entities prohibited non-audit services in the year before the beginning of the statutory audit, i.e., 
between 1 February 2021 and 31 January 2022. Consequently, in 2021 both the Internal Audit 
Function and the external auditor have apprised the committee of the transition of the various services.  
 
Overseeing the effectiveness of the statutory audit and fulfilment of the audit engagement 
The audit conducted in 2020 was reviewed by the Audit and Compliance Committee in the meeting held 
on 8 March 2021, which was attended by the external auditor via conference call. 
The external auditor audited the consolidated financial statements of the Group as at 31 January 2021 
as well as the individual financial statements of certain Group companies, also as at 31 January 2021. 
Likewise, the information about individual accounts of Zara España was included for the first time in the 
audit scope. An unqualified report was issued.  
External auditors have also carried out the limited review of the consolidated financial statements for 
1Q2021 and 3Q2021, which was accounted for in the meetings held on 7 June and 13 December 2021, 
respectively.  
They were also in attendance at the meeting held by the Audit and Compliance Committee on 13 
September 2021 to account for the limited review of interim condensed consolidated financial 
statements of Industria de Diseño Textil, S.A. and subsidiaries.

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External auditors were also in attendance in the meeting held on 13 December 2021 by invitation of the 
Committee, to address the audit plan for the current year. 
Partners of E&Y, S.L. audit firm have been invited to attend the Committee meeting to be held on 14 
March2022 to report on the transition status of the different services. 
 
Verifying the independence of Statutory Auditor 
Pursuant to the provisions of the Procedure to Contract an Auditor for the Provision of Non-audit 
Services approved by the Committee on 18 July 2016 and amended in part on 14 March 2022, the Audit 
and Compliance Committee evaluated and approved in the meetings held on 8 March, 7 June, 13 
September and 13 December 2021 the engagement by the Company, Group companies and Zara 
España, of non-audit services from external auditors. 
Meanwhile, on 8 March 2021, the committee approved the report on the independence of the external 
auditor of the Company and of Zara España, which also addressed the issue of the provision of non-
audit services. 
Pursuant to Recommendation 6 GGC, the report on the independence of the external auditor from the 
Company was made available to the shareholders on the corporate website at the time the Annual 
General Meeting was called. 
In the meeting held on 8 March 2021, having established that independence requirements are met, 
and having assessed the degree of fulfilment of the audit engagement, the audit findings, and the terms 
of the contracts entered into with auditors to perform non-audit services other than those covered in 
the audit engagement, the Audit and Compliance Committee gave a favourable report to the re-election 
of statutory auditors, to be approved by the board of directors and subsequently submitted to the 
Annual General Meeting.

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3.  
Proceedings relating to Internal Audit 
The Chief Audit Officer attended all the meetings of the Audit and Compliance Committee held in 2021 
and took an active part therein. 
A number of issues that fall under the purview of the committee were addressed in such meetings. The 
committee oversaw the work plan of the Internal Audit Department (progress report of the projects and 
review of the follow-up on the most critical recommendations, both of operational, financial, compliance 
and systems audits currently in progress), and approved its budget and its activities report. 
 
In the meeting held on 8 March 2021: (i) it acknowledged the assignments carried out by Internal 
Audit in 4Q2021 and the Annual Activities Report of internal Audit for 2020; (ii) it approved the 
Internal Audit Plan and the budget for 2021, in accordance with Recommendations 41 & 42 GGC; 
and (iii) it gave a favourable report to the external audit fees for 2020, the external audit budget 
for 2021 and the fees for non-audit services provided to the company and its Group.  
 
In the meeting held on 7 June 2021, it acknowledged the work done by Internal Audit in 1Q2021, 
in particular, with regard to the auditor rotation process, the follow-up on incompatible services 
and the estimated timeline. 
 
In the meeting held on 13 September: (i) it acknowledged the work done by Internal Audit in 
2Q2021; and (ii) it resolved to update the Internal Audit Plan for 2021 in line with the outcome 
of the re-evaluation of risks. 
 
Last, in the meeting held on 13 December, it acknowledged the work done by Internal Audit in 
3Q2021, in particular with regard to the auditor rotation process, the coordination of the kick-off 
meetings to learn the main processes. 
4.  
Proceedings relating to Compliance 
 
Supervision of the Model of Criminal Risk Prevention: review of the reports issued by the 
Committee of Ethics 
The Committee reviewed and approved the Annual Report of the Committee of Ethics for 2020 in the 
meeting held on 8 March 2021 and the Half-yearly Report of the Committee of Ethics for 2021 first half, 
in the meeting held on 13 September 2021. Likewise in the meeting held on 8 March 2021 it 
acknowledged the Report on the Model of Criminal Risk Prevention for 2020 and in the meeting held on 
13 September 2021 the half-yearly Report on the Model of Criminal Risk Prevention. Such reports 
review, among other things, the enforcement of the Code of Conduct and Responsible Practices and the 
Code of Conduct for Manufacturers and Suppliers, with a description of the cases seen by the Committee 
of Ethics, the proceedings carried out and the resolutions issued; the outcome of the supervision of the 
Model of Criminal Risk and proceedings to implement the Corporate Compliance System at domestic 
and international level (circulation and communication of the Corporate Compliance System, 
proceedings regarding the acceptance of the Code of Conduct and Responsible Practices and training 
on Corporate Compliance).

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The committee also acknowledged the main proceedings carried out by the Committee of Ethics as 
regards the Ethics Line in the meetings held on 7 June and 13 December 2021. 
Last, the committee acknowledged in the meeting held on 13 September 2021 the implementation of 
the Model of Criminal Risk Prevention in Mexico. 
 
Supervision of the Compliance Function 
In the meeting held on 8 March 2021, the committee approved the strategic action lines of the 
Compliance Function and its budget for 2021. 
Likewise, in the meetings held on 7 March and 13 September 2021, it acknowledged the 2020 Annual 
Compliance Report and the half-yearly Compliance Report for 2021 first half, respectively. 
The committee further acknowledged the main proceedings of the Compliance Function in the meetings 
held on 7 June and 13 December 2021. 
 
Corporate policies.  
In the meeting held on 7 June 2021, the committee gave a favourable report to the Corporate Security 
Policy, which was subsequently approved by the board of directors in the meeting held on the following 
day. 
5. Proceedings in the field of oversight and evaluation of the Enterprise Risk Management 
Function 
The Audit and Compliance Committee is responsible for verifying the level of risk tolerance and its limits, 
at least by means of an annual review and periodic reports on the degree of compliance with the 
Enterprise Risk Management Policy, to be raised to the board. Its main proceedings in the field in the 
year were: 
 
Risks Map 
In the meeting held on 13 December 2021 the Head of the ERM Department apprised the committee 
of the main risks affecting business development and the control measures established to manage and 
monitor such risks. The committee gave a favourable report to the update of the 2021 Risks Map. 
 
Evaluation of other risks 
Pursuant to sections 5.3(i) of the Audit and Compliance Committee’s Regulations, and the provisions of 
the Enterprise Risk Management Policy, the evaluation of any question regarding “financial and non-
financial risks (including operational, technological, legal, social, environmental, political and 
reputational risks or those related to corruption)” is part of the Committee’s duty to oversee the 
effectiveness of risk control systems.

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Likewise, pursuant to section 9(h) of the above referred set of rules, the Audit and Compliance 
Committee may “meet with the heads of business units at least once a year, and whenever the 
Committee deems it appropriate, for the purposes of reporting to the Committee on trends of business 
and risks associated with the respective areas under their purview.” 
Considering the foregoing, the Committee has encouraged attendance of company’s officers, 
supervisors and heads of control areas at its meetings, to keep abreast of the operation of the risk 
management systems established and the findings reached. In particular, with regard to:   
 
Financial risks 
In the meeting held on 13 December 2021, the Head of the ERM Department and the Head of Financial 
Risk Management reported on the main financial risks of the Group, in particular the foreing exchange 
risk.  
 
Report on Tax Policies 
Pursuant to the Company’s Tax Policy, the committee acknowledged in the meeting held on 8 March 
2021 the tax policies followed in 2020. 
 
Information Security  
In the meeting held on 8 March 2021, the committee acknowledged the findings of the review of the 
Group’s cybersecurity maturity level. External auditors were in attendance via conference call. 
In that same meeting, the committee acknowledged:(i) the main events of interest noted by the 
Information Security Committee in 2H2020; (ii) the most relevant projects and initiatives of the 
Information Security Department; and (iii) the Plan for FY2021 
On the other hand, in the meeting held on 13 September 2021, the committee acknowledged: (i) the 
main events of interest noted by the Information Security Committee in 1H2021. 
 
Report of the Data Protection Officer 
In the meeting held on 13 September 2021, the committee acknowledged the report of the DPO, which 
identified, inter alia: (i) the most relevant initiatives carried out by the area; and, (ii) the current strategy 
and main action lines.

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 
Technology 
The committee acknowledged in the meeting held on 8 March 2021 the outcome of the analysis carried 
out by the statutory auditor regarding technical incidents. 
Likewise, in the meeting held on 13 September 2021, the committee acknowledged the presentation 
given by the Chief Data Officer, the Head of the Organization and Processes Area and the Chief Analytics 
Officer on the Update on the Group’s Data Transformation Plan.  
 
The corporate strategy  
As a general rule, the board of directors delegates the management of the day-to-day business and the 
conduct of its strategy to the management team, focusing on carrying out its general oversight duty and 
exercising its non-delegable powers, pursuant to statute, the Articles of Association and its own set of 
rules.  
Within the scope of its powers relating to enterprise risk management, both financial and non-financial, 
the Audit and Compliance Committee will be regularly updated by the Management and the heads of 
business units who will attend its meetings for the purposes of reporting to the committee on trends of 
business and risks associated with the respective areas under their purview. 
In this regard, the committee acknowledged in the meetings held on 8 June 2021 and 13 September 
2021 the presentations given by brand managers and country managers of the main subsidiaries of the 
Group on business evolution in their respective markets, against the backdrop of the global pandemic 
of coronavirus disease. 
6.  
Proceedings relating to Corporate Governance 
The most relevant proceedings of the committee in 2021 regarding observance of statutory and good 
governance requirements have been:  
 
Annual Corporate Governance Report (ACGR) 
The Audit and Compliance Committee approved on 8 March 2021 the 2020 Annual Corporate 
Governance Report filed in free format, in accordance with CNMV’s Circular 5/2013, accompanied by 
the relevant Statistical Appendix laid down in such Circular. The committee submitted the ACGR to the 
board of directors which approved it on 9 March 2021, and subsequently sent it to the CNMV as other 
relevant information. The ACGR is available on CNMV’s website. 
 
Review of the reports of the Compliance Supervisory Board and the Compliance Office 
The Audit and Compliance Committee reviewed in the meetings held on 8 March and 13 September 
2021 the half-yearly reports drawn up by the Compliance Office and the Compliance Supervisory Board 
on (i) the enforcement of the Internal Regulations of Conduct; (ii) the measures taken to promote 
knowledge and ensure compliance with the provisions of the IRC; and, (iii) the approval of the new 
parameters to be considered to issue the new list of persons subject to the IRC.

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 
Amendment to internal regulations 
In 2021 almost all the amendments to Inditex’s internal regulations on corporate governance were 
made to bring their language into line with the regulatory development which came into force since the 
last Annual General Meeting, i.e, the reform introduced by Act 5/2021. 
In particular, the committee gave a favourable report to the following motions on the amendment or 
approval of internal regulations:  
 In the meeting held on 7 June 2021:  
• The motion to amend the Articles of Association to align its language with the regulatory 
development introduced by Act 5/2021 and with the relevant amendments made to the 
Board of Directors’ Regulations and the terms of reference of the Audit and Compliance, 
Nomination and Sustainability Committees throughout 2020, to align their language with 
the partial review of GGC approved by CNMV’s board on 25 June 2020. 
• The motion to amend the Regulations of the General Meeting of Shareholders to align its 
language with the regulatory development made by Act 5/2021. In particular, particular, 
the possibility of holding virtual-only general meetings, in accordance with the provisions 
of recently added section 182bis LSC was covered. 
• The motion to amend the terms of reference of the Board of Directors and the Audit and 
Compliance Committee, to align their provisions with the regulatory development 
created by Act 5/2021. 
 In the meeting held on 13 September 2021: the motion on the amendment to the Internal 
Regulations of Conduct in the Securities Markets, to align its language with the reorganization 
and changes made to the Compliance Supervisory Board (formerly known as the “Code 
Compliance Supervisory Board”) and its provisions with the regulatory development 
introduced by Act 5/2021.  
 In the meeting held on 13 December 2021, the Audit and Compliance Committee gave a 
favourable report to the new Procedure for Periodic Control and Reporting on Related Party 
Transactions, in accordance with the provisions of section 529duovicies LSC. 
All the motions referred to above were passed at the relevant board meetings subsequently held. 
 
Evaluation of the appropriateness of the corporate governance system  
In the meeting held on 14 March 2022, the Audit and Compliance Committee appreciated that the 
Company’s corporate governance system is appropriate in 2021, as it considers that it meets its 
purpose of promoting corporate interest taking into account the legitimate interests of the different 
stakeholders.

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 
Related party transactions 
In the meeting held on 8 March 2021, the Audit and Compliance Committee issued and approved the 
report on related party transactions carried out by the Inditex Group throughout 2020. 
Pursuant to Recommendation 6 GGC, such report was made available to the shareholders on the 
corporate website at the time the notice calling the Annual General Meeting was posted. 
In the meeting held on 13 December 2021, the Committee resolved to propose to the board of directors 
that this latter delegate the approval of related party transactions as set out in section 529duovicies(4) 
LSC, to the Compliance Supervisory Board. It also gave a favorable report to the Procedure for Periodic 
Control and Reporting on Related Party Transactions to which such transactions are subject. Such 
delegation was subsequently approved by the boad of directors in the meeting held on 14 December 
2021. 
In this latter meeting, the committee gave a favorable report to the related party transaction consisting 
of the collaboration between Inditex and the company styled PONTEGADEA DIECIOCHO, S.L. to 
organise a charity concert addresed to employees of the Inditex Group and its affiliates. Such 
transaction was subsequently approved by the board of directors on 14 December 2021. 
 
Report on treasury stock 
The Committee acknowledged in the meeting held on 8 March 2021 the report on the Group’s treasury 
shares. 
 
Report on its proceedings 
The Audit and Compliance Committee issued the annual report on its proceedings on 7 June 2021 It 
was published in the 2020 Annual Report and is available on www.inditex.com 
7.  
Other actions 
 
Assumption by Inditex’s Audit and Compliance Committee of functions of audit committee at 
Zara España, S.A. 
As described above in the relevant sections, the Audit and Compliance Committee carried out duties 
inherent in the audit committee of Zara España, S.A. in 2021. 
 
Corporate and structural changes 
In the meeting held on 13 December 2021, the committee gave a favourable report to the terms and 
conditions of a review of the Group’s international corporate structure, which was subsequently 
approved by the board of directors on the following day.

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Identify the directors who are members of the audit committee and have been appointed taking into 
account their knowledge and experience in accounting or audit matters, or both, and state the date on 
which the Chairperson of this committee was appointed. 
Names of directors with experience 
Ms Pilar López Álvarez, Bns. Denise Patricia Kingsmill, Ms Anne 
Lange, Mr José Arnau Sierra, Mr José Luis Durán Schulz, Mr 
Rodrigo Echenique Gordillo and Mr Emilio Saracho Rodríguez 
de Torres 
Date of appointment of the chairperson 
14/07/2020 
NOMINATION COMMITTEE 
Article 29 of the Articles of Association, section 16 of the Board of Directors’ Regulations and the 
Nomination Committee’s Regulations set out the regulations governing the Nomination Committee. 
Composition of the Nomination Committee as at 31 January 2022: 
Name 
Position 
Directorship type 
Mr Emilio Saracho Rodríguez de Torres 
Chair 
Independent 
Ms Anne Lange 
Ordinary Member 
Independent 
Ms Pilar López Álvarez 
Ordinary Member 
Independent 
D. José Arnau Sierra 
Ordinary Member 
Proprietary 
D. Rodrigo Echenique Gordillo 
Ordinary Member 
Independente 
 
% executive directors 
0 % 
% proprietary directors 
20.00% 
% independent directors 
80.00% 
% affiliate directors 
0 % 
 
Mr Javier Monteoliva Díaz, General Counsel and Secretary of the Board, acts as Secretary-non-member 
of the Nomination Committee. 
Considering the foregoing, the structure of the Nomination Committee is represented in the image 
below:

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Explain the duties assigned to this committee, including where applicable those that are additional to 
those prescribed by law, and describe the rules and procedures for its organization and functioning. For 
each of these functions, briefly describe its most important actions during the year and how it has 
exercised in practice each of the functions assigned to it by law, in the articles of association or in other 
corporate resolutions.  
a) Composition 
Pursuant to the provisions of article 29 of the Articles of Association and section 10 of its own terms of 
reference, the Nomination Committee shall be made up of a minimum of 3 and a maximum of 7 non-
executive directors appointed by the board of directors, a majority of whom must necessarily be 
independent, who shall be elected, in particular its Chair, considering the appropriate knowledge, 
qualifications and experience to discharge the duties they are called upon to perform, including on 
corporate governance issues, analysis and strategic assessment of human resources, selection of 
directors and senior executives and the assessment of the suitability requirements legally provided for 
the discharge of senior executive functions. The Chair of the Nomination Committee shall be appointed 
by the board of directors out of the independent members of the committee. 
Likewise, the board of directors shall encourage diversity of committee membership in terms of 
professional experience, qualifications, personal skills, sector-specific knowledge, international 
experience or geographic origin, age and gender, taking into account the restrictions that are a result of 
the smaller size of the committee.

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b) Duties 
The mission and powers of the Nomination Committee are provided in article 29.3 of the Articles of 
Association, section 16 of the Board of Directors’ Regulations, and sections 5 to 9 of the Nomination 
Committee’s Regulations. 
In addition to such powers it is expressly assigned pursuant to statute and the Recommendations of 
the Good Governance Code, the Nomination Committee is entrusted with the following duties: 
 
• With regard to the selection of directors:  (i) to issue a report on the Diversity of Board of 
Directors Membership and Director Selection Policy; (ii) to set a representation target for the least 
represented gender on the Board of Directors and to provide guidance on how to reach such 
target; (iii) to set up and review the criteria that must be adhered to regarding an appropriate 
composition and diverse board membership and the selection of prospective candidates; (iv) to 
ensure that, upon filling new vacancies or upon appointing new directors, selection procedures 
shall encourage diversity ensure the absence of any manner of discrimination, and shall follow 
merit-based approach; and (v) to be regularly apprised of the succession and career plans of 
Senior managers. 
 
• With regard to the annual evaluation programme: (i) to establish and oversee an annual 
programme for evaluating the performance of the Executive Chairman, the CEO and board 
committees; (ii) to report on an annual basis to the board of directors on the performance of the 
Executive Chairman, the CEO and any other executive director; (iii) to propose an action plan or 
recommendation to amend potential weaknesses detected or to improve the operation of the 
board and its committees; and (iv) to assess the convenience of discussing with the directors the 
findings of their individual evaluations and, if appropriate, the measures to be adopted to improve 
their performance. 
Additionally, the Committee may gather information about the evaluation of senior managers. 
 
• Other powers entrusted to the Committee: to design and periodically organise the induction and 
refresher programmes for directors. 
c) Organizational and operational rules 
The Nomination Committee shall meet at least 3 times a year and each time that its Chair calls it. The 
Chair shall call a committee meeting each time the Board of Directors or its Chairman requests the 
issuing of a report or the adoption of proposals within its purview and, at any rate, whenever this is 
suitable for the successful performance of its functions. 
Likewise, the Chair may arrange working meetings to prepare committee meetings on specific topics 
apart from the formal meetings of the Committee. 
Ordinary meetings shall be called by letter, fax, telegram or e-mail and the meeting notice shall be 
authorized by the signature of the Chair or the Secretary. A quorum for committee meetings shall be 
declared when at least half plus one of its members, present or represented are in attendance. The 
Committee may also pass resolutions in writing, without holding a meeting, pursuant to statutory 
provisions.

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Committee meetings may be held via videoconference or conference call, or any other equivalent 
system allowing to recognize and identify attendees, for them to communicate, speak and cast vote, all 
of it in real time.  
Likewise, for the purposes of making the appropriate arrangements that ensure the achievement of the 
objectives effectively sought, the committee shall prepare an annual working plan, which shall include, 
at least, the specific objectives for the financial year and an annual schedule of ordinary meetings. In 
addition, the committee may rely on external advisors to properly carry out its duties. 
d) Main proceedings of the Nomination Committee in 2021:  
In 2021, the main proceedings of the Nomination Committee have revolved around the following areas: 
1. Proceedings relating to appointment and removal of directors and senior managers 
In the meeting held on 7 June 2021, the Nomination Committee resolved to give a favourable report to 
the motion on the re-election of Mr José Arnau Sierra to the board of directors as non-executive 
proprietary director and member of the Executive Committee and all board committees. 
The Committee had previously approved an explanatory report on the analysis of prior needs of the 
Board, for the purposes of the re-election of the above referred director. 
Mr Arnau’s re-election was approved at the Annual General Meeting held on 13 July 2021. The relevant 
report issued by the Nomination Committee was made available to the shareholders on the corporate 
website at the time the notice calling the Annual General Meeting was posted. 
In the meeting held on 7 June 2021, the committee (i): acknowledged the resignation tendered by Mr 
Ramón Reñón Túñez from his position as Director General Adjunto al Presidente [Deputy General 
Manager]. This position is made redundant. It also (ii) gave a favourable report to the re-election of all 
members of the Social Advisory Board. 
Finally, in the meeting held on 29 November 2021, the Nomination Committee: 
 
acknowledged the resignation tendered by Mr Pablo Isla Álvarez de Tejera from his positions as 
Chairman and member of the board of directors and the Executive Committee, effective as of 31 
March 2022. 
 
Gave a favourable report to the motion on the co-option of Ms Marta Ortega Pérez to the board 
as proprietary director and (non-executive) Chair, effective as of 1 April 2022. 
 
Acknowledged the resignation tendered by Mr Carlos Crespo González, who stepped down from 
the board, where he was an executive director, and consequently, from his positions as CEO and 
member of the Executive Committee, effective immediately. The committee gave a favourable 
report to the motion on his appointment as COO & Head of Digital and Sustainable 
Transformation.  
 
Acknowledged the resignation tendered by Mr Óscar García Maceiras from his position as General 
Counsel and Secretary of the Board and its committees and gave a favourable report to the 
motion on his co-option to the board, as executive director, effective immediately, as well as his 
appointment as CEO and member of the Executive Committee.

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 
With regard to the above referred motions, the Nomination Committee approved in said meeting 
the report on the prior analysis of board needs. 
 
Acknowledged the resignation tendered by Mr Javier Monteoliva Díaz from his position as Deputy 
Secretary of the board of directors, effective immediately, and gave a favourable report to the 
motion on his appointment as General Counsel and Secretary of the Board and its committees.  
 
Gave a favourable report to the motion on the creation of a Management Committee and on its 
composition. 
The Nomination Committee played an active role, having evaluated beforehand the needs of the 
Company, and the competences, knowledge and experience required by the board on account of the 
business complexity, the strategic priorities and the commitment undertaken by the board to encourage 
an appropriate and diverse membership. Likewise, it commissioned a suitability analysis of prospective 
candidates from an external facilitator. 
All the above referred motions or reports, where appropriate, were approved by the board of directors 
in the meeting held on that same day. 
2. Proceedings relating to the process to evaluate the performance of the board of 
directors, its members and committees, the Executive Chairman, the CEO, the Lead 
Independent Director and the Secretary of the board. 
Pursuant to the provisions of the Board of Directors’ Regulations and the Nomination Committee’s 
Regulations and, in line with the Recommendations of GGC and Recommendation 7 of Technical Guide 
1/2019, the Nomination Committee submitted to the board of directors on 13 September 2021 the 
supervision of the “Annual Programme for the Evaluation of the Board of Directors, the Directors, the 
Committees, the Executive Chairman, the CEO, the Secretary and the Lead Independent Director” for 
2021.  
Such programme covers the preparation and supervision of the annual evaluation of the performance 
of the board, its members and committees, the Executive Chairman, the CEO, the Lead Independent 
Director and the Secretary of the Board. The evaluation process has been updated in 2021, as described 
in section C.1.17 above. 
Likewise, pursuant to Inditex’ internal regulations and best practices in the field of corporate 
governance, the Nomination Committee approved on 13 December 2021 the report on the annual 
evaluation of the performance of the Board of Directors, the Executive Chairman, the CEO, the Secretary 
of the Board, the Lead Independent Director, the directors and board committees. Such report was 
subsequently approved by the board in the meeting held on 14 December 2021.

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The findings of the evaluation carried out in 2021 show that in general, directors are satisfied with 
regard to the areas evaluated.  
3. Ascertaining compliance with the Diversity of Board of Directors Membership and 
Director Selection Policy 
In the meeting held on 14 March 2022, the Nomination Committee assessed compliance with the 
Diversity of Board of Directors Membership and Director Selection Policy in the process to re-elect and 
appoint directors via the co-option system carried out in 2021. 
4. Internal regulations 
In the meeting held on 7 June 2021, the committee gave a favourable report to the motion on the 
amendment of its own terms of reference, which it submitted to the board of directors, to relax the 
existing system to hold meetings, expressly including the possibility of virtual-only meetings. 
In said meeting, pursuant to the provisions of section 6(a) of its terms of reference, the Nomination 
Committee gave a favourable report to the motion on the amendment to the Diversity of Board of 
Directors Membership and Director Selection Policy, to bring it into line with Act 5/2021  
Both motions were approved by the board of directors in the meeting held on 8 June 2021. 
5. 
Schedule of dates and agenda of business to be transacted: 
Pursuant to recommendations of CNMV’s Technical Guide 1/2019, the Nomination Committee 
approved in the meeting held on 13 December 2021 the schedule of dates and agenda of business to 
be transacted by the committee in 2022. 
6. 
Report on its proceedings 
The Nomination Committee issued the annual report on its proceedings on 7 June 2021. It was 
published in the 2020 Annual Report and is available on the corporate website.

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REMUNERATION COMMITTEE 
Article 30 of the Articles of Association, section 17 of the Board of Directors’ Regulations and the 
Remuneration Committee’s Regulations set out the regulations governing the Remuneration 
Committee. 
Composition of the Remuneration Committee as at 31 January 2022: 
Name 
Position 
Directorship type 
Mr Rodrigo Echenique Gordillo 
Chair 
Independent 
Bns. Denise Patricia Kingsmill 
Ordinary member 
Independent 
Mr José Arnau Sierra 
Ordinary member 
Proprietary 
Mr José Luis Durán Schulz 
Ordinary member 
Independent 
Mr Emilio Saracho Rodríguez de 
Torres 
Ordinary member 
Independent 
 
% executive directors 
0% 
% proprietary directors 
20.00% 
% independent directors 
80.00% 
Mr Javier Monteoliva Díaz, General Counsel and Secretary of the Board, acts as Secretary-non-member 
of the Remuneration Committee. 
The structure of the Remuneration Committee is addressed in the sections below. It is represented in 
the image below

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Explain the duties assigned to this committee, including where applicable those that are additional to 
those prescribed by law, and describe the rules and procedures for its organization and functioning. For 
each of these functions, briefly describe its most important actions during the year and how it has 
exercised in practice each of the functions assigned to it by law, in the articles of association or in other 
corporate resolutions.  
a) Composition 
Pursuant to article 30 of the Articles of Association and section 7 of its own terms of reference, the 
Remuneration Committee shall be made up of a minimum of 3 and a maximum of 7 non-executive 
directors appointed by the board of directors, a majority of whom shall be independent. Members of 
such committee and in particular its Chair shall be appointed considering the appropriate knowledge, 
qualifications and expertise based upon the duties they must discharge, including among others, the 
analysis and strategic assessment of human resources and the design of remuneration policies and 
schemes for directors and senior managers. The Chair of the Remuneration Committee shall be 
appointed by the board of directors out of the independent members of the committee.  
Likewise, the board of directors shall encourage a diverse committee membership in terms of 
professional experience, competences, personal skills, sector-specific knowledge, international 
experience or geographic origin, age and gender, taking into account the restrictions that are a result of 
the smaller size of the Committee.  
b) Duties 
The mission and powers of the Remuneration Committee are addressed in article 30 of the Articles of 
Association, section 17 of the Board of Directors’ Regulations and sections 5 and 6 of the Remuneration 
Committee’s Regulations.  
The Remuneration Committee has not been assigned any powers other than those expressly entrusted 
by statute, and the Recommendations set forth in the Good Governance Code. 
c) Organizational and operational rules 
The Remuneration Committee shall meet at least 3 times a year and each time that its Chair calls it. The 
Chair of the Remuneration Committee shall call it whenever the board of directors or its Chairman 
requests the issuing of a report or the adoption of proposals within its remit and, at any rate, whenever 
this is suitable for the successful performance of its functions. 
The Chair may arrange working meetings to prepare committee meetings on specific topics apart from 
the formal meetings. 
Ordinary meetings shall be called by letter, fax, telegram or e-mail and the meeting notice shall be 
signed by the Chair or the Secretary. A quorum for committee meetings shall be declared when at least 
half plus one of its members, present or represented are in attendance. The committee may also pass 
resolutions in writing, without holding a meeting, pursuant to statutory provisions. 
Committee meetings may be held via videoconference or conference call, or any other equivalent 
system allowing to recognize and identify attendees, for them to communicate, speak and cast vote, all 
of it in real time.

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Likewise, for the purposes of making the appropriate arrangements that ensure the achievement of the 
objectives effectively sought, the committee shall prepare an annual working plan, which shall include, 
at least, the specific objectives for the financial year and an annual schedule of ordinary meetings. The 
committee may rely on external advisors to duly perform the duties it has been entrusted with. 
d) Main proceedings of the Remuneration Committee in 2021: 
In 2021 the most relevant proceedings of the Remuneration Committee have revolved around the 
following areas: 
1. Remuneation of executive directors and Senior Managers 
The Remuneration Committee resolved in the meeting held on 8 March 2021 to give a favourable report 
and submit to the board of directors: 
 
The proposal on the remuneration of the Executive Chairman and the Chief Executive Officer for 
the performance of executive functions in 2021, with regard to the amount and the remaining 
terms thereof. Such proposal was approved by the Board of Directors on 9 March 2021. 
 
The evaluation of the level of achievement of the targets tied to the annual variable remuneration 
of the Executive Chairman and the Chief Executive Officer for financial year 2020. The Board of 
Directors assessed the achievement of such targets in the meeting held on 9 March 2021, 
considering the extraordinary situation derived from the global COVID-19 pandemic. 
 
The basic terms of the senior manager employment contract of Mr Óscar García Maceiras as 
General Counsel and Secretary of the Board and to submit it to the board for approval. The Board 
of Directors approved such contract on 9 March 2021 
Likewise, in the meeting held on 7 June 2021, the committee resolved to give a favourable report and 
submit to the board of directors the terms of termination of senior manager employment agreement 
associated with the retirement of Mr Ramón Reñón Túñez. 
Last, in the meeting held on 13 December 2021, the committee resolved to give a favourable report 
and submit to the board of directors: 
 
The motion to novate Mr Pablo Isla Álvarez de Tejera's contract in order to strengthen the post-
contractual non-compete clause therein included and to compensate him for his departure. The 
Board of Directors approved such motion at its meeting held on 14 December 2021 and further 
resolved to submit the offer of novation of such contract to Mr Isla and, if accepted, to submit it 
to the shareholders for approval at the Annual General Meeting in 2022. 
 
The motion on the basic conditions of the new executive services contract of the current Chief 
Executive Officer.  
Both motions were approved by the Board of Directors in the meeting held on 14 December 2021.

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2. Duties relating to the remuneration and the remuneration policy for directors and 
senior managers 
The committee resolved in the meeting held on 7 June 2021 to give a favourable report to the draft 
Remuneration Policy for Directors for FY2021, FY2022 and FY2023, to be assessed and approved by 
the board of directors and subsequently put to an advisory say-on-pay vote at the 2021 Annual General 
Meeting. The Policy was approved at the Annual General Meeting held on 13 July 2021. 
3. 2019-2023 Long-term Incentive Plan 
In the meeting held on 7 June 2021, the Remuneration Committee reviewed the following up and the 
evaluation of the level of achievement of certain metrics of the 2019-2023 Long-Term Incentive Plan. 
4. 2021-2025 Long-term Incentive Plan 
In the meeting held on 7 June 2021, the Remuneration Committee resolved to give a favourable report 
and submit the proposal on the design of the 2021-2025 Long-Term Incentive Plan, for evaluation and 
approval by the Board of Directors and subsequent submission to the binding vote at the Annual General 
Meeting in 2021. The Plan was approved by the board of directors in the meeting held on 9 March 2021 
and at the Annual General Meeting held on 13 July with 99.43% of votes in favour. 
In this regard, the committee resolved in the meeting held on 13 December 2021 to give a favourable 
report and submit to the board for approval, the proposal on the performance scales for the first cycle 
(2021-2024) of the 2021-2025 Long-Term Incentive Plan for each metric and the favourable report to 
the draft Plan Regulations. Such Plan Regulations were approved by the board of directors in the 
meeting held on 14 December 2021. In that same meeting, the committee acknowledged the list of 
beneficiaries of such first cycle. 
5. Annual Report on Remuneration of Directors for 2020 
The Remuneration Committee resolved in the meeting held on 8 March 2021 to raise the 2020 Annual 
Report on Remuneration of Directors to the board of directors for approval, which it did in the meeting 
held on 9 March 2021.  
Such report was submitted to CNMV as a relevant fact and is available on CNMV’s website. Additionally, 
pursuant to section 541LSC, the 2020 Annual Report on Remuneration of Directors was approved at 
the Annual General Meeting held on 13 July 2021, having been put to an advisory say-on-pay vote. 
6. Internal regulations 
In the meeting held on 7 June 2021, the Remuneration Committee gave a favourable report and 
resolved to submit to the board of directors the partial amendment to its own terms of reference for the 
purposes of (i) allowing a higher flexibility to the system set to hold meetings, including the possibility 
of holding virtual-only meetings,(ii) extending the diversity yardsticks to be considered regarding 
membership on the committee, in line with the provisions of the terms of reference of the remaining 
board committees.

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7. Report on its proceedings 
The Remuneration Committee issued the annual report on its proceedings on 7 June 2021. It was 
published in the 2020 Annual Report and is available on the corporate website. 
8. Schedule of dates and agenda of business to be transacted 
Pursuant to recommendations of CNMV’s Technical Guide 1/2019, the Remuneration Committee 
approved on 13 December 2021 the schedule of dates and agenda of business to be transacted by the 
Committee in 2021. 
 SUSTAINABILITY COMMITTEE 
Article 30bis of the Articles of Association, section 17bis of the Board of Directors’ Regulations, and the 
Sustainability Committee’s Regulations set out the regulations governing the Sustainability Committee. 
Composition of the Sustainability Committee as at 31 January 2022: 
Name 
Position 
Directorship type 
Bns. Denise Patricia Kingsmill 
Chair 
Independent 
Ms Anne Lange 
Ordinary member 
Independent 
Ms Pilar López Álvarez 
Ordinary member 
Independent 
Mr José Arnau Sierra 
Ordinary member 
Proprietary 
Mr José Luis Durán Schulz 
Ordinary member 
Independent 
 
% executive directors 
0 % 
% proprietary directors 
20 % 
% independent directors 
80 % 
% affiliate directors 
0 % 
Mr Javier Monteoliva Díaz, General Counsel and Secretary of the Board, acts as Secretary-non-member 
of the Sustainability Committee.

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The structure of the Sustainability Committee is addressed in the sections below. It is represented in 
the image below: 
 
Explain the duties assigned to this committee and describe the rules and procedures for its organization 
and functioning. For each of these functions, briefly describe its most important actions during the year 
and how it has exercised in practice each of the functions assigned to it by law, in the articles of 
association or in other corporate resolutions.  
a) Composition: 
Pursuant to article 30bis of the Articles of Association and section 9 of its own terms of reference, the 
Sustainability Committee shall be made up of a minimum of 3 and a maximum of 7 non-executive 
directors appointed by the board of directors, a majority of whom shall be independent. Members of 
such Committee and in particular its Chair, shall be appointed considering the appropriate knowledge, 
qualifications and experience based upon the duties they must discharge, in particular in the field of 
sustainability, social action initiatives, sustainable management of resources and design of 
communication policies with stakeholders. 
The board of directors shall encourage a diverse committee membership in terms of professional 
experience, competences, personal skills, sector-specific knowledge, international experience or 
geographic origin, age and gender, taking into account the restrictions that are a result of the smaller 
size of the committee.  
b) Duties: 
Pursuant to article 30bis(3) of the Articles of Association, section 17bis of the Board of Directors’ 
Regulations and sections 5 to 8 of the Sustainability Committee’s Regulations, the Sustainability 
Committee shall have the following basic responsibilities: 
 
Powers relating to sustainability: (i) to oversee that environmental and social practices of the 
Company are aligned with the strategy and the policy set by the Company; (ii) to oversee 
monitoring of the entire supply chain and compliance by its members with Inditex’s Code of 
Conduct for Manufacturers and Suppliers; (iii) to establish that the products that the Company 
sells comply with the product health and safety standards; (iv) to establish compliance with the 
most exacting environmental standards, encouraging biodiversity conservation and the

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sustainable management of natural resources in respect of use of raw materials, production 
processes, product and store; and (v) to establish compliance with Inditex’s Policy on Human 
Rights across the entire value chain.  
 
Powers relating to the relations with the different stakeholders: (i) To oversee and evaluate – in 
coordination with the Audit and Compliance Committee, with regard to issues that fall under its 
purview – the strategy on communication and relations with shareholders – including small and 
medium shareholders – investors, proxy advisors and other stakeholders, and the enforcement 
of the Policy on Disclosure of Economic-Financial, non-Financial and Corporate information; and 
(ii) to oversee –in cordination with the Audit and Compliance Committee- the process for 
preparing and releasing the regulated and non-regulated non-financial information, as well as 
the integrity and clarity thereof, with regard to the issues that fall under its purview. 
 
Other powers entrusted to the Sustainability Committee: (i) to report on the appointment and 
removal of the members of the Social Advisory Board of the Company, before the report issued 
by the Nomination Committee, assessing the suitability, competences, knowledge, experience 
and other occupations of the prospective candidates; (ii) to assess the draft bills and the 
amendments of national as well as foreign or international regulations on sustainable 
development, corporate social responsibility and related issues, and their potential impact on the 
Group’s activity; (iii) to issue reports on the internal regulations of the Company on matters that 
fall within its purview; and, (iv) to assess the draft bills and the amendments of national as well 
as foreign or international regulations on sustainable development, corporate social 
responsibility and related issues, and their potential impact on the Group’s activity. 
c) Organizational and operational rules. 
The Sustainability Committee shall meet at least 3 times a year and each time that its Chair calls it. The 
Chair must call the Sustainability Committee whenever the board of directors or its Chairman would 
request the issue of a report or the approval of motions within the scope of its powers and, at any rate, 
whenever it is useful for the successful performance of its functions. 
Ordinary meetings shall be called by letter, fax, telegram or e-mail and the meeting notice shall be 
signed by the Chair or the Secretary. A quorum for committee meetings shall be declared when at least 
half plus one of its members, present or represented are in attendance. The committee may also pass 
resolutions in writing, without holding a meeting, pursuant to statutory provisions. 
Likewise, the Chair may arrange working meetings to prepare committee meetings on specific topics 
apart from the formal meetings of the committee. 
Committee meetings may be held via videoconference or conference call, or any other equivalent 
system allowing to recognize and identify attendees, for them to communicate, speak and cast vote, all 
of it in real time.  
For the purposes of making the appropriate arrangements that ensure the achievement of the 
objectives effectively sought, the committee shall prepare an annual working plan, which shall include, 
at least, the specific objectives for the financial year and an annual schedule of ordinary meetings. The 
committee may rely on external advisors to duly perform the duties it has been entrusted with.

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d) Proceedings of the Sustainability Committee in 2021: 
The most relevant proceedings of the Sustainability Committee in 2021 have revolved around the 
following areas: 
1. With regard to overseeing the process to prepare and release regulated and non-
regulated non-financial information 
As part of its oversight duties regarding the process to prepare and release regulated non-financial 
information, the Sustainability Committee gave, in the meeting held on 8 March, a favourable report to 
the Statement on Non-Financial Information (SNFI) as regards the issues that fall under its purview. 
The SNFI was approved by the board of directors in the meeting held on the following day.  
Likewise, in the meeting held on 7 June 2021, it gave a favourable report to the 2020 Annual Report as 
regards the issues that fall under its purview. Such Annual Report was approved by the board of 
directors in the meeting held on the following day. 
Last, the committee acknowledged in the meeting held on 13 September 2021 the presentation given 
by the Sustainability Committee on the main actions, progress and estimated action plan with regard to 
the internal reporting system  
2. With regard to monitoring the social and environmental sustainability strategy and 
practices 
In the meeting held on 8 March 2021, the committee acknowledged the update of the 2025 
Sustainability Plan and resolved on 7 June 2021 to acknowledge the presentation given by the 
Sustainability Department on its strategic lines.  
Meanwhile, in its meeting dated 8 March 2021, the Sustainability Committee: (i) acknowledged the 
2020 Annual Report on Sustainability Activities, and the 2021 Annual Work Plan; and (ii) approved the 
2021 budget. 
Last, in the meeting held on 13 September 2021, the committee acknowledged the presentation on the 
update on the sustainability targets announced at the Annual General Meeting held on 13 July 2021. 
3. With regard to Human Rights 
In the meeting held on 7 June 2021, the committee resolved to give a favourable report to the 
Statement on the action taken to prevent any manner of slavery and human trafficking within the 
organization and its supply chain for 2020, and submit it to the board of directors, pursuant to the 
provisions of section 54 of the UK Modern Slavery Act, the California Transparency in Supply Chain Act 
and section 14 of the Australian Modern Slavery Act. 
4. With regard to monitoring of applicable regulations 
In the meeting held on 8 March 2021, the committee acknowledged the presentation given by the 
Sustainability Department on regulatory environment in the field of Sustainability. Likewise, the 
Sustainability Committee acknowledged in the meeting held on 13 September 2021 the update of the 
Sustainability Department on EU regulatory initiatives on sustainability in the textile industry.

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5. With regard to the monitoring of the supply chain 
In the meeting held on 13 December 2021, the Sustainability Committee acknowledged the 
presentation given by the Sustainability Department on the supply chain of the Group.  
6. Other powers entrusted to the Sustainability Committee 
In the meeting held on 7 June 2021, the committee gave a favourable report to the motion on the 
amendment of its own terms of reference, which it submitted to the board of directors, to relax the 
existing system to hold meetings, expressly including the possibility of virtual-only meetings. 
In that same meeting, it acknowledged the presentation given by the Sustainability Department on the 
self-consumption project with a wind-powered renewable energy system set up in A Coruña port. 
7. Schedule of dates and business to be transacted 
The Sustainability Committee approved in the meeting held on 13 December 2021 the schedule of 
dates and agenda of business to be transacted by the Committee in 2022. 
8. Report on its proceedings 
The report on the Sustainability Committee was issued on 7 June 2021 and was published in the 2020 
Annual Report. It is available on the corporate website. 
C.2.2. Complete the following table with information regarding the 
number of female directors who were members of Board 
committees at the close of the past four years: 
 
Number of female directors 
 
2021 
2020 
Number % 
2019 
Number % 
2018 
Number % 
Executive Committee 
12.5% 
12.5% 
12.5% 
14.3% 
Audit and Compliance 
Committee 
42.85% 
42.85% 
42.85% 
33.3% 
Nomination Committee 
40% 
40% 
40% 
33.3% 
Remuneration Committee 
20% 
20% 
20% 
33.3% 
Sustainability Committee 
60% 
60% 
60% 
-

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C.2.3 Indicate, where applicable, the existence of any regulations 
governing Board committees, where these regulations are to be 
found, and any amendments made to them during the year. Also 
indicate whether any annual reports on the activities of each 
committee have been voluntarily prepared. 
The terms of reference of the Audit and Compliance Committee, the Nomination Committee, the 
Remuneration Committee and the Sustainability Committee are available on the corporate website 
(Section “Compliance”, sub-section “Corporate Governance”): 
 
Audit and Compliance Committee: 
https://www.inditex.com/en/compliance/corporate-governance/board-of-directors/audit-and-
compliance-committee-s-regulations 
 
Nomination Committee: 
https://www.inditex.com/en/compliance/corporate-governance/board-of-
directors/nomination-committee-s-regulations 
 
Remuneration Committee:  
https://www.inditex.com/en/compliance/remuneration-committee-s-regulations 
 
Sustainability Committee: 
https://www.inditex.com/en/compliance/corporate-governance/board-of-
directors/sustainability-committee-regulations 
Additionally, information on board committees is also included in the Board of Directors’ Regulations 
and in the Articles of Association. The full text of the Board of Directors’ Regulations is available on both 
the corporate website: https://www.inditex.com/en/compliance/corporate-governance/board-of-
directors/regulations-of-the-board, and on CNMV’s website (www.cnmv.es) 
The Audit and Compliance Committee, the Nomination Committee, the Remuneration Committee and 
the Sustainability Committee prepare on an annual basis a report on the activities they have carried out 
in the year, which is included in the Annual Report published ahead of the Annual General Meeting.  
The latest amendment to the terms of reference of board committees was approved by the board of 
directors in the meeting held on 8 June 2021, as hereunder laid forth.

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D. Related party and intragroup transactions 
The related party transactions carried out in 2021 are addressed below in accordance with the 
definitions, criteria and groupings provided in section 540 LSC, as amended by Act 31/2014, and 
chapter VI LSC, as amended by Act 5/2021. 
D.1 Explain, where appropriate, the procedure and 
competent bodies relating to the approval of transactions 
with related and intragroup parties, indicating the criteria 
and general internal rules of the entity that regulate the 
abstention obligations of the affected director or 
shareholders. Detail the internal information and periodic 
control procedures established by the company in relation 
to those related-party transactions whose approval has 
been delegated by the board of directors. 
Pursuant to the provisions of section 5.3(b)(vii) of the Board of Directors’ Regulations, the Audit and 
Compliance Committee shall report on the transactions of the Company or any company of its Group 
with directors, significant shareholders (i.e. shareholders owning 10% or more of the voting rights or 
any shareholder represented on the Board of Directors or who has proposed the election of any board 
member), or with any other person qualifying as related party in accordance with the definition provided 
in IAS 24 of Commission Regulation (EC) 1126/2008 of 3 November adopting certain international 
accounting standards, and with their respective Related Persons, as referred to in Section 40 of the 
Board of Directors’ Regulations. 
Such related party transactions shall be approved by the board of directors, following a favorable report 
of the Audit and Compliance Committee, except for those which shall be approved at the Annual General 
Meeting, on account of their value or special nature.  
Any transaction with a director for a value in excess of ten (10%) of the corporate assets shall be 
approved by the General Meeting of Shareholders. 
The board of directors shall not approve related party transactions without a prior report from the Audit 
and Compliance Committee assessing whether it is fair and reasonable. 
In this regard, section 13(c) of the Audit and Compliance Committee’s Regulations provides that it is 
incumbent on such Committee to advice the board of directors on any transaction that the Company or 
the companies comprising its corporate Group intend to carry out with directors, significant 
shareholders or shareholders who hold a significant stake or who have proposed the appointment of 
any director of the Company, or with their respective related persons, from an arm’s length perspective. 
In the event of transactions with significant shareholders, the Audit and Compliance Committee shall 
also examine them from the standpoint of an equal treatment of all shareholders.

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The Company shall report on any transactions carried out with its directors, significant shareholders and 
Related Persons in the half-yearly public periodic information and in the Annual Corporate Governance 
Report, within the scope provided by statute in each case.  
Likewise, the Company shall include in the notes to the annual accounts information on the transactions 
carried out by the Company or any companies within the Inditex Group with directors or with those 
acting on their behalf, whenever they do not fall within the scope of the ordinary course of business of 
the Company or are not carried out on an arm’s length basis. 
Pursuant to section 40 5 of the Board of Directors‘ Regulations, which has also been amended to be 
brought into line with the terms of the new section 529duovicies(4) LSC introduced by Act 5/2021, the 
board of directors has delegated to the Compliance Supervisory Board the approval of the following 
transactions. 
(a) Transactions between companies of the Inditex Group made in the ordinary course of business of 
such companies and on an arm’s length basis; and,  
(b) Transactions which cumulatively meet the following 3 requirements:  
 
they are carried out pursuant to standard agreements and applied en masse to a large number 
of clients;  
 
they are carried out at such prices or rates generally set by the provider of the good or service in 
question; and  
 
their value does not exceed 0.5% of the company’s net turnover. 
Such transactions are subject to the Internal Procedure for Periodic Reporting and Control on Related 
Party Transactions, which is part of the internal regulations of the company in the field of corporate 
governance and seeks to govern the procedure for periodic control and reporting applicable to related 
party transactions whose approval has been delegated to the Compliance Supervisory Board. It 
ultimately seeks to ensure that such transactions are equitable and transparent and that applicable 
statutory requirements are met. 
The board’s approval shall not be required for such transactions that must be carried out on grounds of 
urgency provided that this is duly supported. However, such transactions shall be subsequently 
confirmed by the board of directors.

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D.2. Give individual details of operations that are 
significant due to their amount or of importance due to 
their subject matter carried out between the company or 
its subsidiaries and shareholders holding 10% or more of 
the voting rights or who are represented on the board of 
directors of the company, indicating which has been the 
competent body for its approval and if any affected 
shareholder or director has abstained. In the event that the 
board of directors has responsibility, indicate if the 
proposed resolution has been approved by the board 
without a vote against the majority of the independents: 
No significant transactions have been carried out in 2021 between the Company or any company within 
the INDITEX Group and its controlling shareholder Pontegadea Inversiones, S.L., or with Partler 
Participaciones, S.L.U. (or Partler 2006, S.L.) or Rosp Corunna Participaciones Empresariales, S.L.U and 
with any persons and companies related thereto. 
D.3. Give individual details of the operations that are 
significant due to their amount or relevant due to their 
subject matter carried out by the company or its 
subsidiaries with the administrators or managers of the 
company, including those operations carried out with 
entities that the administrator or manager controls or 
controls jointly, indicating the competent body for its 
approval and if any affected shareholder or director has 
abstained. In the event that the board of directors has 
responsibility, indicate if the proposed resolution has been 
approved by the board without a vote against the majority 
of the independents: 
With regard to the remuneration received by directors and officers, reference is made to the provisions 
of sections C.1.13 and C.1.14 above. 
Name (person or 
company) of directors 
or officers 
Name (person or company) of 
the related party 
Relationship 
Type of 
transaction 
Amount (thousand 
euros) 
- 
- 
- 
- 
-

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No relevant transactions have been carried out in 2021 between the Company or entities of its group 
and the directors and officers of the Company 
D.4. Report individually on intra-group transactions that 
are significant due to their amount or relevant due to their 
subject matter that have been undertaken by the company 
with its parent company or with other entities belonging to 
the parent's group, including subsidiaries of the listed 
company, except where no other related party of the listed 
company has interests in these subsidiaries or that they 
are fully owned, directly or indirectly, by the listed 
company. 
No transactions as described in this section have been carried out in 2021. 
Transactions undertaken by Inditex with its subsidiaries are part of their ordinary course of business as 
regards their purpose and terms. They have been fully eliminated on consolidation and therefore, they 
are not broken down in this section. 
In any case, report any intragroup transaction conducted with entities established in countries or 
territories considered as tax havens: 
Company name of the entity within the group 
Brief description of the transaction  
Amount 
(thousand 
euros) 
Joint Control Companies (1) 
Purchase of goods 
970,261 
100% Subsidiaries (2) 
Sale of goods and provision of services to 
stores 
13,686 
 
(1) Transactions between Inditex or any company of the Inditex Group with Tempe and/or its 
subsidiaries are made in their ordinary course of business as regards their purpose and terms. 
Being jointly controlled entities, they are consolidated using the equity method. 
(2) The above mentioned transactions are exclusively within the ordinary course of business of the 
Group through its stores, not being due to tax reasons, and are made on arm’s length basis. As at 
31 January 2022, transaction of the Group with Group companies residing in countries or 
territories considered tax havens under Spanish laws, correspond to sales through 6 stores of the 
Group located in Macau and in Monaco.

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D.5. Give individual details of the operations that are 
significant due to their amount or relevant due to their 
subject matter carried out by the company or its 
subsidiaries with other related parties pursuant to the 
international accounting standards adopted by the EU, 
which have not been reported in previous sections. 
Company name of the related 
party 
Brief description of the transaction and 
other information necessary for its 
evaluation 
Amount (thousand euros) 
 
 
 
No other transactions with other related parties have been carried out. 
D.6 Give details of the mechanisms in place to detect, 
determine and resolve potential conflicts of interest 
between the company and/or its group and its directors, 
senior management, significant shareholders or other 
associated parties. 
Section 34 of the Board of Directors’ Regulations addresses potential situations of conflict of interest 
for board members: 
“1. It shall be understood that a conflict of interest situation exists where there is a direct or indirect 
conflict between the interest of the Company and the personal interest of a director. It is considered 
that directors have a personal interest when the matter affects them or any of their Related Persons.  
For the purposes of these Regulations, Related Persons are understood as being the following: 
a) The spouse of the director or any other person deemed to be equivalent to a spouse;  
b) the ancestors, descendants and siblings of the director or of the spouse (or any other 
person deemed to be equivalent to a spouse) of the director;  
c) the spouse (or any other person deemed to be equivalent to a spouse) of the ancestors, 
descendants and siblings of a director;  
d) Those companies or entities where directors would hold, directly or indirectly, even via a 
nominee a significant shareholding giving them a significant influence or, if they hold in 
them or in their parent companies an office in their governing body or act a senior 
manager thereof. For such purposes, any shareholding equal to or in excess of 10% of 
the share capital of the company or of its voting rights or based upon which a 
representation on the governing body of the company has been secured de facto or de 
iure, shall be deemed to give significant influence.  
(e) Shareholders represented by a director on the Board of Directors.

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With regard to directors who are legal entities, Related Persons are understood as being the following:  
a) Those partners who are included with regard to the Director legal entity, in any of the 
situations provided in Section 42 of the Code of Commerce; 
b) The representative, who is a natural person, the director de iure or de facto, the 
liquidators and the attorneys-in fact with general powers of the director, who is a legal 
entity;  
c) Those companies that are part of the same corporate group, as defined in Section 42 of 
the Code of Commerce, and their shareholders; and,  
d) Those persons who are understood, with regard to the director who is a legal entity, as 
being related persons in accordance with the provisions of the paragraph above 
regarding directors who are natural persons. 
The following rules shall apply to the conflict of interest situations:  
a) Prevention: directors must take all necessary measures to prevent, as far as possible, 
becoming involved in any situations in which their interests may, either on their behalf, 
or on behalf of third parties, be in conflict with the interest of the company and with their 
duties towards the company. 
b) Information: without prejudice to their obligation of active prevention, directors must 
inform the Board of Directors, through the Chairman or the Secretary thereof, of any 
conflict of interest situation in which they are involved. 
c) Abstention: directors must abstain from attending and taking part in the discussions and 
voting of those matters regarding which they are in a conflict of interest situation, with 
the exceptions provided in the applicable laws. Likewise, with regard to proprietary 
directors, they shall abstain from taking in the voting of those matters that might entail a 
conflict of interest between those shareholders that had proposed their appointment and 
the Company, with the exceptions provided for in the applicable regulations. 
d) Transparency: the Company must disclose in the notes to the annual accounts any 
conflict of interest situation in which a director is, that the Company is aware of by virtue 
of the information of same by the affected person, or by any other means.” 
In addition, sections 33 and 35 to 37 of the Board of Directors’ Regulations address the following 
situations which can give rise to conflicts of interest: (i) the rendering of professional services in 
competing companies (section 33); (ii) the use of corporate assets (section 35); (iii) the use of non-
public Company information for private ends (section 36), and (iv) taking advantage of business 
opportunities of the Company (section 37). 
Moreover, section 39 of the Board of Directors’ Regulations provides that directors must inform: (i) the 
Company of the shares of its share capital that he/she directly or indirectly holds. Likewise, they must 
inform about those other shares which are held, directly or indirectly, by their closest relatives, all of which 
is in accordance with the provisions of the Internal Regulations of Conduct in the Securities Markets; (ii) 
the Company of any conflict of interest situation, either direct or indirect, in which either themselves or 
their Related Parties may be involved in respect of the interest of the Company; and (iii) the Nomination 
Committee of all the positions they hold and the activities they carry out in other companies or entities

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and, in general, about any fact or situation which may be relevant for the performance of their duties as 
director of the Company (in this regard, and without prejudice to the obligation of offering their resignation 
to the board of directors, provided in Section 25 of the Board of Directors’ Regulations- which addresses 
the resignation, removal and dismissal of directors-, directors shall inform the board of any other change 
in their professional situation and of any circumstance which might harm the name and reputation of the 
Company or jeopardize its interests); and (iv) of any legal, administrative proceedings or other proceedings 
whatsoever brought against them and which might, given their relevance or description, seriously affect 
the reputation of the Company. Namely, directors shall inform the Company via the Chairman of the board 
of directors, of any criminal charges brought against them as well as how the legal proceedings 
subsequently unfold. The Board of Directors shall examine the case, as soon as possible, and shall take, 
following a report of the Nomination Committee and based upon the interest of the company, such 
measures as it may deem fit, such as the opening of an internal investigation, calling on a director to resign 
or proposing his/her dismissal.  
In such case, the Company shall report the measures taken in the Annual Corporate Governance Report, 
unless there are special circumstances which justify otherwise, which must be recorded in the minutes. 
Additionally, section 1 of the Board of Directors’ Regulations provides that the rules of conduct therein 
established for directors shall apply, to the extent that they are compatible with their specific nature, to 
the senior managers of the company who are not directors. More particularly and with the due nuances, 
the following sections shall apply to senior managers: section 32 (duty of confidentiality), 34 (conflicts 
of interest), in connection with the duty of informing the Company, 35 (use of corporate assets), 36 
(non-public information), 37 (business opportunities), and 38 (prohibition to make undue influence of 
the office). 
With regard to significant shareholders, section 40 of the Board of Directors’ Regulations provides that:  
“1. The Board of Directors reserves the right to be apprised of any transaction between the 
Company or any of its subsidiaries with directors, with shareholders owning 10% or more of the 
voting rights or represented on the Board of Directors, or with any other person qualifying as 
related party in accordance with the definition provided in International Accounting Standards. 
2. The approval of a related party transaction must be subject to the prior report of the Audit and 
Compliance Committee. In such report, the committee shall consider whether the transaction is 
fair and reasonable from the standpoint of the Company and, if appropriate, of any shareholder 
other than the related party, and in accordance with the requirements laid down for each case in 
the applicable regulations. Affected directors will not take part in the preparation of such report. 
3. Where duly supported reasons for urgency exist, related party transactions may be approved, 
if appropriate, by delegated bodies or individuals. In such case, they must be ratified at the first 
board meeting held following their conduct. 
4. The Company shall inform of the transactions conducted with directors, significant 
shareholders and Related Persons in the half-yearly public periodic information and in the Annual 
Corporate Governance Report, within the scope of applicable regulations. Likewise, the Company 
shall include on the notes to the annual accounts information on the transactions carried out by 
the company or any companies within the Inditex Group with directors and with those acting on 
their behalf, whenever they are alien to the ordinary course of business of the Company or are 
not carried out on an arm’s length basis.

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Related parties transactions whose value is in excess of 5% of the equity value or 2.5% of the 
annual turnover must be published on the Company’s website at the latest on the date they are 
carried out, together with the report issued by the Audit and Compliance Committee. Likewise, 
they should be disclosed to the National Securities Market Commission to be publicly released. 
5. The Board of Directors may delegate the approval of the following related-party transactions 
in the following cases: 
(i)Transactions which cumulatively meet the following 3 requirements: 
(a) they are carried out pursuant to standard agreements and applied en masse to a large 
number of clients;  
(b) they are carried out at such prices or rates generally set by the provider of the good or 
service in question; and  
(c) their value does not exceed of 0.5% of the company’s net turnover.  
(ii) Transactions among companies of the same group carried out within the ordinary course of 
company business and on an arm’s length basis. Such transactions will be subject to the internal 
information and monitoring procedure overseen by the Audit and Compliance Committee. 
6. The authorisation shall be granted by the General Meeting of Shareholders when it refers to 
any transaction with a director for a value which is in excess of 10% of the corporate asset.” 
As stated in section D.1 above, the Audit and Compliance Committee is responsible for reporting on the 
transactions that involve or are likely to involve any conflict of interest and the Nomination Committee 
is responsible for reporting on the authorization or release by the Board of Directors of the obligations 
stemming from the duty of loyalty of directors, where such responsibility is not incumbent on the 
General Meeting of Shareholders. 
Although the system above described exclusively applies to directors and other individuals within the 
Company considered as senior managers, the Company has in place a number of mechanisms to detect, 
determine and solve potential conflicts of interest which may arise regarding officers and other 
employees. 
Thus, section 4.8 of the Code of Conduct and Responsible Practices provides that: “INDITEX’s employees 
shall avoid any situation which might entail any conflict between their personal interests and those of the 
company. They shall also refrain from representing the company and from taking part or having a say in 
any decision making wherein they may have, either directly or indirectly, either themselves or through any 
related party thereto, any personal interest. They may not avail themselves of their position in the 
company to obtain any economic or personal benefit, or any business opportunity for them. 
No employee of INDITEX may render services as consultant, director, officer, employee or advisor to any 
of INDITEX’s competitors, except for such services which may be rendered at the request of INDITEX or 
with the authorization of the Committee of Ethics.  
INDITEX respects the private life of its employees and therefore the private sphere of their decisions. In 
the framework of this policy of respect, employees are urged to report to the Committee of Ethics any 
personal conflicts of interest or any conflicts of interest involving their relatives, that might jeopardize the 
necessary objectivity or professionalism of their duties within Inditex, so that, in the respect of the

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confidentiality and privacy of individuals, the relevant measures might be taken for the mutual benefit of 
the company and of the affected individuals. 
Namely, the cases below shall be considered as potential situations of conflict of interest and they shall 
be reported to the Committee of Ethics: 
 
The conduct by any employee or by any person related to him/her, either directly or indirectly, by 
themselves or through any company or institution, of any business which is the same, similar or 
supplementary to the business conducted by INDITEX.  
 
The conduct by any employee or by any person related to him/her, either directly or indirectly, by 
themselves or through any company or institution, of any business which involves an exchange 
of goods and/or services, regardless of the remuneration system agreed.” 
On the other hand, the Board of Directors approved on 16 July 2019 the Conflicts of Interest Policy, 
following a favourable report of the Audit and Compliance Committee.  
Such Policy seeks to supplement and implement the provisions of the Code of Conduct on conflicts of 
interest, defining the appropriate measures aimed at preventing, detecting, disclosing and managing 
such conflicts of interest which may affect employees in the performance of their job. 
In this regard, section 4 of the Policy defines conflict of interest as “any situation where an employee’s 
personal interest (direct conflict of interest) or the interest of any related party thereto (indirect conflict 
of interest) contradicts (actual conflict of interest) or may contradict (potential conflict of interest) the 
Company’s interest, jeopardizing the requisite objectivity or professionalism of such employee at the 
workplace.”  
Likewise, section 5 provides the obligation for employees to avoid where possible, being in any 
situations which may entail a direct or indirect, actual or potential conflict of interest.  
Moreover, employees are bound to forthwith disclose to the Committee of Ethics any apparent or real 
conflict of interest situation which may arise, as well as any doubt they may have on whether a specific 
situation qualifies as conflict of interest. The Committee of Ethics shall be responsible for addressing 
the conflicts of interest situations which may arise between the Company and its employees

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D.7 Indicate whether the company is controlled by 
another entity within the meaning of section 42 of the 
Commercial Code, whether listed or not, and whether it 
has, directly or through any of its subsidiaries, business 
relationships with said entity or any of its subsidiaries 
(other than the listed company) or carries out activities 
related to those of any of them. 
Yes x 
No  
Pontegadea Inversiones, S.L owns 1,558,637,990 shares of the Company, which represents a 50.1% 
stake in its share capital. Transactions that are significant, either on account of the amount involved or 
of their nature, entered into between the company and the different entities within the Inditex Group 
and Pontegadea Inversiones, S.L and its related entities, are covered in section D.2 above. However, no 
new significant transaction has been entered into in financial year 2021. 
Mandatory full information on related party transactions pursuant to the yardsticks and the 
disaggregation level envisaged in section 42 of the Code of Commerce is provided in the Notes to the 
annual accounts for FY2021. Such information includes the related party transactions carried out 
between the Company or any entity of the Inditex Group with its controlling shareholder, Pontegadea 
Inversiones, S.L. and/or any companies of its Group. Most of them refer to commercial leases. 
The object of Pontegadea Inversiones, S.L. are holding stakes in trading companies and the purchae 
and disposal of stock, transferable securities and real estate. 
Indicate whether the respective areas of activity and any business relationships between the listed 
company or its subsidiaries and the parent company or its subsidiaries have been defined publicly and 
precisely: 
Yes x 
No  
Report the respective areas of activity and any business relationships between the listed company or 
its subsidiaries and the parent company or its subsidiaries, and identify where these aspects have been 
publicly reported. 
Transactions that are significant, either on account of the amount involved or of their nature, entered 
into between the company and the different entities within the Inditex Group and Pontegadea 
Inversiones, S.L and its related entities, are covered in section D.2 above. 
Pursuant to section 40.4 of the Board of Directors’ Regulations, the Company reports on the 
transactions carried out with its significant shareholders and their related parties in the periodic half-
yearly information.  
Additionally, pursuant to Recommendation 6 GGC, the report on related party transactions issued by 
the Audit and Compliance Committee is made available to the shareholders on the corporate website 
well in advance of the Annual General Meeting.

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Identify the mechanisms in place to resolve potential conflicts of interest between the parent of the 
listed company and the other group companies: 
Mechanisms for resolving possible conflicts of interest 
Section 40 of the Board of Directors’ Regulations governs the procedure to approve transactions 
between the Company and its shareholders as well as the rules on the reporting thereof. It is fully 
transcribed in section D.6 above. In short: this type of transactions must be approved by the board of 
directors, following a report of the Audit and Compliance Committee, except for (i) transactions within 
the ordinary course of company business and of a habitual or recurrent nature. In such case, a general 
approval of the line of transactions will suffice; (ii) transactions which do not require the approval of the 
board of directors for meeting simultaneously a number of conditions; and (iii) any transaction with a 
director for a value which is in excess of 10% of the corporate assets. These latter must be approved by 
the General Meeting of Shareholders.  
Likewise, as stated in section D.1 above, the Audit and Compliance Committee is tasked with reporting 
on transactions which entail or which might entail conflicts of interest situations. 
 E: Enterprise risk management systems 
The information on the Enterprise Risk Management System is provided in section 5.10 – 
“Responsible risk management” of the Statement on Non-Financial Information (SNFI), which is 
an integral part of the Integrated Report. 
F. Describe the mechanisms forming your company's 
Internal Control over Financial Reporting System 
(ICFR). 
F.1. The entity's control environment 
Give information on the key features of at least: 
F.1.1. The bodies and/or functions that are responsible for: (i) the 
existence and maintenance of an adequate and effective ICFR; (ii) 
its implementation; and (iii) its supervision. 
Board of Directors 
Except for such matters exclusively within the purview of the shareholders at the General Meeting of 
Shareholders, the board of directors is the supreme decision-making, supervisory and monitoring body 
of the Group, being ultimately responsible for the existence and update of an appropriate and effective 
ICFR, as provided in the Policy on Internal Control System over Financial Reporting (the “ICFR Policy”), 
approved by the board of directors. 
The board of directors is entrusted with the duties of leadership, management and representation of 
the Group, delegating as a general rule the management of the day-to-day business of the Company to 
the executive bodies and the management team and focusing on the general supervisory function, 
which includes guiding the policy of the Group, monitoring the management activity, evaluating officers’ 
performance, making the most relevant decisions for the Group and liaising with the shareholders.

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Audit and Compliance Committee 
Pursuant to the provisions of the Articles of Association, the Board of Director’s Regulations and the 
Audit and Compliance Committee’s Regulations, and as part of its financial and monitoring duties, the 
committee shall oversee the process for preparing and releasing the regulated financial information, as 
well as the effectiveness of the Internal Control over Financial Reporting System, as provided in the 
ICFR Policy.  
In this regard, the Committee carries out the following duties, without limitation: 
 
To oversee the effectiveness of the internal control system of the Group, the internal audit, and 
the risk management systems, including tax risks, as well as reviewing with the statutory auditor 
the significant weaknesses of the internal control system revealed, as the case may be, during 
the audit.  
 
With regard to the powers relating to the process of preparing the regulated financial information: 
 To oversee and evaluate on an ongoing basis the process of preparation and presentation as 
well as the clarity and integrity of the financial information and the directors’ report relating to 
the Company and its Group, ensuring that the half-yearly financial reports and the quarterly 
management statements are drafted in accordance with the same accounting standards as 
the annual financial reports and to oversee the review of the interim financial statements 
requested from the statutory auditor, with the scope and frequency that may be defined, as 
the case may be. 
 To review compliance with statutory requirements, the appropriate delimitation of the 
consolidation perimeter and the correct application of the generally accepted accounting 
principles and international financial reporting standards as may be applicable. 
 To keep a fluent communication with the Company’s Management to understand its decisions 
regarding the application of the most significant criteria; with the Internal Audit Function to 
be apprised of the findings of the reviews carried out; and with the external auditor or verifier, 
to obtain their opinion regarding financial information. 
 To be familiar with, understand, oversee and evaluate the effectiveness of the internal control 
over financial and non-financial reporting system and receive information on a regular basis 
from the supervisor thereof. 
 To submit recommendations or motions to the board of directors for the purposes of 
safeguarding the integrity of the financial information; 
 To assess and advice the board of directors on any significant changes in accounting 
standards and on the significant risks on the balance sheet and off-balance sheet;

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 
With regard to enterprise risk management:  
 To oversee the enterprise risk management function and establish that it operates pursuant 
to the provisions of the policy approved by the Board.  
 To receive on a regular basis reports from the Management or from the supervising areas, on 
the proceedings of risk management systems established, as well as on the results of the tests 
carried out by internal auditors relating to the same, and on any significant internal control 
weakness detected by the external auditors.  
 To evaluate the effectiveness of internal control and management systems relating to 
financial risks, as well as of the measures established to mitigate the impact of identified risks. 
 To promote a corporate culture within the Company wherein risk assessment is a factor upon 
decision-making, at all levels of the Company and its Group. 
 To identify and re-assess, at least on an annual basis, the most significant financial risks and 
the level of risk tolerance. 
 To identify and understand emerging risks as well as their alert mechanisms, and regularly 
evaluate their effectiveness. 
 To ensure that risks are kept and managed within the levels of risk tolerance set by the board 
of directors. 
 To ensure that the internal control policies and systems established by the company are 
effectively applied in practice. 
 To meet with the heads of business units at least once a year, and whenever the committee 
deems it appropriate, for the purposes of briefing the committee on business trends and risks 
associated with the respective areas under their remit. 
 To submit recommendations or motions to the board of directors and the relevant deadline 
for follow-up. 
Most members of the Audit and Compliance Committee are non-executive independent directors. The 
committee meets on a quarterly basis and whenever it is called by its Chair. In 2021, the Audit and 
Compliance Committee has met 5 times.  
Financial Department 
The Financial Department is responsible for the design, roll-out and implementation of the ICFR system, 
keeping the system updated, monitoring its design and proceedings to ensure that it is effective and 
appropriate, communicating and training the parties involved and keeping a periodic report.  
The Financial Department drafts and circulates the policies, guidelines and procedures, associated with 
financial reporting and ensures the appropriate enforcement thereof within the Group.

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Internal Audit 
The Internal Audit function supports the board of directors, through the Audit and Compliance 
Committee, with regard to the oversight duty relating to risk exposure, ensuring that appropriate and 
effective controls are set as an answer to risks in the field of governance, operations and information 
systems, regarding, inter alia, reliability and integrity of financial information and in particular, the 
Internal Control over Financial Reporting System (ICFR). To achieve this, Internal Audit carries out 
specific periodic ICFR audits, requests action plans to correct or reduce any weaknesses revealed and 
follows up on the implementation of the proposed recommendations. 
The Internal Audit Charter, approved by the board of directors, covers the mission, authority and 
responsibilities of the Internal Audit function pursuant to both domestic and international regulations 
and standards for the professional practice of internal auditing.  
Likewise, Internal Audit has been awarded the certificate of compliance with the “International 
Standards for the Professional Practice of Internal Auditing” by the Instituto de Auditores Internos, a 
member of the IIA (Institute of Internal Auditors).  
F.1.2.. Indicate whether the following exist, especially in relation to 
the drawing up of financial information: 
Departments and/or mechanisms in charge of: (i) the design and review of the organizational structure; 
(ii) clear definition of lines of responsibility and authority with an appropriate distribution of tasks and 
functions; and (iii) ensuring that adequate procedures exist for their proper dissemination within the 
entity. 
The board of directors is responsible for the design and review of the organizational structure and the 
lines of responsibility within the Group. The departments charged with drawing up the financial 
information are found within such structure.  
Senior Managers and the Human Resources Department (HR Department) define the duties and 
responsibilities of each area.  
The Group has clearly defined lines of authority and responsibility regarding the process to draw up 
financial information. The main responsibility regarding financial reporting lies with the Financial 
Department. 
The structure, size and definition of duties and tasks of each position within the financial area are 
defined by the Financial Department and disclosed by the Human Resources Department. 
The Financial Department is organized in the following departments: Administration, Planning and 
Management Control, Treasury, Enterprise Risk Management, Tax, and Processes and Projects.  
With regard to ICFR, a specific management area was set up within the Financial Department, to which 
it reports, (the “ICFR Area”).  
The Group relies on financial organizational structures that meet local requirements in each country 
where it operates, under the helm of a Chief Financial Officer who is charged, inter alia, with complying 
with the procedures set out within the ICFR System.

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 
Code of conduct, the body approving this, degree of dissemination and instruction, principles and 
values covered (stating whether there is specific mention of record keeping and preparation of 
financial information), body charged with analyzing breaches and proposing corrective actions 
and sanctions. 
The board of directors approved in the meeting held on 17 July 2012, following a favourable report of 
the Audit and Compliance Committee, the Code of Conduct and Responsible Practices and the Code of 
Conduct for Manufacturers and Suppliers of the Inditex Group.  
Likewise, on 19 September 2017 the Board of Directors approved, following a favourable report of the 
Audit and Compliance Committee, the so called Integrity Policies of the Inditex Group. 
The main internal conduct regulations of the Group are provided in: 
 
The Code of Conduct and Responsible Practices. 
 
The Code of Conduct for Manufacturers and Suppliers.  
 
The Integrity Policies, which are: (i) the Policy on Gifts and Business Courtesies; (ii) the Policy on 
Donations and Sponsorships, and; (iii) the Policy on Dealings with Public Servants 
 
The Conflicts of Interest Policy 
 
The Internal Regulations of Conduct in the Securities Markets (IRC) 
Code of Conduct and Responsible Practices 
The Code of Conduct and Responsible Practices provides the action lines which must be followed by 
the Group employees upon doing their job.  
Its goal consists of exacting an ethical and responsible professional conduct from Inditex and its entire 
workforce in the conduct of business anywhere in the world, as a gist of its corporate culture built up on 
training and personal and professional career development for its employees. For such purposes, the 
principles and values which shall govern the relations between the Group and its stakeholders 
(employees, customers, shareholders, business partners, suppliers and the societies where its business 
model is implemented) are defined therein.  
The Code of Conduct and Responsible Practices is based upon a number of overarching principles, inter 
alia, that according to which: (i) the Inditex Group shall carry out all its transactions under an ethical 
and responsible perspective; (ii) all persons, whether natural or legal, who maintain, directly or 
indirectly, any kind of professional, economic, social or industrial relationships with the Inditex Group 
shall be treated in a fair and honourable manner and; (iii) all the activities of Inditex shall be carried out 
in the manner that most respects the environment, promoting biodiversity preservation and sustainable 
management of natural resources. 
One of the standards of conduct covered in the Code of Conduct and Responsible Practices is the 
“Obligation to Record Transactions”, addressed in section 4.13 thereof, according to which: 
“Any and all transactions carried out by the Company which may have an economic impact shall be 
clearly and accurately shown on the appropriate records of accounts, as a true representation of the

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transactions carried out, and they shall be made available to the internal and external auditors.  
Inditex’s employees shall enter the financial information on the company’s systems in a full, clear and 
accurate manner, so that they would show, as at the relevant date, their rights and obligations in 
accordance with the applicable regulations. Additionally, the accuracy and integrity of the financial 
information which, under the prevailing regulations in force shall be disclosed to the market shall be 
ensured. 
Inditex undertakes to implement and maintain an appropriate internal control system on financial 
reporting, ensuring the regular supervision of the effectiveness of such system.  
Accounting records shall be at all times made available to the internal and external auditors. For such 
purposes, Inditex undertakes to provide its employees with the necessary training for them to 
understand and comply with the commitments undertaken by the company regarding the internal 
control on financial information.” 
Policy on Criminal Risk Prevention. 
The Policy on Criminal Risk Prevention associates engagements of ethical behaviour undertaken 
pursuant to the Code of Conduct and Responsible Practices with such offences that it intends to prevent.  
Similarly to the provisions of the Code of Conduct and Responsible Practices, section 2.9 of the Policy 
reads as follows: “(…) any transaction of economic weight carried out by the Company shall be clearly 
and accurately recorded in appropriate accounting records that show the true and fair image of the 
transactions carried out. Such records must be made available to internal and external auditors. 
Inditex’s employees shall enter the full financial information into the Company’s systems in a clear and 
accurate manner so that they will show, as at the relevant date, its rights and obligations in accordance 
with the applicable regulations. Likewise, they shall ensure that the financial information that must be 
disclosed to the market under the prevailing regulations in force, is accurate and full. 
Inditex is committed to implementing and keeping an appropriate internal control system in respect of 
financial reporting, ensuring that the effectiveness of such information is regularly monitored. For such 
purposes, required training will be offered so that employees may be apprised of and understand the 
company’s commitments in the field of internal control on financial information.” 
The Policy, together with the Criminal Risk Prevention Procedure and the Scoping Matrix of Criminal 
Risks and Controls, comprise the Model of Criminal Risk Prevention of the Inditex Group. The 
Committee of Ethics is the governing body responsible for overseeing compliance with such Model and 
the effective and appropriate implementation of the controls therein set.

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IRC 
Compliance with the IRC is mandatory for all the persons included in its scope of application and any 
noncompliance may be reported in a confidential manner to the Committee of Ethics, pursuant to the 
provisions of the Ethics Line Procedure.  
In this regard, noncompliance with the IRC may give rise to the relevant disciplinary sanctions, as the 
case may be, on account of civil, criminal and/or administrative liability, and to the obligation to 
compensate any damages incurred, where appropriate. 
Finally, there is a Compliance Supervisory Board (the “CSB”) which reports directly to the Audit and 
Compliance Committee, composed of: 
 
The CEO  
 
The General Counsel and Secretary of the Board 
 
The CFO 
 
The Capital Markets Director, and 
 
The CHRO. 
CSB is mainly responsible for developing procedures and implementing regulations to enforce the IRC. 
Likewise, the Compliance Office (the “CO”) reports to the CSB. The CO is part of the General Counsel’s 
Office, led by the General Counsel and the Board of Directors. The CO is charged, inter alia, with 
enforcing the conduct regulations of stock exchanges and the rules and procedures of the IRC on 
directors, officers, employees and any other person to which the IRC applies.  
The IRC sets outs the principles and criteria to ensure (i) that the information released to the market 
and to CNMV is reliable, clear, quantified and complete, avoiding subjective evaluations that lead or may 
lead to confusion or deception; as well as (ii) the appropriate use and dissemination of inside 
information and other relevant information of the Company. 
The proceedings of the companies which are part of the Group and of all the individuals with access to 
information which may be deemed to be inside information and/or other relevant information, and 
namely financial information, shall comply with the following principles, without limitaiton: regulatory 
compliance, transparency, collaboration, information, confidentiality and neutrality. Both the CSB and 
the CO shall ensure that the above referred principles are observed. 
With regard to the IRC, the CO keeps a General Documentary Register of Affected Persons. The CO 
informs Affected Persons that they are subject to the provisions of the IRC and reports any breaches 
and penalties which may result, as the case may be, from an inappropriate use of reserved information.  
Likewise, the CO informs the Affected Persons that they have been included in the General Documentary 
Register.

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Compliance with the Codes of Conduct of the Inditex Group and, in general, with its internal regulations 
of conduct is ensured through the Committee of Ethics, composed of: 
 
The General Counsel and Secretary of the Board, who chairs it.  
 
The Compliance Officer, in her capacity of Deputy Chair. 
 
The Chief Sustainability Officer 
 
The Chief Human Resources Officer 
 
The Chief Audit Officer, in an advisory capacity 
The Committee of Ethics may act of its own motion or at the behest of any employee, manufacturer or 
supplier of Inditex, or any third party involved in a direct relation and with a lawful business or 
professional interest, further to a report made in good faith. 
The Committee of Ethics reports to the board of directors through the Audit and Compliance Committee 
and has the following basic responsibilities: 
 
To oversee compliance with the Code and the internal circulation thereof to the Group’s s 
personnel.  
 
To receive any manner of written instruments with regard to the enforcement of the Code and to 
send them, where appropriate, to the relevant body or department which may be responsible for 
processing and issuing a resolution regarding such instrument.  
 
To oversee the ethics line (formerly known as the “Whistle Blowing Channel”) and compliance 
with the Ethics Line Procedure.  
 
To monitor and oversee proceedings and their settlement. 
 
To solve any doubts which may arise regarding the enforcement of the Code. 
 
To propose to the board of directors, following a report of the Audit and Compliance Committee, 
any explanation or implementation rule which the enforcement of the Code may require, and at 
least, an annual report to review its enforcement. 
 
To promote training plans for employees on internal conduct regulations and the proceedings of 
the ethics line. 
In the performance of its duties, the Committee of Ethics shall ensure: 
 
The confidentiality of all the information and background and of the acts and deeds performed, 
unless the disclosure of information is required by law or by a court order. 
To ensure that the Ethics Line is properly run, and that the privacy of the parties concerned is protected, 
the Committee of Ethics may address ex-officio anonymous concerns. 
 
The thorough review of any information or document that triggered its action.

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 
The commencement of proceedings that adjust to the circumstances of the case, where it shall 
always act with independence, fully respecting the right of the parties to be heard, to honour and 
to the presumption of innocence.  
 
Prohibition of retaliation and indemnity of anyone who reports through the Ethics Line in good 
faith.  
Further to the launching of appropriate proceedings, the Committee of Ethics will take, as the case may 
be, the relevant prevention, remediation and/or disciplinary measures, including referring the matter to 
the relevant department which will be charged with taking, and at any rate applying, the remediation 
measures which may be necessary. Such remediation measures shall be reported to the Committee of 
Ethics. 
Decisions of the Committee of Ethics are binding for the Inditex Group and its employees. 
The Committee of Ethics submits a report to the Audit and Compliance Committee at least every six 
months, reviewing its proceedings and the enforcement of the Code of Conduct and Responsible 
Practices. 
Additionally, the Audit and Compliance Committee apprises the board of directors, on an annual basis 
as well as whenever this latter so requires, of the enforcement of the Code of Conduct and Responsible 
Practices and the additional documents which comprise the Model of Compliance with internal 
regulations, from time to time in force. 
With regard to the dissemination of the above referred conduct regulations, the Human Resources 
Department is responsible for circulating a copy of the Code of Conduct and Responsible Practices to 
any new employee when they join the organization.  
Likewise, conduct regulations as amended are available on the corporate website under the Compliance 
tab, and on INET; they are subject to the appropriate measures regarding disclosure, circulation, 
training and awareness-raising, so that they may be understood and implemented within the whole 
organization. 
 
Whistleblowing channel allowing notifications to the audit committee of irregularities of a 
financial and accounting nature, in addition to potential breaches of the code of conduct and 
unlawful activities undertaken in the organization, indicating whether this channel is confidential 
and whether anonymous notifications can be made, protecting the rights of the whistleblower 
and the person reported. 
An Ethics Line is available to all employees of the Group, manufacturers, suppliers or third parties with 
a direct relation and a lawful business or professional interest, regardless of their tier or geographic or 
functional location, so that they may report, even anonymously and within the remit of the Committee 
of Ethics, any breach of the Group’s internal conduct regulations by employees, manufacturers, 
suppliers or third parties engaged in an employment, business or direct professional relations with the 
Group, which affect Inditex or its Group.  
Therefore, any breach and/or any manner of malpractice, including those of a financial and accounting 
nature, may be reported.

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The Committee of Ethics is responsible for overseeing the Ethics Line and compliance with the Ethics 
Line Procedure. 
The proceedings of the Ethics Line are described in the Ethics Line Procedure approved by the board of 
directors on 17 July 2012 and amended on 10 December 2019. Such Procedure clarifies and reinforces 
guarantees and protective measures for all parties in the process: (i) maximum confidentiality; (ii) non-
retaliation; (iii) presumption of innocence and respect for the right to honour of reported parties; (iv) the 
right of the parties to be heard, and; (v) appropriate use of personal data processed.  
Full information on the Committee of Ethics and the Ethics Line is available on the intranet and on the 
corporate website under the “Compliance – Corporate Ethics” section, where a direct link to such Line 
is available. 
Reports of noncompliance and/or queries regarding the construction or enforcement of internal conduct 
regulations may be sent to the Company either (i) by post - for the attention of the Committee of Ethics 
to the following postal address: Avenida de la Diputación, Edificio INDITEX, 15142 Arteixo, A Coruña 
(Spain) – or (ii) by e-mail - (ethicsline@inditex.com). 
 
Training and periodic refresher programmes for personnel involved in the preparation and 
revision of financial information, as well as in the assessment of the ICFR system, covering at 
least accounting standards, auditing, internal control and risk management. 
The Group’s Training and Career Development Area, reporting to the HR Department, is charged with 
preparing, together with each of the areas reporting to the Financial Department, training and refresher 
courses addressed to staff responsible for drawing up and overseeing the financial information of each 
company within the Group. Such schemes include, both general courses, focusing on business expertise 
and knowledge of the different interrelated departments which make up the company, and specific 
schemes aimed at training and refreshing employees in respect of regulatory developments on financial 
reporting and oversight of financial information.  
General Induction 
Aimed at gaining internal knowledge of each business unit, as well as of each department and the 
respective activities, functions and duties within the business. Under this scheme, employees begin by 
working at the stores, getting directly acquainted with the whole process of running a store. Then, they 
spend time at different corporate departments at headquarters and their training is completed at any 
of the markets where the Group operates. 
Specific training 
Group employees responsible for the processes associated with the drawing up of financial information 
regularly take training and refresher courses that seek to acquaint them with local and international 
regulations on financial reporting, as well as with existing regulations and best practices in the area of 
internal control. A new e-learning platform (Tra!n) is available to employees, to train them on issues 
regarding financial reporting or information security, among others.  
Within the financial environment, training and refresher schemes are arranged by the Human Resources 
Department liaising with each of the areas of the Financial Department.

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Training courses are provided on an annual basis for all new heads of financial areas in each country, in 
order to get them acquainted with the Inditex Group’s management model, as well as with the internal 
control system over financial reporting implemented by the Group. 
Additionally, courses are taught by internal staff on the operation of financial software tools used to 
draw up the financial information. 
Among the specialized training run to employees of the different units and areas of the Financial 
Department in the year, the following bears mention: 
 
Internal Control System over Financial Reporting 
 
COSO Internal Control – Integrated Framework 
 
Update on international accounting standards (IFRS) 
 
Financial management in SAP S4/HANA. 
 
ECA certification (equivalent to CPA) 
 
Update on local accounting standards 
 
Internal audit methodology and new regulations 
 
Update on tax regulations 
Additionally, training schemes on local accounting regulations are in place in the different markets.

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F.2. Assessment of risks in financial reporting 
Report on at least the following: 
F.2.1. The main characteristics of the risk identification process, 
including risks of error and fraud, as regards: 
 
Whether the process exists and is documented. 
The risk identification process has been documented in the Procedure for Enterprise Risk Management 
regarding Financial Reporting. This Procedure seeks to describe the mechanisms for identifying and 
assessing, on an annual basis, the risks which might lead to material errors in financial reporting 
 
Whether the process covers all the objectives of financial reporting, (existence and occurrence; 
completeness; valuation; presentation; disclosure and comparability; and rights and obligations), 
whether it is updated and if so how often. 
The above referred risks management process consists of five stages:  
 
- Gathering financial information. 
 
- Identifying the operating processes with an impact on financial information. 
 
- Assessment of risks by the reporting unit of financial statements. 
 
- Prioritizing accounts criticality. 
 
- Checking risks versus operating processes. 
As a result of such process, a scoping matrix of risks regarding financial information (ICFR Scoping 
Matrix) is updated on an annual basis. This Scoping Matrix allows identifying the material headings of 
the financial statements, the assertions or goals of financial information in respect of which any risks 
may exist, and the prioritization of operational processes which have an impact on financial information.  
Assessment covers all the goals of financial information: (i) existence and occurrence; (ii) integrity; (iii) 
assessment; (iv) release and breakdown; and (v) rights and obligations.  
Following the identification of potential risks, they are assessed on an annual basis based upon the 
management’s information and understanding of the business and upon materiality criteria.  
Assessment criteria are established (i) from a quantitative perspective in accordance with such 
parameters as turnover, size of assets and pre-tax profit; and, (ii) from a qualitative perspective in 
accordance with different issues such as transactions standardizing and processes automation, 
composition of accounting headings, changes versus the previous year, complexity of accounting, 
likelihood of fraud or error or degree of use of estimates in book recording.

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 
The existence of a process for identifying the scope of consolidation, taking into account, among 
other factors, the possible existence of complex corporate structures or special purpose vehicles. 
The Group relies on a Corporate Master of Companies wherein all the companies which are part of the 
Inditex Group are included. Such Master is at the basis of the consolidation perimeter and is managed 
and updated in accordance with the Procedure for Incorporating and Financing of Companies. 
The Master covers, on the one hand, general corporate information, such as company name, accounting 
closing date and currency, and on the other, legal details such as the date of incorporation, share capital, 
list of shareholders, equity interest, and other relevant information. The Legal Department is 
responsible for updating the Master as regards legal information. 
The External Reporting area, which reports to the Planning and Management Control Department, 
determines on a monthly basis the number of companies which make up the Consolidation Perimeter 
as well as the consolidation methods which apply to each of the companies included in the above 
referred perimeter 
 
Whether the process takes into account the effects of other types of risk (financial, geopolitical, 
technological, environmental, social and governance) to the extent that they affect the financial 
statements. 
In addition to the above referred quantitative and qualitative factors, the main risks identified through 
the Risks Map of the Inditex Group are considered in the process for the assessment of financial 
information risks. 
Potential risks identified through the ICFR Scoping Matrix are taken into account upon preparing the 
Risks Map of the Group, which is updated on an annual basis by the Enterprise Risks Management 
Department (reporting to the Financial Department) with the assistance of all areas of the Organization 
involved in the process. The Group may thus consider the impact that the remaining risks classified in 
the following groups: financial, geopolitical, technological, environmental, social and governance risks, 
may have on financial statements.  
 
The governing body within the company that oversees the process. 
The whole process is overseen and approved on an annual basis by the Audit and Compliance 
Committee.

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F.3. Control activities  
Report on whether the company has at least the following, describing their main characteristics: 
F.3.1. Review and authorization procedures for financial 
information and a description of the ICFR, to be disclosed to the 
securities markets, indicating those responsible, as well as 
documentation describing the flow of activity and controls 
(including those relating to the risk of fraud) of the various types of 
transactions which may materially affect the financial statements, 
including accounting closing procedures and the specific review of 
significant judgements, estimates, valuations and projections. 
Pursuant to the Board of Directors’ Regulations, the Audit and Compliance Committee is responsible, 
inter alia, for reviewing the annual accounts and the periodic information that the board of directors 
must submit to the markets and their supervisory bodies, verifying at all times compliance with statutory 
requirements and the appropriate use of generally accepted accounting principles upon drawing up 
such information.  
Likewise, pursuant to the above referred Regulations the Audit and Compliance Committee shall meet 
on a quarterly basis to review the periodic financial information to be submitted to the Stock Exchanges 
authorities and the information that the board of directors must approve and release as its annual public 
documentation. 
Furthermore, the ICFR Area monitors that the ICFR is effective and apprises the Financial Department 
and, where appropriate, the Audit and Compliance Committee, of the findings of such monitoring. 
The Group relies on mechanisms to review financial information. Each organizational structures is 
responsible for reviewing the financial information reported. Analytical reviews of the financial 
information reported by such structures are carried out at corporate level. Prior to stating the annual 
accounts and approving the half-yearly financial statements, the Financial Department and the external 
auditor meet, for the purposes of reviewing and assessing the financial information. 
The Audit and Compliance Committee submits this information to the board of directors which is 
ultimately responsible for approving it before releasing it to the market. 
The Group keeps its main business processes with ICRF scope duly documented. Each process is 
structured in a number of sub-processes, with their relevant flowcharts, that include the proceedings 
that play a direct or indirect role on financial reporting. 
Such processes describe the controls which allow giving an appropriate response to risks associated 
with the achievement of the objectives relating to reliability and integrity of the financial information, 
identifying the risks which may result in accounting fraud, so as to prevent, detect, reduce and correct 
the risk of any potential error way in advance. Each ICFR process has its scoping matrix of risks and 
controls associated, and they are separated between processes carried out at local level and at 
corporate level for the entire Group. Design of flowcharts, description of the different processes and 
sub-processes and identification of risks and controls is carried out with ARIS.

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This software application allows keeping the entire documentation relating to the Group’s ICFR 
processes within a single environment, which results in streamlined processes, as flowcharts, narratives 
and scoping matrices of risk and control are integrated.  
The ICFR system monitoring model is implemented based upon SAP GRC Process Control tool, wherein 
each control activity is assigned to a supervisor, who carries them out with the defined frequency.  
Each process is assigned to a process owner, who assesses on a quarterly basis the effectiveness of 
controls, and defines and keeps updated the ICFR process for which they are responsible.  
The ICFR Area monitors on a quarterly basis the assessments made by processes owners about the 
effectiveness of controls. It also coordinates and encourages the periodic review of processes and 
controls design. 
In addition, the ICFR Area is subject every year to an internal certification process whereby financial 
heads of the markets within the scope of ICFR monitoring, process owners and corporate directors of 
areas who take part in the process of preparation and monitoring of financial information certify that 
they have implemented the controls for which they are responsible. 
SAP GRC Process Control is implemented with regard to all the processes within the ICFR scope, 
including those carried out by areas outside the financial area. 
With regard to the consolidation, closing and reporting process, the Financial Department issues the 
instructions together with the calendar and contents of the financial information to be reported by each 
of the local financial structures to draw up the consolidated financial statements.  
Risks are identified in the ICFR’s risk and controls matrix of the closing process which includes controls 
relating to relevant opinions, estimates, assessments and projections. 
F.3.2. Internal IT control policies and procedures (access security, 
control of changes, system operation, operational continuity and 
segregation of duties, among others) which support significant 
processes within the company relating to the preparation and 
publication of financial information. 
The internal control framework of the Group’s information systems seeks to set up controls over the 
main business processes, which are closely related to Information Technologies (“IT”). 
Based upon the link between business processes and associated systems, basic risks are reviewed 
which allows the company to prioritize and focus on such IT environments which are deemed to be 
especially relevant.

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A number of general controls on applications (IT General Controls or ITGCs) are identified within the 
ICFR IT controls framework defined by the Group, including: 
 
Secure access to both applications and data. 
 
The application of logic and physical security measures 
 
Control and monitoring on changes in applications and their data. 
 
Environment segregation. 
 
Appropriate operation of applications. 
 
Availability of data and continuity of applications. 
It bears mention that design of such controls is reviewed on an annual basis for the purposes of 
implementing such changes, if necessary, which ensure that associated risks are appropriately covered.  
The implementation of ITGCs on the applications identified within the ICFR scope is monitored on an 
annual basis. As a general rule, the yardstick to identify applications within the ICFR scope is that they 
play a significant role in the preparation and monitoring of the financial information. 
The findings of such monitoring are reported to the Financial Department through the quarterly reports 
assessing ICFR controls.  
It bears mention that, in the process to design and implement applications and products, the Group has 
defined a methodological framework with different requirements aimed at ensuring that the solution 
implemented actually meets both the functions demanded by users and the security standards set out. 
Likewise, the Group relies on contingency mechanisms and procedures, both technical and operational, 
which have been defined to ensure recovery of information systems in case of lack of availability.  
In 2021, the Information Security Committee has met on a quarterly basis. Such Committee is charged 
with ensuring the effective and consistent enforcement of best practices regarding information security 
management across the organization, reducing risks affecting security to the minimum, taking into 
account the company’s business. 
The Information Security Committee is composed of:  
 
The COO & Head of Digital and Sustainable Transformation 
 
The General Counsel and Secretary of the Board 
 
The Chief IT Officer 
 
The Chief Information Security Officer 
 
The Chief Financial Officer 
 
The Chief Audit Officer

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The Information Security Policy sets forth the principles and guidelines whereby Inditex will protect its 
information, pursuant to applicable regulations and its ethical values defined in the Code of Conduct 
and Responsible Practices as well as the provisions of the Regulations of the Information Security 
Committee and of any other applicable internal regulations. 
The overarching principles that inform the Policy are:  
(i) 
classification of information, in accordance with its value, relevance and criticality for the 
business;  
(ii) 
limited use of information systems to lawful and exclusively professional purposes;  
(iii) 
segregation of duties to avoid risks; 
(iv) 
setting retention periods by information category, where necessary or convenient;  
(v) 
setting monitoring procedures to control how information is made available to third 
parties;  
(vi) 
security in Information Systems;  
(vii) 
setting a process for continuity management to ensure recovery of critical Information 
for the Group in the event of disaster; and  
(viii) 
alignment of Information Systems and communications of the Group with the 
requirements of applicable laws and regulations.  
The Information Security Department performs its monitoring duties in an independent manner and is 
responsible for implementing the Policy and monitoring compliance therewith, and with all 
requirements arising from applicable laws, regulations and best practices in the field of Information 
Security. 
In 2021 as a result of the global pandemic caused by COVID-19, special attention has been given to 
the remote work plans and the management of risks associated thereto, further providing appropriate 
tools and mechanisms to ensure employees’ operations and the continuity of critical processes. In 
particular, the existing capacity of remote access channels and systems has been adapted, monitoring, 
protection and control measures regarding such remote connections have been reinforced, and specific 
awareness-raising actions have been addressed to our employees and collaborators.  
F.3.3. Internal control policies and procedures for overseeing the 
management of activities subcontracted to third parties, as well as 
of those aspects of assessment, calculation or valuation entrusted 
to independent experts, which may materially affect financial 
statements. 
In 2021, certain activities, mainly actuarial calculations, human resources-related services, calculation 
of discount rates and certain processes of the Systems and Administration areas, were outsourced to 
third parties. Included in the ICFR processes are controls on such calculations made by third parties, 
for the purposes of mitigating risks which may have an impact on financial information.

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Outsourced services are commissioned by the supervisors of the relevant areas, ensuring the technical 
and legal qualifications, capacity and independence of the experts hired. 
F.4. Information and communication 
Report on whether the company has at least the following, describing their main characteristics: 
F.4.1.. A specifically assigned function for defining and updating 
accounting policies (accounting policy area or department) and 
resolving doubts or conflicts arising from their interpretation, 
maintaining a free flow of information to those responsible for 
operations in the organization, as well as an up-to-date accounting 
policy manual distributed to the business units through which the 
company operates. 
Within the Planning and Management Control Department, the External Reporting area is responsible 
for drawing up, disclosing, implementing and updating the Group’s Manual on Accounting Policies. With 
regard to the Group’s accounting policies, such area is responsible for, inter alia: 
 
Defining the accounting treatment of the transactions which make up the business of the Group. 
 
Defining and updating the accounting practices of the Group. 
 
Addressing doubts and queries arising from the construction of accounting standards. 
 
Standardizing the accounting practices of the Group. 
The Manual covers the different transactions inherent in the Groups’ business and their accounting 
treatment in accordance with the benchmark accounting framework of the Inditex Group. 
The Manual is regularly updated. As part of such updating procedure, the External Reporting area 
includes all accounting changes identified which were advanced to those in charge of drawing up the 
financial statements. 
The Manual is available on the Company’s INET.

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F.4.2. Mechanisms for capturing and preparing financial 
information in standardised formats for application and use by all 
units of the entity or group, and support its main financial 
statements and notes, as well as disclosures concerning ICFR. 
The process for consolidation and preparation of consolidated financial statements is centralized, being 
incumbent on the External Reporting area which reports to the Planning and Management Control 
Department. 
Drawing up the consolidated financial information begins with the addition of individual financial 
statements of each company included in the consolidation perimeter, to be subsequently consolidated 
based upon the accounting regulations of the Group. The entire addition and consolidation process is 
supported by SAP BPC tool.  
Financial information reported to CNMV is prepared based upon consolidated financial statements 
gathered through the above referred tool, and upon certain supplementary information reported by the 
markets, required to prepare the annual/half-yearly report. The entire process is supported by SAP 
Disclosure Management tool. Contemporaneously, certain specific controls are exerted to confirm 
integrity of such information. 
The board of directors approved on 14 December 2020 the Policy on Disclosure of Economic-Financial, 
Non-Financial and Corporate Information that seeks to establish a framework for action and define the 
overarching principles that will govern the disclosure by the Company of Economic-Financial, Non-
Financial and Corporate Information via Regulated and non-Regulated Channels. 
Under such Policy, the board of directors, being the highest supervisory body responsible for overseeing 
economic-financial, non-financial and corporate information, shall ensure the largest circulation and 
the highest quality of the information provided to the stakeholders in accordance with a set of principles, 
including: transparency, objectivity, accuracy, immediacy and symmetry in disclosure of information.

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F.5. Supervision of the system’s operation 
Give information on the key features of at least: 
F.5.1.The activities of the audit committee in overseeing ICFR as 
well as whether there is an internal audit function one of the 
responsibilities of which is to provide support to the committee in 
its task of supervising the internal control system, including ICFR. 
Additionally, describe the scope of ICFR assessment made during 
the year and the procedure through which the person responsible 
for performing the assessment communicates its results, whether 
the company has an action plan detailing possible corrective 
measures, and whether their impact on financial reporting has 
been considered. 
With regard to the evaluation of ICFR and the procedure set to disclose its results, the ICFR area has 
monitored on a quarterly basis, via the owners of processes with an impact on the financial information, 
the implementation of controls, requesting and reviewing a sample of evidence from the supervisors of 
each control. 
As a result of such monitoring, improvement areas of each control have been identified and they have 
been assigned an action plan to remedy them. Follow up has ensued, to ensure they have been 
complied with. 
Likewise, the ICFR area has issued on a quarterly basis a report with the findings of each control, the 
main action lines followed in the quarter and the incidences identified. Such reports have been 
submitted to the Financial Department, the heads of financial departments and the Internal Audit 
Department. The ICFR area has reported to the Audit and Compliance Committee on the evaluation of 
ICFR effectiveness in 2020 and the planned scope for 2021. 
In 2021 and specifically regarding ICFR oversight activities, the Audit and Compliance Committee has 
carried out the following proceedings, without limitation:  
 
It has reviewed the consolidated annual accounts of the Group and the periodic quarterly and 
half-yearly financial information that the Board of Directors has to provide to the markets and its 
supervisory bodies, overseeing compliance with statutory requirements and the appropriate 
application of the generally accepted accounting principles upon drafting such information.  
 
As part of its supervision duties regarding the Internal Audit function, it has approved its annual 
activities report, as well as its budget and the annual internal audit plan which includes specific 
audits on ICFR processes, pursuant to a pluri-annual plan set.  
 
It has reviewed the annual audit plan of external auditors that includes the audit objectives based 
upon the evaluation of risks of financial information and the main areas of interest or significant 
transactions subject to review in the year.

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 
It has reviewed with the external auditor and with Internal Audit the internal control weaknesses 
revealed, where appropriate, in the course of the different audit and review assignments. 
Meanwhile, both external auditors and Internal Audit have regularly advised the Audit and 
Compliance Committee on the degree of enforcement of recommendations resulting from such 
assignments. 
 
It has regularly met with other corporate departments of the Inditex Group for the purposes of 
overseeing the effectiveness of internal control systems of the Group, including ICFR, verifying 
their suitability and integrity and the degree of implementation of action plans to meet audit 
recommendations. 
Internal Audit is a corporate function directly linked to the board of directors, which ensures full 
independence in the performance of its activities. Internal Audit functionally reports to the Audit and 
Compliance Committee. 
The area is centrally managed from headquarters and has representatives at such geographic areas 
where the presence of the Inditex Group so requires. Additionally, it is divided into specialized areas, 
which allows gathering deep understanding on risks and processes. 
Internal Audit’s budget is approved on an annual basis by the Audit and Compliance Committee which 
provides for the human and material assets, both internal and external of the Internal Audit Department. 
The mission of the Internal Audit function consists, inter alia, of assessing risk exposure and the 
suitability and effectiveness of controls in respect of risks identified and namely, those related to 
reliability and integrity of financial and operational information. 
Based upon the ICFR Scoping Matrix, Internal Audit drafts a pluri- annual plan for the regular review of 
ICFR of the Group which is submitted to the Audit and Compliance Committee for approval every year. 
This pluri-annual plan entails conducting ICFR reviews of the significant processes and elements of the 
Group’s financial statements. Review priorities are set based upon the risks identified. Such plan is 
implemented through annual planning which determines the scope of the annual ICFR reviews. The 
suitability of such plan is reviewed every year, further to the update of the process to identify and assess 
financial information risks. Additionally, annual planning include compliance with the provisions of 
current internal corporate policies, including the ICFR Policy. 
Namely, the following issues are subject to review: the design and effective operation of key 
transactional controls and general controls on the main software tools involved in financial reporting, 
as well as the review of the general control environment. 
To carry out its activities, Internal Audit uses different audit techniques, mainly interviews, analytical 
reviews, specific control tests, reviewing both the appropriateness of design and the effective operation 
thereof, review of the effectiveness of software tools and material tests. 
Results of the assignments, together with the corrective measures recommended, where appropriate, 
are reported to the Financial Department and the Audit and Compliance Committee. Internal Audit 
follows up on the implementation of such measures which is reported to the Audit and Compliance 
Committee.

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F.5.2. Whether there is a discussion procedure whereby the auditor 
(as defined in the Spanish Technical Audit Standards), the internal 
auditor and other experts can report to senior management and the 
audit committee or directors of the company any significant 
weaknesses in internal control identified during the review of the 
annual financial statements or any others they have been assigned. 
Additionally, state whether an action plan is available for 
correcting or mitigating any weaknesses detected. 
Internal Audit regularly discloses to the Financial Department and the Audit and Compliance Committee 
the internal control weaknesses identified in the reviews carried out, as well as the follow-up on the 
action plans set out to settle or reduce them.  
In turn, external auditors regularly meet with the Financial Department and Internal Audit, both to 
gather information and to disclose any potential control weaknesses which may have been revealed, 
where appropriate, in the course of their work.  
In its meetings, the Audit and Compliance Committee considers the potential weaknesses in control 
which might have an impact on financial statements, requesting, where appropriate, from the affected 
areas, the necessary information to assess any effects on the financial statements.  
Section 45.5 of the Board of Directors’ Regulations provides that: “The Board of Directors shall ensure 
that the annual accounts are drawn up in accordance with accounting standards, endeavouring for them 
to be drafted in such a manner that they do not give rise to qualifications on the part of the auditor. 
However, in the exceptional circumstances where the auditor expresses a qualified opinion and the 
Board of Directors considers that it must stick to its position, it shall publicly explain the contents and 
scope of the discrepancy. The foregoing without prejudice to the information that the Chair of the Audit 
and Compliance Committee would make available to the shareholders at the General Meeting of 
Shareholder”  
To meet the provisions of section 45.5 above referred, any discussions or different views existing are 
advanced in the meetings of the Audit and Compliance Committee with external auditors. In turn, 
external auditors report, where appropriate, on the main internal control issues that need to be 
improved which have been identified as a result of their work. Additionally, Management reports on the 
degree of implementation of the relevant action plans set in train to correct or reduce the issues 
identified.  
Meanwhile, the Audit and Compliance Committee meets with the statutory auditors of the individual 
and consolidated annual accounts for the purposes of reviewing on the one hand the Group’s annual 
account, and on the other, certain half-yearly periodic financial information that the board of directors 
must provide to the market and its supervisory bodies, overseeing compliance with statutory 
requirements and the appropriate enforcement of generally accepted accounting principles upon 
preparing such information.  
Moreover, the Committee shall regularly receive from the statutory auditor information regarding the 
audit plan and the results of its implementation, follow up on the recommendations proposed by the 
statutory auditor and may request its collaboration whenever this is deemed necessary.

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In 2021 members of the Internal Audit function and external auditors were in attendance in all 5 
meetings held by the Audit and Compliance Committee, an external auditors were in attendance in 4 of 
them. 
F.6. Other relevant information 
- 
F.7 External auditor's report 
Report: 
F.7.1. Whether the ICFR information sent to the markets has been 
subjected to review by the external auditor, in which case the entity 
should include the corresponding report as an attachment. If not, 
reasons why should be given. 
The information on ICFR included in this section F of the Annual Corporate Governance Report for 2021 
and prepared by the Group’s Management is reviewed by the external auditors.

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G. Degree of compliance with corporate governance 
recommendations  
Specify the company’s degree of compliance with recommendations of the Good Governance Code for 
listed companies.  
In the event that a recommendation is not followed or only partially followed, a detailed explanation of 
the reasons must be included so that shareholders, investors and the market in general have enough 
information to assess the company´s conduct. General explanations are not acceptable. 
1. That the articles of association of listed companies should not limit the maximum number of votes 
that may be cast by one shareholder or contain other restrictions that hinder the takeover of control of 
the company through the acquisition of its shares on the market.  
Complies x 
 
 Explain 
2. That when the listed company is controlled by another entity within the meaning of section 42 of the 
Commercial Code, whether listed or not, and has, directly or through its subsidiaries, business relations 
with said entity or any of its subsidiaries (other than the listed company) or carries out activities related 
to those of any of them it should make accurate public disclosures on:  
 
The respective areas of activity and possible business relationships between the listed company 
or its subsidiaries and the parent company or its subsidiaries.  
 
The mechanisms in place to resolve any conflicts of interest that may arise. 
Complies x  
Complies partially 
Explain    
3. That, during the Annual General Meeting, as a complement to the distribution of the written annual 
corporate governance report, the chairman of the Board of Directors should inform shareholders orally, 
in sufficient detail, of the most significant aspects of the company's corporate governance, and in 
particular: 
 
Changes that have occurred since the last Annual General Meeting. 
 
Specific reasons why the company has not followed one or more of the recommendations of the 
Code of Corporate Governance and the alternative rules applied, if any. 
Complies x  
Complies partially  
Explain  
4. That the company should define and promote a policy on communication and contact with 
shareholders and institutional investors, within the framework of their involvement in the company, and 
with proxy advisors that complies in all aspects with rules against market abuse and gives equal 
treatment to shareholders who are in the same position. And that the company should publish this 
policy on its website, including information on how it has been put into practice and identifying the 
contact persons or those responsible for implementing it.

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And that, without prejudice to the legal obligations regarding dissemination of inside information and 
other types of regulated information, the company should also have a general policy regarding the 
communication of economic-financial, non-financial and corporate information through such channels 
as it may consider appropriate (media, social media or other channels) that helps maximise the 
dissemination and quality of information available to the market, investors and other stakeholders. 
Complies x  
Complies partially  
Explain 
5. That the Board of Directors should not submit to the General Meeting of Shareholders any proposal 
for delegation of powers allowing the issue of shares or convertible securities with the exclusion of pre-
emptive rights in an amount exceeding 20% of the capital at the time of delegation. 
And that whenever the Board of Directors approves any issue of shares or convertible securities with 
the exclusion of pre-emptive rights, the company should immediately publish the reports referred to by 
company law on its website. 
Complies x  
Complies partially  
Explain 
6. That listed companies that prepare the reports listed below, whether under a legal obligation or 
voluntarily, should publish them on their website well in advance of the Annual General Meeting, even 
if their publication is not mandatory: 
 
Report on auditor independence. 
 
Reports on the proceedings of the audit and nomination and remuneration committees. 
 
Report by the audit committee on related party transactions. 
Complies x  
Complies partially  
Explain  
7. That the company should broadcast its Annual General Meeting live on its website. 
And that the company should have mechanisms in place allowing to grant proxy and to cast votes by 
means of data transmission and even, in the case of large-caps and to the extent that it is proportionate, 
attendance and active participation in the General Meeting to be conducted by such remote means. 
Complies x  
Explain   
8. That the audit committee should ensure that the financial statements submitted to the General 
Meeting of Shareholders are prepared in accordance with accounting regulations. And that in cases in 
which the auditor has included a qualification or reservation in its audit report, the chairman of the audit 
committee should clearly explain to the general meeting the opinion of the audit committee on its 
content and scope, making a summary of this opinion available to shareholders at the time when the 
meeting is called, alongside the other Board proposals and reports. 
Complies x  
Complies partially  
Explain

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9. That the company should permanently publish on its website the requirements and procedures for 
certification of share ownership, the right of attendance at the General Meeting of Shareholders, and 
the exercise of the right to vote or to issue a proxy.  
And that such requirements and procedures promote attendance and the exercise of shareholder rights 
in a non-discriminatory manner. 
Complies x  
Complies partially  
Explain  
10. That when a duly authenticated shareholder has exercised his or her right to supplement the agenda 
or submit new proposals for resolutions in advance of the General Meeting of Shareholders, the 
company should: 
 
immediately distribute the supplementary items and new proposals for resolutions.  
 
publish the standard form of attendance card or the form to vote by proxy or cast absentee voting 
with the necessary changes such that the new agenda items and alternative proposals can be 
voted on in the same terms as those proposed by the Board of Directors.  
 
put all these items or alternative proposals to the vote applying the same voting rules as for those 
submitted by the board of directors, with particular regard to presumptions or deductions about 
the direction of votes.  
 
after the General Meeting of Shareholders, disclose the breakdown of votes on such 
supplementary items or alternative proposals.  
Complies x  
Complies partially  
Explain   
Not applicable  
11. That if the company intends to pay premiums for attending the General Meeting of Shareholders, it 
should establish in advance a general policy on such premiums and this policy should be stable.  
Complies 
Complies partially 
Explain   
Not applicable x  
12. That the board of directors should perform its functions with a unity of purpose and independence 
of criterion, treating all similarly situated shareholders equally and being guided by the best interests 
of the company, which is understood to mean the pursuit of a profitable and sustainable business in the 
long term, promoting its continuity and maximising the economic value of the business.  
And that in pursuit of the company’s interest, in addition to complying with applicable law and rules and 
conducting itself on the basis of good faith, ethics and a respect for commonly accepted best practices, 
it should seek to reconcile its own company interests, when appropriate, with the interests of its 
employees, suppliers, customers and other stakeholders that may be affected, as well as the impact of 
its corporate activities on the communities in which it operates and on the environment. 
Complies x  
Complies partially  
Explain

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13. That the Board of Directors should be of an appropriate size to perform its duties effectively and in 
a collegial manner, which makes it advisable for it to have between five and fifteen members.  
Complies x 
 
 Explain 
14.That the Board of Directors should approve a policy aimed at encouraging an appropriate 
composition of the Board and that:  
 
Is specific and ascertainable;  
 
Ensures that motions for appointment or re-election are based upon a prior analysis of the needs 
of the board of directors; and 
 
Favours diversity of knowledge, experience, age and gender. For these purposes, it is considered 
that the measures that encourage the company to have a significant number of female senior 
executives favour gender diversity. 
That the result of the prior analysis of the competences required by the board of directors are written 
up in the explanatory report from the nomination committee published upon calling the Annual General 
Meeting to which the ratification, appointment or re-election of each director is submitted.  
The nomination committee will annually verify compliance with this policy and explain its findings in 
the annual corporate governance report. 
Complies x  
Complies partially  
Explain  
15. That proprietary and independent directors should constitute a substantial majority of the board of 
directors and that the number of executive directors be kept to a minimum, taking into account the 
complexity of the corporate group and the ownership interest of executive directors. 
And that the number of female directors should represent at least 40% of the members of the Board of 
Directors before the end of 2022 and thereafter, and not less than 30% prior to that date. 
Complies x  
Complies partially  
Explain  
16. That the number of proprietary directors out of all non-executive directors should not be greater than 
the proportion of the company's share capital represented by those directors and the rest of the capital. 
This yardstick may be relaxed: 
 
In large-cap companies where very few shareholdings are legally considered significant. 
 
In the case of companies where a plurality of shareholders is represented on the board of 
directors without ties among them. 
Complies x  
Explain

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17. That the number of independent directors should represent at least half of the total number of directors. 
That, however, when the company does not have a high level of market capitalization or in the event 
that it is a large-cap company with one shareholder or a group of shareholders acting in concert who 
together control more than 30% of the company’s share capital, the number of independent directors 
should represent at least one third of the total number of directors. 
Complies x 
 
 Explain 
18. That companies should publish the following information on its directors on their website, and keep 
it regularly updated: 
 
Professional experience and biography. 
 
Any other boards to which the directors belong, regardless of whether or not the companies are 
listed, as well as any other remunerated activities engaged in, regardless of type. 
 
Directorship type, indicating, in the case of individuals who represent significant shareholders, 
the shareholder that they represent or to which they are connected. 
 
Date of their first appointment as a director of the company’s board of directors, and any 
subsequent re-elections. 
 
Company shares and share options that they own. 
Complies x 
Complies partially  
Explain  
 
19. That the annual corporate governance report, after verification by the nomination committee, 
should explain the reasons for the appointment of any proprietary directors on the proposal of 
shareholders whose holding is less than 3%. It should also explain, where applicable, any rejection of 
a formal request for a board place from shareholders whose equity stake is equal to or greater than that 
of others applying successfully for a proprietary directorship. 
Complies  
Complies partially 
 Explain  
Not applicable x 
20. That proprietary directors representing significant shareholders should resign from the board when 
the shareholder they represent disposes of its entire shareholding. They should also resign, in a 
proportional fashion, in the event that said shareholder reduces its stake to a level that requires a 
decrease in the number of proprietary directors. 
Complies x  
 Complies partially 
 Explain  
Not applicable  
21. That the board of directors should not propose the removal of any independent director before the 
completion of the director’s term provided for in the articles of association unless the Board of Directors 
finds just cause and a prior report has been prepared by the nomination committee. Specifically, just 
cause is considered to exist if the director takes on new duties or commits to new obligations that would 
interfere with his or her ability to dedicate the time necessary for attention to the duties inherent to his 
or her post as a director, are in breach of their fiduciary duty, or is affected by any of the circumstances 
which would cause the loss of independent status in accordance with applicable law.

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The removal of independent directors may also be proposed as a result of a public takeover bid, merger 
or other similar corporate transaction entailing a change in the shareholder structure of the company, 
provided that such changes in the structure of the Board are the result of application of the 
proportionate representation criterion provided in Recommendation 16. 
Complies x  
 
Explain 
22. That companies should establish rules requiring that directors inform the Board of Directors and, 
where appropriate, resign from their posts, when circumstances arise which affect them, whether or 
not related to their actions in the company itself, and which may harm the company’s standing and 
reputation, and in particular requiring them to inform the board of any criminal charges brought against 
them as well as of how the legal proceedings subsequently unfold.  
And that, if the board is informed or becomes aware in any other manner of any of the circumstances 
mentioned above, it must examine the case as quickly as possible and, depending on the specific 
circumstances, decide, based on a report from the nomination and remuneration committee, whether 
or not any measure must be adopted, such as the opening of an internal investigation, asking the 
director to resign or proposing that he or she be dismissed. And that these events must be reported in 
the annual corporate governance report, unless there are any special reasons not to do so, which must 
also be noted in the minutes. This without prejudice to the information that the company must disclose, 
if appropriate, at the time when the corresponding measures are implemented. 
Complies x 
 
Complies partially  
Explain  
23. That all directors clearly express their opposition when they consider any proposal submitted to the 
board of directors to be against the company’s interests. This particularly applies to independent 
directors and directors who are unaffected by a potential conflict of interest if the decision could be 
detrimental to any shareholders not represented on the board of directors. 
Furthermore, when the board of directors makes significant or repeated decisions about which the 
director has serious reservations, the director should draw the appropriate conclusions and, in the event 
the director decides to resign, explain the reasons for this decision in the letter referred to in the next 
recommendation. 
This recommendation also applies to the secretary of the Board of Directors, even if he or she is not a 
director. 
Complies x 
Complies partially 
Explain  
  
24. That whenever, due to resignation or resolution of the General Meeting of Shareholders, a director 
leaves before the completion of his or her term of office, the director should explain the reasons for this 
decision, or in the case of non-executive directors, their opinion of the reasons for the general meeting 
resolution, in a letter addressed to all members of the board of directors.  
And that, without prejudice to all this being reported in the annual corporate governance report, insofar 
as it is relevant to investors, the company should publish an announcement of the departure as rapidly 
as possible, with sufficient reference to the reasons or circumstances provided by the direct. 
Complies x  
Complies partially 
Explain

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25. That the nomination committee should make sure that non-executive directors have sufficient time 
available in order to properly perform their duties. 
And that the Board regulations establish the maximum number of company boards on which directors 
may sit. 
Complies x 
Complies partially  
 Explain  
26. That the board of directors meet frequently enough to be able to effectively perform its duties, and 
at least eight times per year, following a schedule of dates and agendas established at the beginning of 
the year and allowing each director individually to propose other items that do not originally appear on 
the agenda. 
Complies  
Complies partially x  
 
Explain 
The Board of Directors meets according to the schedule of dates and agendas previously approved at the 
start of each year. Such schedule covers the most relevant issues that the board of directors must address. 
The board of directors met 7 times in 2021. 
27. That director absences occur only when absolutely necessary and be quantified in the annual 
corporate governance report. And when absences do occur, that the director appoint a proxy with 
instructions. 
Complies x 
 
Complies partially 
Explain  
28. That when directors or the secretary express concern regarding a proposal or, in the case of 
directors, regarding the direction in which the company is headed and said concerns are not resolved 
by the board of directors, such concerns should be included in the minutes at the request of the director 
expressing them. 
Complies x 
 
Complies partially 
 Explain  
Not applicable  
29. That the company should establishes adequate means for directors to obtain appropriate advice in 
order to properly fulfil their duties including, should circumstances warrant, external advice at the 
company’s expense. 
Complies x 
 
Complies partially 
 
Explain  
30. That, without regard to the knowledge necessary for directors to complete their duties, companies 
make refresher courses available to them when circumstances make this advisable. 
Complies x 
 
Complies partially 
 
Explain  
31. That the agenda for meetings should clearly indicate those matters on which the board of directors 
is to make a decision or adopt a resolution so that the directors may study or gather all relevant 
information ahead of time. 
When, in exceptional circumstances, the chairman wishes to bring urgent matters for decision or 
resolution before the board of directors which do not appear on the agenda, prior express agreement 
of a majority of the directors shall be necessary, and said consent shall be duly recorded in the minutes. 
Complies x 
 
Complies partially 
 
Explain

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32. That directors be periodically informed of changes in shareholding and of the opinions of significant 
shareholders, investors and rating agencies of the company and its group. 
Complies x 
 
Complies partially 
 
Explain  
33. That the chairman, as the person responsible for the efficient workings of the board of directors, in 
addition to carrying out the duties assigned by law and the articles of association, should prepare and 
submit to the board of directors a schedule of dates and matters to be considered; organize and 
coordinate the periodic evaluation of the board as well as, where applicable, the chief executive of the 
company, should be responsible for leading the board and the effectiveness of its work; ensuring that 
sufficient time is devoted to considering strategic issues, and approve and supervise refresher courses 
for each director when circumstances make this advisable. 
Complies x 
 
Complies partially 
 
Explain  
34. That when there is a lead independent director, the articles of association or Board regulations 
should confer upon him or her the following powers in addition to those conferred by law: to chair the 
board of directors in the absence of the chairman and deputy chairmen, should there be any; to reflect 
the concerns of non-executive directors; to liaise with investors and shareholders in order to 
understand their points of view and respond to their concerns, in particular as those concerns relate to 
corporate governance of the company; and to coordinate a succession plan for the chairman. 
Complies x  
 
Complies partially 
Explain  
Not applicable  
35. That the secretary of the board of directors should pay special attention to ensure that the activities 
and decisions of the board of directors take into account such recommendations regarding good 
governance contained in the Good Governance Code as may be applicable to the company. 
Complies x 
 
 
Explain  
36. That the board of directors meets in plenary session once a year and adopt, where appropriate, an 
action plan to correct any deficiencies detected in the following: 
 
Quality and efficiency of the proceedings of the board. 
 
Proceedings and composition of its committees. 
 
Diversity of board membership and competences. 
 
Performance of the chairman of the board of directors and of the chief executive officer of the 
company. 
 
Performance and input of each director, paying special attention to those in charge of the various 
board committees. 
In order to perform its evaluation of the various committees, the Board of Directors will take a report 
from the committees themselves as a starting point and for the evaluation of the Board, a report from 
the nomination committee. 
Every three years, the Board of Directors will rely for its evaluation upon the assistance of an external 
advisor, whose independence shall be verified by the nomination committee.

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Business relationships between the external adviser or any member of the adviser’s group and the 
company or any company within its group must be specified in the annual corporate governance report. 
The process and the areas evaluated must be described in the annual corporate governance report. 
Complies x 
 
Complies partially 
 
Explain  
37. That if there is an executive committee, it must contain at least two non-executive directors, at least 
one of whom must be independent, and its secretary must be the secretary of the Board. 
Complies x 
 
Complies partially 
Explain  
Not applicable  
38. That the board of directors must always be aware of the matters discussed and decisions taken by 
the executive committee and that all members of the board of directors receive a copy of the minutes 
of meetings of the executive committee. 
Complies x 
 
Complies partially 
Explain   
Not applicable  
39. That all members of the audit committee, in particular its chairman, be appointed in consideration 
of their knowledge and experience in accountancy, audit and risk management issues, both financial 
and non-financial. 
Complies x 
 
Complies partially 
Explain  
Not applicable  
40. That under the supervision of the audit committee, there should be a unit in charge of the internal 
audit function, which ensures that information and internal control systems operate correctly, and 
which reports to the non-executive chairman of the board or of the audit committee. 
Complies x 
 
Complies partially 
Explain  
Not applicable  
41. That the person in charge of the unit performing the internal audit function should present an annual 
work plan to the audit committee, for approval by that committee or by the board, reporting directly on 
its execution, including any incidents or limitations of scope, the results and monitoring of its 
recommendations, and present an activity report at the end of each year. 
Complies x 
 
Complies partially 
Explain  
Not applicable  
42. That in addition to the provisions of applicable law, the audit committee should be responsible for 
the following:  
1. With regard to information systems and internal control:  
a)  Overseeing and evaluating the process of preparation and the completeness of 
the financial and non-financial information, as well as the control and management 
systems for financial and non-financial risk relating to the company and, where 
applicable, the group - including operational , technological, legal, social, 
environmental, political and reputational risk, or risk related to corruption - 
reviewing compliance with regulatory requirements, the appropriate delimitation 
of the scope of consolidation and the correct application of accounting criteria.

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b)  Ensuring the independence of the unit charged with the internal audit function; 
proposing the selection, appointment and dismissal of the head of internal audit; 
proposing the budget for this service; approving or proposing its orientation and 
annual work plans for approval by the Board, making sure that its activity is focused 
primarily on material risks (including reputational risk); receiving periodic 
information on its activities; and verifying that senior management takes into 
account the conclusions and recommendations of its reports.  
c)  Establishing and overseeing a mechanism that allows employees and other 
persons related to the company, such as directors, shareholders, suppliers, 
contractors or subcontractors, to report any potentially serious irregularities, 
especially those of a financial or accounting nature, that they observe in the 
company or its group. This mechanism must guarantee confidentiality and in any 
case provide for cases in which the communications can be made anonymously, 
respecting the rights of the whistleblower and the person reported. 
d)  Generally ensuring that internal control policies and systems are effectively 
applied in practice. 
2. With regard to the external auditor:  
a) In the event that the external auditor resigns, examining the circumstances 
leading to such resignation.  
b) Ensuring that the remuneration paid to the external auditor for its work does 
not compromise the quality of the work or the auditor’s independence.  
c) Making sure that the company informs the CNMV of the change of auditor, 
along with a statement on any differences that arose with the outgoing 
auditor and, where applicable, the contents thereof.  
d) Ensuring that the external auditor holds an annual meeting with the Board of 
Directors in plenary session in order to make a report regarding the tasks 
performed and the development of the company's accounting situation and 
risks.  
e) Ensuring that the company and the external auditor comply with applicable 
rules regarding the provision of services other than auditing, limits on the 
concentration of the auditor’s business, and, in general, all other rules 
regarding auditors' independence. 
Complies x 
 
Complies partially 
 
Explain

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43. That the audit committee be able to require the presence of any employee or manager of the 
company, even stipulating that he or she appear without the presence of any other member of 
management. 
Complies x 
 
Complies partially 
 
Explain 
44. That the audit committee be kept abreast of any corporate and structural changes planned by the 
company in order to perform an analysis and draw up a prior report to the Board of Directors on the 
economic conditions and accounting implications and, in particular, any exchange ratio involved.  
Complies x 
Complies partially 
Explain  
Not applicable  
45. That the risk management and control policy identify or determine, as a minimum:  
a) The various types of financial and non-financial risks (including operational, 
technological, legal, social, environmental, political and reputational risks and risks 
relating to corruption) which the company faces, including among the financial or 
economic risks contingent liabilities and other off-balance sheet risks.  
b) An enterprise risk management model based on different levels, which will include a 
specialized risk committee when sector regulations so require or the company 
considers it to be appropriate. 
c) The level of risk that the company considers to be acceptable.  
d) Measures in place to mitigate the impact of the risks identified in the event that they 
should materialized.  
e) Internal control and information systems to be used in order to control and manage the 
aforementioned risks, including contingent liabilities or off-balance sheet risks. 
Complies x 
 
Complies partially 
 
Explain 
46. That under the direct supervision of the audit committee or, where applicable, of a specialized 
committee of the Board of Directors, an internal risk control and management function should exist, 
performed by an internal unit or department of the company which is expressly charged with the 
following responsibilities:  
a) Ensuring the proper functioning of the enterprise risk management systems and, in 
particular, that they adequately identify, manage and quantify all material risks 
affecting the company.  
b) Actively participating in drawing up the risk strategy and in important decisions 
regarding risk management.  
c) Ensuring that the enterprise risk management systems adequately mitigate risks as 
defined by the policy laid down by the Board of Directors.  
Complies x 
 
Complies partially 
 
Explain 
47. That in designating the members of the nomination and remuneration committee – or of the 
nomination committee and the remuneration committee if they are separate – efforts are made to 
ensure that they have the knowledge, skills and experience appropriate to the functions that they are 
called upon to perform and that the majority of said members are independent directors.

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Complies x 
 
Complies partially 
 
Explain 
48. That large-cap companies have separate nomination and remuneration committees.  
Complies x  
 
Complies partially 
 
Explain 
49. That the nomination committee consult with the chairman of the Board of Directors and the chief 
executive of the company, especially in relation to matters concerning executive directors.  
And that any director be able to ask the nomination committee to consider potential candidates that he 
or she considers suitable to fill a vacancy on the board of directors.  
Complies x 
 
Complies partially 
 
Explain  
50. That the remuneration committee operates independently and that, in addition to the functions it 
has been assigned by statute, it should be responsible for the following:  
a) Proposing to the board of directors the basic terms and conditions of employment for 
senior management.  
b) Verifying compliance with the company's remuneration policy.  
c)  Periodically reviewing the remuneration policy applied to directors and senior 
managers, including share-based remuneration systems and their application, as well 
as ensuring that their individual remuneration is proportional to that received by the 
company's other directors and senior managers.  
d) Making sure that potential conflicts of interest do not undermine the independence of 
external advice given to the committee.  
e)  Verifying the information on remuneration of directors and senior managers contained 
in the various corporate documents, including the annual report on director 
remuneration.  
Complies x 
 
Complies partially 
 
Explain 
51. That the remuneration committee should consult with the chairman and the chief executive of the 
company, especially on matters relating to executive directors and senior management.  
Complies x 
 
Complies partially 
 
Explain 
52. That the rules on membership and proceedings of the supervision and control committees should 
appear in the regulations of the Board of Directors and that they should be consistent with those applying to 
legally mandatory committees in accordance with the foregoing recommendations, including:  
a) That they be composed exclusively of non-executive directors, with a majority of 
independent directors.  
b) That their chairpersons be independent directors.  
c) That the board of directors appoints members of these committees taking into account 
their knowledge, skills and experience and the duties of each committee; discuss their 
proposals and reports; and require them to render account of their activities and of the 
work performed in the first plenary session of the Board of Directors held after each 
committee meeting.  
d) That the committees be allowed to avail themselves of outside advice when they

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consider it necessary to perform their duties.  
e) That their meetings be recorded and their minutes be made available to all directors. 
Complies x 
Complies partially 
Explain  
Not applicable  
53 That verification of compliance with the company's policies and rules on environmental, social and 
corporate governance matters, and with the internal codes of conduct be assigned to one or divided 
among more than one committee of the Board of Directors, which may be the audit committee, the 
nomination committee, a specialized committee on sustainability or corporate social responsibility or 
such other specialized committee as the Board of Directors, in the exercise of its powers of self-
organization, may have decided to create. And that such committee be composed exclusively of non-
executive directors, with a majority of these being independent directors, and that the minimum 
functions indicated in the next recommendation be specifically assigned to it. 
Complies x 
Complies partially 
Explain 
54. The minimum functions referred to in the foregoing recommendation are the following: 
a) Monitoring compliance with the company’s internal codes of conduct and corporate 
governance rules, also ensuring that the corporate culture is aligned with its purpose 
and values. 
b) Monitoring the application of the general policy on disclosure of economic and financial 
information, non-financial and corporate information and communication with 
shareholders and investors, proxy advisors and other stakeholders. The manner in 
which the entity communicates and handles relations with small and medium-sized 
shareholders must also be monitored.  
c) The periodic evaluation and review of the company’s corporate governance system, and 
environmental and social policy, with a view to ensuring that they fulfil their purposes of 
promoting the interests of society and take account, as appropriate, of the legitimate 
interests of other stakeholders.  
d) Oversee the company's environmental and social practices to ensure that they are in 
alignment with the established strategy and policy.  
e) Oversee and evaluate the company’s interaction with its different stakeholders. 
Complies x 
 
Complies partially 
 
Explain 
55. That environmental and social sustainability policies identify and include at least the following:  
a) The principles, commitments, objectives and strategy relating to shareholders, 
employees, customers, suppliers, social issues, the environment, diversity, tax 
responsibility, respect for human rights, and the prevention of corruption and other 
unlawful conduct. 
b) Means or systems for monitoring compliance with these policies, their associated risks, 
and management.  
c) Mechanisms for supervising non-financial risk, including that relating to ethical aspects 
and aspects of business conduct.  
d) Channels of communication, participation and dialogue with stakeholders.  
e) Responsible communication practices that impede the manipulation of data and protect

Inditex Annual Report 2021 | Annual Corporate Governance Report (ACGR) 
 
 
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integrity and honour. 
Complies x 
 
Complies partially 
 
Explain 
56. That director remuneration be sufficient in order to attract and retain directors who meet the desired 
professional profile and to adequately compensate them for the dedication, qualifications and 
responsibility demanded of their posts, while not being so excessive as to compromise the independent 
judgement of non-executive directors.  
Complies x 
 
Explain 
57. That only executive directors should receive variable remuneration linked to corporate results and 
personal performance, as well as remuneration in the form of shares, options or rights to shares or 
instruments referenced to the share price and long-term savings plans such as pension plans, 
retirement schemes or other provident schemes.  
Consideration may be given to delivering shares to non-executive directors as remuneration providing 
this is conditional upon their holding them until they cease to be directors. The foregoing shall not apply 
to shares that the director may need to sell in order to meet the costs related to their acquisition. 
Complies x 
 
Complies partially 
 
Explain 
58. That as regards variable remuneration, remuneration policies should incorporate the necessary 
limits and technical safeguards to ensure that such remuneration is in line with the professional 
performance of its beneficiaries and not based solely on general developments in the markets or in the 
sector in which the company operates, or other similar circumstances.  
And, in particular, that variable remuneration components:  
a) Are linked to pre-determined and measurable performance criteria and that such 
criteria take into account the risk incurred to achieve a given result.  
b) Promote the sustainability of the company and include non-financial criteria that are 
geared towards creating long term value, such as compliance with the company's rules 
and internal operating procedures and with its risk management and control policies. 
c) Are based on balancing the attainment of short-, medium- and long-term objectives, so 
as to allow remuneration of continuous performance over a period long enough to be 
able to assess its contribution to the sustainable creation of value, such that the 
elements used to measure performance are not associated only with one-off, 
occasional or extraordinary events.  
Complies x 
Complies partially 
Explain  
Not applicable 
59. That the payment of variable remuneration components be subject to sufficient verification that 
previously established performance or other conditions have effectively been met. Entities must include 
in their annual report on director remuneration the criteria for the time required and methods used for 
this verification depending on the nature and characteristics of each variable component. 
That, additionally, companies consider the inclusion of a reduction ('malus') clause for the deferral of 
the payment of a portion of variable remuneration components that would imply their total or partial 
loss if an event were to occur prior to the payment date that would make this advisable.

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Complies x 
Complies partially 
Explain  
Not applicable 
60. That remuneration related to company results should take into account any reservations that might 
appear in the external auditor’s report and that would diminish said results.  
Complies x 
Complies partially 
Explain  
Not applicable 
61. That a material portion of executive directors' variable remuneration be linked to the delivery of 
shares or financial instruments referenced to the share price.  
Complies x 
Complies partially 
Explain  
Not applicable 
62. That once shares or options or financial instruments have been allocated under remuneration 
schemes, executive directors be prohibited from transferring ownership or exercising options or rights 
until a term of at least three years has elapsed.  
An exception is made in cases where the director has, at the time of the transfer or exercise of options 
or rights, a net economic exposure to changes in the share price for a market value equivalent to at least 
twice the amount of his or her fixed annual remuneration through the ownership of shares, options or 
other financial instruments.  
The forgoing shall not apply to shares that the director may need to sell in order to meet the costs 
related to their acquisition or, following a favourable assessment by the nomination and remuneration 
committee, to deal with such extraordinary situations as may arise and so require. 
Complies x 
Complies partially 
Explain  
Not applicable 
63. That contractual arrangements should include a clause allowing the company to demand 
reimbursement of the variable remuneration components in the event that payment was not in 
accordance with the performance conditions or when payment was made based on data subsequently 
shown to have been inaccurate.  
Complies x 
Complies partially 
Explain  
Not applicable 
64. That payments for contract termination should not exceed an amount equivalent to two years of 
total annual remuneration and should not be paid until the company has been able to verify that the 
director has fulfilled all previously established criteria or conditions for payment.  
For the purposes of this recommendation, payments for contractual termination will be considered to 
include any payments the accrual of which or the obligation to pay which arises as a consequence of or 
on the occasion of the termination of the contractual relationship between the director and the 
company, including amounts not previously vested of long-term savings schemes and amounts paid by 
virtue of post-contractual non-competition agreements. 
Complies x 
Complies partially 
Explain  
Not applicable

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Further information of interest 
1. If there is any significant aspect regarding corporate governance in the company or other 
companies in the group that has not been included in other sections of this report, but which it is 
necessary to include in order to provide a more comprehensive and reasoned picture of the 
structure and governance practices in the company or its group, describe them briefly below. 
2. This section may also be used to provide any other information, explanation or clarification relating 
to previous sections of the report, so long as it is relevant and not repetitive.  
Specifically, indicate whether the company is subject to any corporate governance legislation other 
than that of Spain and, if so, include any information required under this legislation that differs from 
the data required in this report. 
3. The company may also indicate whether it has voluntarily subscribed to other ethical or best 
practice codes, whether international, sector-based, or other. In such case, name the code in 
question and the date on which the company subscribed to it. Specific mention must be made as to 
whether the company adheres to the Code of Good Tax Practices of 20 July 2010. 
Codes and global commitments willingly undertaken by INDITEX are: 
- UNI GLOBAL UNION (www.uniglobalunion.org). It encourages respect and promotion of 
fundamental rights and decent work within the retail and distribution network. Date of 
endorsement: 2 October 2009. 
- The United Nations Global Compact (www.globalcompact.org). A United Nations initiative that 
encourages social dialogue between companies and the civil society. Date of endorsement: 31 
October 2001. 
- Ethical Trading Initiative (ETI) (www.ethicaltrade.org). A dialogue platform to improve working 
conditions of workers of the distribution sector in developing countries. It is an alliance of 
companies, international trade unions, and non-governmental organizations. Date of 
endorsement: 17 October 2005. 
- Global Framework Agreement with IndustriALL Global Union (formerly, ITGLWF) 
(www.industriall-union.org). To promote fundamental human and social rights within Inditex’s 
supply chain, including the definition of mechanisms of joint action within the supply chain to 
implement the Code of Conduct for Manufacturers and Suppliers. Date of endorsement: 4 
October 2007. Inditex and IndustriALL executed on 4 May 2012 the “Protocol to define the 
involvement of trade unions in the reinforcement of the International Framework Agreement 
within Inditex’s supply chain.” On 8 July 2014, the Framework Agreement was renewed by 
both parties at ILO headquarters in Geneva (Switzerland). A new Agreement was executed on 
25 April 2016 between Inditex and IndustriALL, that introduces the concept of “union experts” 
to enforce the Global Framework Agreement. On 13 November 2019 the Global Framework 
Agreement was renewed, with both parties agreeing to set up a Global Union Committee on 
which worker representatives from each of the Inditex Group's key areas of production will sit.

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- Zero Discharge of Hazardous Chemicals in 2020. Multi-stakeholder organization comprising 
brands and representatives of the supply chains of the textile and footwear industry committed 
to the elimination of certain chemicals in the textile and footwear product manufacturing 
process. Date of execution: 27 November 2012. 
- ILO’s Better Work Programme (www.betterwork.org). Platform to improve compliance with 
labour regulations and competitiveness of global supply chains Date of endorsement: October 
2007. In the course of this partnership, Inditex and Better Work executed on 9 October 2013 
a specific partnership agreement whereby Inditex became a direct buyer partner of the Better 
Work programme.  
- The CEO Water Mandate (www.ceowatermandate.org). A United Nations initiative to support 
companies in the development, implementation and disclosure of their water-related 
strategies and policies. Date of endorsement: 30 June 2011. 
- Sustainable Apparel Coalition (www.apparelcoalition.org). An initiative of the textile sector to 
set in train a joint sustainable index to assess the environmental performance of their suppliers 
during the production process. Date of endorsement: 20 October 2011. 
- Textile Exchange (www.textileexchange.org). A Platform to promote the growing of organic 
cotton, and global sustainability within the textile sector. Date of endorsement: 8 September 
2010. 
- Better Cotton Initiative (www.bettercotton.org). An initiative that develops and promotes best 
practices in the traditional growing of cotton to benefit the farmers and the environment, and 
to ensure the future of the sector. Date of endorsement: 1 July 2011. 
- Code of Good Tax Practices. It encourages a mutually cooperative relationship between the 
Tax Administration Authority of Spain and the companies. Sign up date: 21 September 2010. 
- Cooperation Agreement between the Ministry of Health and Consumption and the fashion 
sector in Spain. Date: 23 January 2007. It promotes the defense and encouragement of the 
rights of Spanish customers in the world of fashion, namely as regards creating and 
encouraging a healthy-looking appearance. 
- Cotton Campaign: this is an initiative led by companies and organizations of the third sector to 
improve working conditions and defend Human Rights in the production and supply of cotton. 
Date of endorsement: 25 October 2012. 
- International Accord (https://internationalaccord.org/). Agreement signed in 2021 by brands 
and international trade unions, witnessed by non-governmental organizations to honor the 
commitment to continue and expand the efforts towards a safe and healthy textile industry, 
based on the principles first upheld in Bangladesh in 2013. Inditex is a founding member of its 
Steering Committee. The International Accord recognizes the RMG Sustainability Council (RSC) 
as an independent organization that continued the efforts in Bangladesh. Date of execution: 1 
September 2021

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- Fur Free Alliance (www.infurmation.com). Inditex is a member of the Fur Free Retailer Program 
of the Fur Free Alliance. The Fur Free Alliance is an international coalition of animal protection 
organizations working to bring an end to the exploitation and killing of animals for their fur. Date 
of endorsement: 1 January 2014. 
- ACT (Action Collaboration Transformation): an initiative of international brands & retailers, 
manufacturers, and trade unions to address the issue of living wages in the textile and garment 
supply chain. In development thereof, a Memorandum of Understanding was subscribed by 
ACT’s brands and IndustriALL Global Union to establish within the supply chains the principles 
of freedom of association, collective bargaining and living wages. Date of execution: 13 March 
2015. 
- CanopyStyle Initiative. Date of endorsement: 2014. Committed to protecting HCV primary 
forests, and namely, to ensuring that from 2017 on, no cellulose originating in this type of 
forests will be used in man-made fibers (viscose, modal, Lyocell). 
- Organic Cotton Accelerator (OCA Foundation). One of the founding partners of OCA Foundation 
in 2016 and member of the Investment Committee, being actively committed to contributing 
to develop a responsible and healthy market of organic cotton for all parties involved. 
- International Labour Organization (ILO). Execution of a global Public-Private Partnership aimed 
at promoting respect for the fundamental principles and rights at work in the cotton sector. 
Date of execution: 11 May 2017. 
- Fashion Industry Charter for Climate Change. The Fashion Industry Charter was subscribed 
with the UN Climate Change Office. Aligned with the goals of the Paris Agreement, the Charter 
has set an initial target of 30% GHG emission reduction by 2030. Date of execution: 28 
November 2018.  
- New Plastics Economy Global Committment. Undertaken with the Ellen MacArthur Foundation 
to establish a circular economy for plastic and prevent that it becomes waste, on account of 
not being reused or recycled. Date of execution: 18 October 2018. 
- Better Than Cash Alliance. Based in the UN, this is an alliance of governments, companies and 
large international organizations that seek to globally promote the transition from cash to 
digital payments. Inditex is focused on achieving digitalization and financial education across 
its supply chain. Inditex became a member in November 2018. 
- Sustainable Fibre Alliance (SFA). Non-profit international organization that works with the 
extended cashmere supply chain, from herders to retailers. Its goal is to promote a global 
sustainability standard for cashmere production in order to preserve and restore grasslands, 
ensure animal welfare and secure livelihoods. Year of membership: 2019.

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- Fashion Pact (https://thefashionpact.org), Global coalition of companies in the fashion industry 
committed to key specific common goals to meet the challenges that the industry faces to stop 
climate change, preserve the oceans and restore biodiversity. The Pact was signed on 23 
August 2019. 
- Global Fashion Agenda (https://globalfashionagenda.com). It encourages a number of 
commitments towards circular economy in 2020 known as GFA 2020 Commitment. Inditex 
has been a signatory since 11 May 2017. 
- AFIRM GROUP: working forum of leading brands in the apparel, footwear and sporting goods 
industries who share the goal of reducing the use and impact of harmful substances across the textile 
and leather supply chain. 
- Partnership for a sustainable recovery plan for the Spanish economy: initiative promoted in 2020 by 
Ecodes and the Spanish Green Growth Group, to support and implement a sustainable stimulus 
package, effective from both an economic and social perspective and aligned with sustainability and 
biodiversity policies. 
- BSR: Global non-profit organization that works with a network of more than 200 members to build a 
fair and sustainable world. Inditex has been a member of BSR since 2019 and takes part in several 
of BSR’s initiatives, such as the HER Project to promote women’s empowerment. 
- UN Business Ambition for 1.5ºC: Inditex joined in 2020 this urgent call for action from UN Global 
Compact, for a global coalition of business and industry leaders to commit their companies to set 
science-based targets aligned with emission reduction.  
- The Fashion Industry Charter for Climate Action (UNFCCC): Inditex is a signatory of the Charter with 
the UN Climate Change Office, aligned with the goals set in the Paris Agreement, to be climate-
neutral by 2050 (net-zero GHG emissions). The Agreement has set an initial target of -30% by 2030. 
The Fashion Industry Charter was launched in December 2018 at the COP24 summit in Katowice, 
Poland. 
- Clean Cargo Working Group: Inditex joined in 2020 this initiative that seeks to reduce the 
environmental impacts of global freight transport and promoting responsible shipping. Within the 
Clean Cargo Working Group, companies work together to integrate environmentally and socially 
responsible busines principles into freight management.

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- Covid-19: Action in the global garment industry: this initiative aims to catalyze action from across the 
global garment industry to support manufacturers to survive the economic disruption caused by the 
COVID-19 pandemic and to protect garment workers’ income, health and employment. This call to 
action has been coordinated in 2020 by the International Organisation of Employers (IOE), the 
International Trade Union Confederation (ITUC) and IndustriALL Global Union together with 
international brands, with the technical support of the International Labour Organization (ILO). 
Inditex is a member of the international working group convened by ILO to implement it. 
- Foro Social de la Moda [Fashion Industry Social Forum]: This forum was founded in 2018 as a joint 
initiative involving organisations in the third sector, local unions affiliated with IndustriALL Global 
Union (CCOO and UGT) and various Spanish textile brands including Inditex. It provides a forum for 
dialogue on global supply chains between various stakeholders. 
- Massachusetts Institute of Technology (MIT): Inditex has partnered with the Massachusetts Institute 
of Technology (MIT) in the MIT-MISTI (International Science and Technology Initiatives) to finance 
research to develop recycling processes from used garments. In addition, Inditex is part of the group 
of founding companies of the MIT Climate and Sustainability Consortium (MCS), created with the aim 
of accelerating the development of large-scale solutions to combat climate change. The initiative 
brings together leading multinationals from different industries to work with the Massachusetts 
Institute of Technology (MIT) to share processes and strategies for environmental innovation. 
- Shift: non-profit organisation specializing in Human Rights led by Professor John Ruggie, the author 
of the UN Guiding Principles on Business and Human Rights. Inditex has been a participant of Shift’s 
Business Learning Program since 2018. This leading program in Human Rights involves companies 
of all sectors willing to work towards implementing the Guiding Principles. 
- Smart Freight Centre (SFC): Inditex has joined in 2020 this global non-profit organization dedicated 
to sustainable freight. Its vision is achieving an efficient and zero-emissions global logistics sector, 
contributing to the Paris Agreement targets and the Sustainable Development Goals. To achieve this, 
it brings together the global logistics community through its Global Logistics Emissions Council 
(GLEC). 
- The Policy Hub: Inditex actively collaborates with The Policy Hub, an organization that brings the 
textile industry and its stakeholders together to speed up the sector’s transformation to a circular 
model. 
- Uniting Business and Governments to Recover Better Statement, backed by UN: Inditex has signed 
in 2020 together with some other 150 companies in the Science Based Targets initiative, this joint 
statement urging governments across the world to align their COVID-19 economic aid and recovery 
efforts with the latest climate science.

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- Alianza país por la pobreza infantil cero [Country Alliance for Zero Child Poverty]. This initiative was 
launched by the High Commissioner against Child Poverty of the Government of Spain. It seeks to 
encourage participation and joint alliances from social players to work together towards a common 
goal: a country where all kids and teens have the same opportunities irrespective of their birth 
conditions. Inditex has been a member of the Alliance since January 2021. 
- Clean Cargo Owners for Zero Emissions Vessels (https://www.cozev.org/). This initiative is led by 
Aspen Institute as part of its Shipping Decarbonization Initiative (SDI) programme to accelerate the 
transition towards zero emissions vessels and to set a commitment to use only zero—carbon ocean 
shipping by 2040. 
- The Leaf Coalition (https://leafcoalition.org/). Voluntary global coalition that brings together the 
private sector and governments to focus on the protection of tropical forests to halt deforestation and 
support sustainable development in the countries where they are found. Inditex became a 
participant in November 2021. 
- The Business call for a UN treaty on plastic pollution. Call aimed at the 5th Session of the UN 
Environmental Assembly (UNEA5) that seeks to encourage negotiations among UN member states 
towards an international treaty on plastic pollution to help drive the transition to a circular economy.

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This Annual Corporate Governance Report was approved by the Board of Directors of the company in 
the meeting held on15 March 2022. 
Indicate whether any director voted against or abstained from approving this report. 
Yes 
 No x 
Name or company name of the member 
of the Board of Directors who has not 
voted for the approval of this report 
Reasons (against, 
abstention, non attendance)) 
Explain the reasons

Annual Report on 
Remuneration (ARR)

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ISSUER IDENTIFICATION 
Year-end date: 31/01/2022 
CIF: A-15075062 
Company name: Industria de Diseño Textil, S.A.  
Registered office:  Avenida Diputación, Edificio Inditex, Arteixo (A Coruña)

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About this Report 
This Report (the “Report” or the “Annual Report on Remuneration of Directors”) provides information 
on remuneration of directors for the period running from 1 February 2021 through 31 January 2022 
(financial year 2021) and offers detailed information about the Directors’ Remuneration Policy of 
INDUSTRIA DE DISEÑO TEXTIL, S.A. (INDITEX, S.A.), ( “Inditex”, the “Company” or the “Group”) for 
2022. 
This Report was drawn up by the Remuneration Committee (the “Remuneration Committee” or “the 
Committee”) pursuant to the provisions of section 541 of the Spanish Companies Act (“LSC” (Spanish 
acronym) or the “Companies Act”); Order EEC/461/2013 of 20 March, whereby the contents and 
structure of the annual corporate governance report, the annual remuneration report, and of other 
information instruments of listed companies, savings banks and other entities which issue securities 
admitted to trading on official securities markets, are determined, as amended by Order 
ECC/2515/2013 of 26 December; Circular 3/2021 of 28 September issued by the National Securities 
Market Commission (“CNMV” (Spanish acronym)) amending Circular 4/2013 of 12 June, that establishes 
the template of the Directors’ Annual Remuneration Report of listed companies and of members of the 
board of directors or the control committees of savings banks and other entities that issue securities 
admitted to trading on official securities markets. This Circular addresses the changes to directors' 
remuneration introduced by Act 5 of 12 April 2021 amending the redrafted text of the Spanish 
Companies Act, approved by Royal Legislative Decree 1 of 2 July 2010, and other financial regulations, 
with regard to the promotion of long-term shareholder engagement in listed companies, and 
transposing Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 
amending Directive 2007/36/EC as regards the promotion of long-term shareholder engagement in 
listed companies; section 30 of the Board of Directors' Regulations and section 6 of the Remuneration 
Committee’s Regulations. 
This Report is filed in a free format, in accordance with the provisions of CNMV’s Circular 4 of 12 June 
2013 (consolidated text); however, its contents comply with the minimum requirements established in 
applicable laws and regulations, and is accompanied by the standardised statistical appendix stipulated 
therein.  
This Annual Report on Remuneration of Directors for financial year 2021 was approved by Inditex’s 
Board of Directors on 15 March 2022, on the proposal of the Remuneration Committee. As provided in 
section 541(4) LSC, this Report will be submitted to an advisory say-on-pay vote at the next Annual 
General Meeting as a separate agenda item.

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A. COMPANY REMUNERATION POLICY FOR THE 
CURRENT YEAR 
A.1.1. Current directors’ remuneration policy for the current year 
Inditex Directors’ Remuneration Policy for financial years 2021, 2022 and 2023 (the “Directors’ 
Remuneration Policy” or the “Remuneration Policy”) was approved at the Annual General Meeting held 
on 13 July 2021 with 98.42% of votes in favour pursuant to the provisions of section 529novodecies 
LSC.  
At its meeting held on 29 November 2021, and on the proposal of the Nomination Committee, Inditex’s 
Board of Directors passed by unanimous vote the following resolutions, among others: 
 
To accept the resignation tendered by Mr Pablo Isla Álvarez de Tejera as Chairman and member 
of Inditex’s Board of Directors and of its Executive Committee, effective as of 31 March 2022. Mr 
Isla will continue as Chairman until that date. 
 
To appoint via co-option system Ms Marta Ortega Pérez as proprietary director to fill the vacancy 
created by Mr Isla’s resignation as Chairman and member of the Board of Directors and its 
Executive Committee, and to appoint her as (non-executive) Chair of the Board of Directors, in 
both cases with effect from 1 April 2022.  
 
To accept the resignation tendered by Mr Carlos Crespo González as CEO and member of the 
Board of Directors and its Executive Committee and to appoint him as Chief Operating Officer & 
Head of Digital and Sustainable Transformation, effective immediately. 
 
To accept the resignation tendered by Mr Óscar García Maceiras as General Counsel and 
Secretary of the Board of Directors and its Committees and to appoint him via co-option system 
as executive director and CEO, effective immediately. 
Mr Isla's departure marks the conclusion of a generational handover, which had been in preparation for 
some time and was initiated by mutual agreement between him and the founder, shareholder and 
director of the Company, Mr Amancio Ortega Gaona, so that the succession of the Chair would take 
place in an orderly and planned manner.  
The resulting corporate governance model, whereby the roles of Board Chair and CEO will be separate 
and the position of Board Chair is non-executive, is in line with good corporate governance 
recommendations.

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Against this background, the following decisions have been made regarding directors' remuneration: 
1. Proposal to amend the Remuneration Policy: 
In view of the aforementioned changes in the corporate governance structure, at its meeting held 
on 15 March 2022 and on the proposal of the Remuneration Committee, the Board of Directors 
passed a resolution to propose to the Annual General Meeting that the Remuneration Policy be 
amended in order to adapt its content to the new organisational structure. The following is 
proposed in particular: 
 To introduce a fixed cash remuneration, specific to the position of (non-executive) Chair of the 
Board of Directors, reflecting the duties assigned and the intrinsic value and criticality of the 
person appointed to the position. This remuneration is in addition to the fixed annual 
remuneration payable directors in their status as such for their membership on the Board. The 
position of (non-executive) Chair of the Board of Directors will not comprise any other element 
of remuneration and/or compensation in addition to the above.  
 The introduction of this component makes it necessary to increase the maximum amount of 
remuneration that may be paid annually by the Company to all directors in their status as 
such. The Remuneration Policy approved at the Annual General Meeting in 2021 set the 
current limit of €2,480 thousand based on the composition of the Board of Directors and its 
Committees as at the date of approval of that Remuneration Policy (13 July 2021). 
 To determine the total remuneration package for the CEO for the performance of his duties as 
chief executive under the new corporate governance structure, including the terms of his 
contract. In general terms, this proposal remains in line with the principles and foundations 
of Inditex's previous Remuneration Policy,and provides that the aggregate remuneration to 
be paid to the CEO or any other executive director, as the case may be, should they leave the 
Company for reasons not attributable to them personally or to their exclusive will, should not 
be in excess of a sum equivalent to their aggregate remuneration for 2 years calculated on the 
basis of their respective fixed and annual variable for the current year.  
The details, specific amounts and parameters of the proposed amendments, as well as the 
criteria applied and the bodies involved in the decision-making process, are described in the 
different headings of section A on the remuneration policy applicable for the current year.  
It should be pointed out that the combined amount of remuneration proposed for the new 
corporate governance structure remains in line with the principles and foundations of the 
Company's remuneration policy and is even lower than the total amount of remuneration 
resulting from the previous structure.

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2. Proposal to amend the post-contractual non-compete clause of the current Executive 
Chairman: 
As regards the departure of the Executive Chairman, the Remuneration Committee, considered 
at its meeting held on 13 December 2021, the executive agreement in force between Mr Isla and 
the Company, dated 17 March 2015, and the Remuneration Policy approved at the Annual 
General Meeting held on 13 July 2021, in particular with respect to the conditions stipulated in 
case of termination of such executive service relationship. This agreement included a non-
compete clause by virtue of which Mr Isla undertook not to carry out activities in competition with 
those of the Company or any other company of the Inditex Group for a term of two years starting 
from the termination of his contractual relationship, in exchange for compensation in the amount 
of one year's fixed remuneration. The clause set out an obligation for Mr Isla to reimburse such 
consideration and a further amount as a penalty in the event of breach of the commitment, 
without prejudice to the compensation for damages caused by such breach and without the 
payment of such penalty and compensation releasing Mr Isla from compliance with such 
obligation. 
The Remuneration Committee reviewed these conditions and concluded that both the current 
compensation and the scope of the non-compete obligation agreed when Mr Isla joined the 
Company in 2005, which have remained unchanged since then, are outdated. An in-depth 
analysis of the current conditions of the sector shows that the conditions must be updated, 
especially taking into account the transformation of the retail business in the fashion industry, 
notably with regard to the emergence of the online business, the use of technology in customer 
relations, as well as the arrival of a new type of competitor in the sector, the so-called “market 
places”, and the experience acquired by Mr Isla in this sector, which is extremely attractive for 
any competitor.  
As a result, the Remuneration Committee resolved to submit to the Board of Directors a proposal 
to novate the contract (“Novation of the Contract”) entered into with Mr Isla in order to strengthen 
the post-contractual non-compete clause included therein, as it was deemed to be in the 
Company's best interest to bolster this commitment extending its scope and increasing the 
penalty that Mr Isla should pay should he fail to observe the non-compete clause, while at the 
same time increasing the amount of the compensation to be paid by the Company, as maintaining 
the initially agreed conditions could entail a serious strategic risk for the Company. The Board of 
Directors approved on 14 December 2021 to offer Mr Isla such proposal to novate his Contract 
and Mr Isla accepted this Novation of the Contract on 15 March 2022. 
The compensation under the non-compete clause set out in the Novation of the Contract 
observes the limits on the maximum amounts of severance payments for executive directors 
referred to in the recommendations of the Good Governance Code of Listed Companies approved 
by CNMV’s board on 18 February 2015 and amended in part on 26 June 2020. However, as it 
exceeds the provisions of the current Remuneration Policy regarding severance payments for 
Executive Directors, the Board of Directors resolved at its meeting held on 14 December 2021, 
on the proposal of the Remuneration Committee, to submit the proposal to increase such 
compensation to shareholders at the Annual General Meeting.

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A breakdown of the criteria considered in this process of reflection by the Remuneration 
Committee for the proposal of the Novation of the Contract, as well as the resolutions passed by 
the Board of Directors in post-contractual non-compete matters, on the proposal of the 
Remuneration Committee, is provided in section A.1.8. This section also includes details of all 
payments associated with the departure of the Executive Chairman.  
As a result of the foregoing, a distinction must be made between two periods for FY2022 based on the 
current corporate governance structure and the applicable Remuneration Policy:  
 
From 1 February to 31 March 2022, the transitional period for the transfer of duties from the 
Executive Chairman to the CEO. The Directors' Remuneration Policy approved at the Annual 
General Meeting held on 13 July 2021 is applicable in the period.  
 
From 1 April 2022 to 31 January 2023, the period starting with a new (non-executive) Chair of 
the Board of Directors and the CEO, now fully in office. Two different time intervals should be 
considered in this period: 
 Between 1 April and the date of the 2022 Annual General Meeting, directors' remuneration 
will be in accordance with the Remuneration Policy approved at the Annual General Meeting 
held on 13 July 2021.  
 From the date of the 2022 Annual General Meeting until 31 January 2023, the amendment to 
the Remuneration Policy and the resolution regarding the novation of the post-contractual 
non-compete clause of the current Executive Chairman, once approved, will be applicable and 
will be submitted for approval at the 2022 Annual General Meeting.  
Corporate governance 
structure 
Period 
Remuneration to be paid under the 
following Remuneration Policy 
Transitional period for the 
transfer of duties from the 
Executive Chairman to the 
CEO 
01/02/22 – 31/03/22 
Directors' Remuneration Policy approved at 
the Annual General Meeting held on 13 July 
2021 
(non-executive) Chair of the 
Board of Directors and CEO 
fully in office 
01/04/22 – Date of the 
2022 Annual General  
Meeting 
Date of the 2022 Annual 
General Meeting – 
31/01/23 
Amended Directors' Remuneration Policy, 
once approved at the 2022 Annual General 
Meeting 
Specific resolution of the Annual General 
Meeting on the post-contractual non-
compete clause

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The following sections detail the Remuneration Policy applicable to financial year 2022.  
A.1.1. a) Procedures and company bodies involved in determining, 
approving and applying the remuneration policy and its terms and 
conditions. 
The procedures and Company bodies involved in determining and approving the Remuneration Policy 
and its terms and conditions are described below: 
1. Annual General Meeting. Pursuant to section 529septdecies and novodecies LSC and article 31 of the 
Articles of Association, the General Meeting of Shareholders shall be responsible for: 
 
Approving the Directors’ Remuneration Policy, at least every three years. 
 
Determining the maximum amount of the annual remuneration to be paid to all directors in their 
status as such. 
The Board of Directors plans to submit for approval at the 2022 Annual General Meeting the following 
proposed resolutions, as separate agenda items: (i) the Annual Report on Remuneration of Directors for 
the year ended 31 January 2022; (ii) the amended Directors’ Remuneration Policy for financial years 
2022 and 2023; and (iii) the proposed increase of the post-contractual non-compete compensation 
and amendment of its scope and the applicable penalty in case of breach as provided in the Novation 
of Mr Isla's Contract. 
2. Board of Directors. Pursuant to sections 249 and 249bis LSC, the Board of Directors shall have the 
following powers, which are non-delegable: 
 
Decisions relating to remuneration of directors within the scope of the Articles of Association and 
of the Remuneration Policy approved at the Annual General Meeting. 
 
The approval of the contracts entered into with the executive directors including, without 
limitation, the remuneration items they may be entitled to for the performance of executive 
duties, including the potential severance pay as a result of early termination, and the amounts to 
be paid by the Company as insurance premiums or contributions to savings systems. 
3. Remuneration Committee. Pursuant to the provisions of the Board of Directors’ Regulations and the 
Remuneration Committee’s Regulations, below is a summary of the duties the Committee is entrusted 
with regarding determination, enforcement, review and transparency of the Remuneration Policy: 
a) Determination of the Remuneration Policy: 
 To propose to the Board of Directors the remuneration policy for Directors as well as the 
regular review and update thereof. 
 To propose to the Board of Directors the system and amount of the annual remuneration of 
directors, to be submitted to shareholders at the Annual General Meeting.

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 To propose to the Board of Directors for approval, the individual remuneration of executive directors 
and the remaining basic terms and conditions of their contracts, including any potential severance 
pay or indemnity which may be payable in the event of termination of the contract by unilateral 
decision of the Company and the amounts to be paid by the Company as insurance premiums or 
contributions to savings schemes, pursuant to the provisions of the internal regulations of the 
Company and of the Directors’ Remuneration policy from time to time in force. 
b) Application of the Remuneration Policy: 
 To approve at the beginning of each year the targets to which the annual variable 
remuneration of executive directors is tied and evaluate the achievement thereof at the end 
of the year. Further to such evaluation, the Remuneration Committee drafts a proposal on 
annual variable remuneration of executive directors that is submitted to the Board of Directors 
for approval. 
 To approve the targets of each cycle of long-term variable remuneration. The Remuneration 
Committee carries out an annual evaluation and an overall evaluation upon expiry of each cycle, of 
the level of achievement reached for each target, considering the information provided by the 
Company, and proposes to the Board of Directors for approval, the levels of incentive associated to 
achievement, based upon the performance scales set, and extraordinary factors, as the case may 
be, which may have occurred during the performance period of the plan in question. 
The evaluation of targets and the level of achievement thereof to which long-term annual 
variable remuneration is linked, is based upon the results provided by different areas and 
departments of the company, pursuant to the terms of section A.1.10 below. Considering 
the foregoing, the Remuneration Committee drafts a proposal on annual variable 
remuneration of executive directors which is submitted to the Board of Directors for 
approval. In the proposal on variable remuneration, the Remuneration Committee also 
considers the quality of results in the long-term as well as any risk associated thereto. 
 To propose to the Board of Directors the cancellation of payment or, where appropriate, the 
refund (clawback) of the variable items of the remuneration of executive directors based on 
results, when these items have been paid on the basis of information clearly shown later to 
be inaccurate, as well as, where appropriate, filing claims or any other applicable measures. 
c) Review of the Remuneration Policy: 
 To regularly review the Directors’ Remuneration Policy, including share-based remuneration 
systems and the application thereof, verifying that it is consistent with the specific 
circumstances of the Company, and aligned with its strategy, in the short, mid and long-term, 
and with market conditions, considering whether it contributes to building sustainable value, 
and to ensuring an appropriate risk control and management.

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d) Transparency of the Remuneration Policy: 
 To prepare and submit to the Board of Directors, for approval, the Directors’ Annual 
Remuneration Report, and to verify the information on the remuneration of directors provided 
in the corporate documents, the notes to the annual accounts and in the interim financial 
statements of the Company. 
The Remuneration Committee meets at least three times a year and whenever it is deemed 
appropriate for its smooth operations, and at any rate, each time the Board of Directors or its 
Chairman requests the issuing of a report or the passing of proposals within its remit. 
The Board of Directors or its Chair will request information from the Remuneration Committee. 
Likewise, the Committee shall consider the suggestions made by the Chair, Board members, 
officers or shareholders of the Company. Moreover, the Remuneration Committee shall hold a 
regular meeting every year to prepare the information on the remuneration of directors, which 
the Board of Directors has to approve and include as part of its annual public documentation. 
The Remuneration Committee shall report to the Board of Directors on the matters discussed and 
the decisions made, accounting for its proceedings and work done in the meeting that the Board 
of Directors holds immediately after each meeting of the Remuneration Committee. Additionally, 
a copy of all the minutes taken at the Remuneration Committee’s meetings shall be made 
available to all directors. 
In accordance with financial year 2022 schedule, the Remuneration Committee is expected to 
hold, at least, 3 meetings. 
A.1.1 b) Consideration of comparable companies in order to 
establish the Company's Remuneration Policy 
The Remuneration Committee deems essential to regularly review the Directors’ Remuneration Policy, 
in line with best practices on corporate governance endorsed by institutional investors and the 
recommendations of the main proxy advisors. 
In this regard, the Remuneration Committee has conducted a number of remuneration benchmarking, 
assisted by an independent experienced consultant in the field of director remuneration, to propose 
appropriate levels of remuneration for both the new (non-executive) Chair of the Board of Directors and 
the CEO for their roles in the new corporate governance structure. 
In particular, with regard to the (non-executive) Chair of the Board of Directors, market practice in 
relevant European countries has been considered. For this purpose, the amounts and remuneration 
practices for the remuneration of (non-executive) Board Chairs in the companies that make up the main 
stock market indices (Ibex-35 in Spain, CAC40 in France, FTSE MIB in Italy, DAX40 in Germany, SMI 20 
in Switzerland and FTSE 100 in the United Kingdom) have been analysed.

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With regard to the CEO, several comparator groups were considered, selected on the basis of sector, 
size and geographic spread criteria, in line with the analyses carried out in previous years for the 
Company's chief executive. The comparator groups considered are the following: 
 
STOXX Europe 50, comprising the 50 companies with the largest market capitalisation in Europe. 
This index was designed by STOXX Ltd. 
 
Dow Jones Retail Titans 30 Index, made up of the 30 leading companies of the retail sector. Such 
companies are selected by Dow Jones based upon ranking by market capitalisation, revenue and 
net profit. 
 
Large Ibex-35 companies comparable in size to Inditex (Iberdrola, Santander, Telefónica and 
BBVA). 
A.1.1 c) Information on external advisors. 
To better discharge its duties, the Remuneration Committee may request the Board of Directors to engage 
legal, accounting, financial or other experts at the expenses of the Company. 
In this regard, in the current year to this date, to prepare this Report the Remuneration Committee has been 
advised by WTW, an independent consultant specialising in the field of compensation of directors and senior 
managers, in connection with its drafting, the drafting of the amendment to the Remuneration Policy and the 
preparation of remuneration benchmarks; and by the law firm Uría Menéndez, which has provided legal 
advice on corporate governance and post-contractual non-compete clauses. 
A.1.1. d) Procedures set forth in the current directors' 
remuneration policy in order to apply temporary exceptions to the 
policy, conditions under which those exceptions can be used and 
components that may be subject to exceptions according to the 
policy. 
Neither the current Remuneration Policy, nor the amendment thereof proposed at the upcoming Annual 
General Meeting include the possibility to apply temporary exceptions. 
A.1.2. a) Remuneration mix. Criteria and objectives taken into 
consideration in their determination and to ensure an appropriate 
balance between fixed and variable remuneration items. 
Remuneration of directors in their status as such is fully comprised of fixed remuneration items. 
With regard to executive directors, their total remuneration is made up of a fixed element, a short-term 
or annual variable element and a long-term or multi-year variable element, in cash and/or in shares.

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Pursuant to the Remuneration Policy approved at the Annual General Meeting in 2021, in a scenario of 
maximum level of performance, the weight of variable or at-risk remuneration with respect to total 
remuneration (considered for these purposes as fixed remuneration, annual variable remuneration and 
long-term incentive annualised according to the share price at the beginning of each cycle) could 
represent up to 75% for the Executive Chairman and for the CEO.  
The amendment to the Remuneration Policy proposed for approval at the 2022 Annual General Meeting 
does not include changes to the remuneration items comprising the CEO 's total remuneration and the 
maximum weighting of variable remuneration on total remuneration remains within the limits specified 
for the position of CEO. 
The remuneration mix of the different remuneration scenarios based upon target achievement, ensures 
that the fixed remuneration represents a significant part of total remuneration, for the purposes of 
preventing taking any unnecessary risks. 
Variable remuneration items to compensate executive directors, tied to the achievement of Group’s 
targets, are flexible enough to allow their shaping, including the possibility of not paying any variable 
remuneration component under certain circumstances; in such case, fixed remuneration would 
represent 100% of total remuneration. Under no circumstances is variable remuneration guaranteed. 
A.1.2. b) Actions adopted to adapt the Remuneration Policy to the 
long-term objectives, values and interests of the Company, and 
measures taken to ensure that the long-term results of the 
company are taken into account in the Remuneration Policy 
In the design of the remuneration scheme, fixed and variable components are efficiently balanced, as 
indicated above. Specifically, pursuant to the Remuneration Policy approved at the Annual General 
Meeting in 2021, long-term or multi-year variable remuneration, on an annualised basis and for a 
maximum target achievement scenario, may have a weighting of less than 40% of total remuneration 
(considering for these purposes the fixed, short-term variable and long-term variable remuneration 
annualised based on the share price at the beginning of each cycle). In accordance with the proposed 
amendment to the Remuneration Policy, the weighting of the long-term variable remuneration for the 
new CEO is below this limit. 
Long-term variable remuneration plans are encompassed in a multi-year framework (of at least 3 years) 
to ensure that the evaluation process is based upon long-term results and that the underlying economic 
cycle of the Company and the achievement of strategic targets is considered therein.  
Part of this long-term variable remuneration is granted and delivered in shares, based upon value 
creation, so that the interests of the executive directors and officers are aligned with those of the 
shareholders. Specifically, in a scenario of maximum level of achievement, close to 30% of the total 
variable remuneration of the executive directors would be delivered in shares (this value considers the 
share price at the start of each cycle; it does not take into account the potential change in share price 
during the performance period).  
The Executive Chairman committed to the Company to maintain in his personal wealth, while he 
remains in office, a number of shares equivalent to at least 2 years of fixed remuneration.

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The CEO, Mr Óscar García Maceiras, has undertaken to retain for at least 3 years the net shares that he 
may receive as a result of any element of variable remuneration, until he holds a number of shares 
equivalent to at least 2 years of his fixed remuneration. In any case, once this shareholding target has 
been reached, the CEO must comply with the retention obligations set out from time to time for shares 
delivered through incentive schemes. These courses of action result in a better alignment of the 
interests of CEO with those of the shareholders. 
Payment of variable remuneration at Inditex, both annual and multi-year, is tied to the achievement of 
sustainability targets (ESG). These targets are aligned with the Group’s sustainable strategy, wherein 
all stakeholders are considered, and allows rewarding its implementation. Namely, in financial year 
2022 the weight of sustainability objectives on aggregate variable remuneration is approximately 20%.  
The amendment to the Remuneration Policy proposed for approval at the 2022 Annual General Meeting 
does not foresee any material changes in the design and weighting of the variable remuneration 
components. 
A.1.2. c) Actions adopted relating to the remuneration system to 
reduce exposure to excessive risks and avoid conflicts of interest 
and if any clause exists reducing the deferred remuneration or 
obliging the director to return remuneration received. 
(i) Measures taken by the Company to reduce exposure to excessive risks. 
The measures taken by the Company to reduce exposure to excessive risks are: 
 
Executive directors’ total remuneration comprises different remuneration items, mainly 
consisting of: (i) a fixed remuneration, (ii) a short-term variable remuneration (annual), and (iii) a 
long-term (multi-year) variable remuneration. The remuneration mix in the different 
remuneration scenarios based upon achievement of targets, ensures that the fixed remuneration 
represents a significant part of aggregate compensation, for the purposes of preventing taking 
any unnecessary risks. 
 
No guaranteed variable remunerations exist. Variable remuneration items are flexible enough to 
allow their shaping, to the extent that it is possible that no amount is paid in terms of variable 
remuneration. 
(ii) Measures taken in respect of those categories of staff whose professional 
activities may have a material impact on the Company’s risk profile. 
The measures taken in respect of those categories of staff whose professional activities may have a 
material impact on the Company’s risk profile are: 
 
The Remuneration Committee is responsible for considering and reviewing the Directors’ and 
Senior Managers’ Remuneration Policy and for enforcing it. Those professionals whose activity 
may have a material impact on the Company’s risk profile are included in this group.

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 
All members of the Remuneration Committee also sit on the Audit and Compliance Committee. 
Therefore, the Chair of the Remuneration Committee is a member of the Audit and Compliance 
Committee and in turn, the Chair of the Audit and Compliance Committee sits on the Remuneration 
Committee. The Audit and Compliance Committee is responsible for overseeing management and 
control systems in respect of financial and non-financial risks. The presence of the same directors on 
both committees and the reporting to the Board of Directors by the Chairs of the Remuneration and the 
Audit and Compliance Committees on the main matters discussed in the meetings, ensures that risks 
associated to remuneration are considered in the course of the debates of the Remuneration Committee 
and of the Audit and Compliance Committee and in the motions they submit to the Board of Directors, 
regarding both the determination and the evaluation of annual and multi-year incentives.  
 
Likewise, three ordinary members of the Remuneration Committee also sit on the Sustainability 
Committee. In particular, the Chair of the Sustainability Committee is a member of the Remuneration 
Committee. The Sustainability Committee is responsible for overseeing and monitoring motions in the 
field of sustainability, on social and environmental issues, of health and safety of the products that the 
Company places on the market, and the relations with the different stakeholders, and with following up 
on the sustainable strategy, evaluating the level of compliance thereof and, as the case may be, 
proposing recommendations to improve the Group’s positioning in the field. Thus, the fact that the same 
directors sit on the above referred board committees allows ensuring that alignment with the Group’s 
priorities in the field of sustainability and with those of its stakeholders is considered upon establishing 
and enforcing the Remuneration Policy. 
(iii) Measures taken by the Company to avoid potential conflicts of interest 
With regard to the measures set to detect, determine and resolve any potential conflicts of interest, 
conflict of interest scenarios are defined in section 34 of the Board of Directors’ Regulations, which also 
provides the rules which govern such conflicts. Sections 33 and 35 to 37 thereof cover the obligation of 
non-competition, the use of corporate assets, the use of non-public information for private purposes 
and the taking advantage of business opportunities corresponding to the Company. Meanwhile, section 
39 covers such specific issues that Directors must report to the Company. 
Additionally, section 1 of the Board of Directors’ Regulations provides that the rules of conduct for 
directors shall apply, insofar as they are compatible with their specific nature, to senior managers of the 
Company, namely, the following sections: 32 (duty of confidentiality); 34 (conflicts of interest), with 
regard to the duty to inform the Company; 35 (use of corporate assets); 36 (non-public information); 37 
(business opportunities), and 38 (prohibition to make undue use of the office). 
Moreover, with regard to significant shareholders, senior managers and any person affiliated therewith, 
section 40 of the Board of Directors’ Regulations provides the rules governing “Transactions with 
Directors and significant shareholders”. One of the duties assigned to the Audit and Compliance 
Committee consists of reporting on certain related party transactions. In light of this report, it falls to 
the General Meeting of Shareholders, the Board of Directors or another body with delegated authority, 
as the case may be, to approve the transaction when appropriate.

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Meanwhile, section 4.8 of the Code of Conduct and Responsible Practices of the Group addresses how 
Inditex’s employees must act when faced with a conflict of interest between their personal interests 
and those of the Company, as well as the situations which need to be reported to the Committee of 
Ethics.  
(iv) Measures taken by the Company regarding the clauses on reduction or 
return of variable remuneration 
With regard to the clauses on reduction of the deferred remuneration or that forces directors to return 
remuneration received when such remuneration has been based on certain figures that have clearly 
been shown to be inaccurate: 
 
The Remuneration Committee may propose to the Board of Directors the cancellation of payment 
or, where appropriate, the clawback of the variable items of the remuneration of directors based 
on results, when these items have been paid on the basis of information clearly shown later to be 
inaccurate. In such cases, the Committee may also propose the termination of the relationship 
with the relevant supervisor and the filing of the relevant claims, all the foregoing pursuant to the 
terms of section 6 of the Remuneration Committee’s Regulations. 
In this regard, should (i) any event or circumstance occur that would result in the negative change 
or variation, in final terms, of the financial statements, results, economic data, performance data 
or otherwise, upon which the accrual and payment to the executive directors of any amount in 
terms of variable remuneration would have been based, and, (ii) should such change or variation 
determine that, if they had become known at the date of accrual or payment, the executive 
directors would not have received any amount, or, would have received a lesser amount than the 
one initially paid, the Remuneration Committee may propose to the Board of Directors 
(regardless of whether or not the CEO is still with the Company at the moment of the claim) that 
the Company claims the clawback of the full sum or of any excess paid. 
 
With regard to the current Long-term Incentive Plans (the 2019-2023 and 2021-2025 plans), as well 
as any outstanding variable remuneration while the Remuneration Policy is in effect, the Company 
may cancel before payment and/or claim refund of the incentive previously paid, in full or in part, in 
the event that any of the following unforeseen circumstances would occur during (i) the period 
immediately before consolidation, or (ii) the 2 years following settlement of the incentive, as the case 
may be: 
 (i) losses in the Group (negative PBT) in the 2 years after the expiry of each cycle, attributable to 
management decisions made in the performance period of each cycle; 
 (ii) material restatement of the Group’s financial statements, when so considered by the 
external auditors and when this is to the detriment of the Company, except where this is 
appropriate pursuant to a change in accounting standards; 
 (iii) serious breach of the internal regulations on the part of the executive directors, as 
confirmed by the Committee of Ethics.

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A.1.3. Amount and nature of fixed components that are due to be 
accrued during the year by directors in their capacity as such. 
Pursuant to section 529septdecies LSC, the Directors' Remuneration Policy approved at the Annual 
General Meeting held on 13 July 2021 determines the maximum amount of remuneration that may be 
paid each year by the Company to all directors in their status as such. Based on the composition of the 
Board of Directors and its Committees at the date of approval of this Remuneration Policy, this 
maximum amount was set at €2,480 thousand.  
In view of the organisational changes outlined above, the Board of Directors resolved to submit to the 
Annual General Meeting a motion on the amendment of the Remuneration Policy to increase this 
maximum limit to bring it into line with the new corporate governance structure, as well as to establish 
a specific fixed remuneration for the position of (non-executive) Chair of the Board of Directors, which 
has not been paid to date.  
In order to propose to the Board of Directors the remuneration for the position of (non-executive) Board 
Chair, the Remuneration Committee has carried out a reflection exercise in financial year 2022, taking 
into account the following factors: 
 
The intrinsic value of the person holding the position, due to her knowledge of the retail business 
in the fashion industry and of the Inditex Group, where she has carried out different roles and 
performed different duties, and her importance from an institutional perspective.  
 
The special responsibility of the position and the criticality of the duties inherent thereto. Specifically, 
in addition to the duties inherent to the position of Board Chair, the (non-executive) Chair of the Board 
of Directors of Inditex will have under her direct responsibility the areas of Internal Audit, General 
Counsel’s Office, and Communication.  
 
Exclusive and additional dedication with respect to the members of the Board of Directors.  
 
Recommendations from institutional investors and proxy advisors, as well as general corporate 
governance recommendations.  
 
Market practices in relevant European countries. For this purpose, the amounts and 
remuneration practices for the remuneration of (non-executive) board chairs in the companies 
that make up the main stock market indices (Ibex-35 in Spain, CAC40 in France, FTSE MIB in 
Italy, DAX40 in Germany, SMI20 in Switzerland and FTSE 100 in the United Kingdom) have been 
analysed. 
As a result of the aforementioned analyses, on the proposal of the Remuneration Committee, the Board 
of Directors has decided to establish a specific fixed remuneration for the position of (non-executive) 
Chair of the Board of Directors, which amounts, on an annualised basis, to €900 thousand and which 
will be paid in cash. This remuneration is included as part of the amendments to the Remuneration 
Policy which will be submitted for approval at the 2022 Annual General Meeting. The Chair of the Board 
of Directors will also receive the annual remuneration set for all directors for their board membership, 
which, on an annualised basis, amounts to €100 thousand. The remuneration of the (non-executive) 
Chair of the Board of Directors does not comprise any other element of remuneration and/or 
compensation in addition to the above.

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Consequently, a motion is made for the maximum amount of the annual remuneration to be paid to all 
the directors in their status as such, to stand at €3,380 thousand. 
Within the limit set by the Annual General Meeting, it falls to the Board of Directors, upon proposal of 
the Remuneration Committee, to determine the manner and time at which such amounts are to be paid. 
At its meeting held on 15 March 2022 and on the proposal of the Remuneration Committee, the Board 
of Directors resolved to maintain for financial year 2022 the following amounts set in the Directors' 
Remuneration Policy approved at the Annual General Meeting held on 13 July 2021 (with 98.42% of 
votes in favour) which have remained unchanged since they were approved at the Annual General 
Meeting held on 19 July 2011 (with 99.59% of votes in favour): 
 
Each director will receive an annual fixed remuneration in the amount of €100 thousand  for their 
directorship; 
 
The Deputy Chair or Deputy Chairs of the Board of Directors will receive an additional fixed 
remuneration of €80 thousand; 
 
The Chairs of the Audit and Compliance Committee, the Nomination Committee, the 
Remuneration Committee and the Sustainability Committee, will receive an additional fixed 
remuneration of €50 thousand; and 
 
Directors who in turn sit on the Audit and Compliance Committee, the Nomination Committee the 
Remuneration Committee and/or the Sustainability (including the Chair of each Committee) will 
receive an additional fixed remuneration of €50 thousand. 
Such amounts are fully independent and compatible with each other. 
Except for the remuneration of the Executive Chairman and the CEO for the performance of executive 
duties, the amounts shown above represent the only remuneration paid to directors of the Company for 
membership on the Board of Directors of Inditex or of any Group company. No per diems are paid for 
attendance at meetings of the Board of Directors or its delegated or advisory Committees, nor is there 
any remuneration in the form of profit-sharing or bonuses, or remuneration systems or pension plans 
incorporating variable remuneration, or severance payments for the termination of their relationship 
with the Company or any other items determined for the performance of executive duties. The foregoing 
is notwithstanding the refund to the directors of any reasonable travelling and accommodation fees 
incurred upon attending the meetings of the Board of Directors or of the Committees where they sit. 
Inditex has also taken out D&O insurance policy for directors, executives and staff performing similar 
duties in the Company. 
A.1.4. Amount and nature of fixed components that are due to be 
accrued during the year for the performance of senior management 
functions of executive directors. 
The Remuneration Policy approved at the Annual General Meeting held on 13 July 2021 sets out the 
fixed remuneration amounts for the Executive Chairman and the CEO, which remain unchanged for the 
3 financial years covered by the policy. Therefore, from 1 February to 31 March 2022, the transitional

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period for the transfer of duties from the Executive Chairman to the CEO, the fixed remuneration of the 
executive directors, on an annualised basis, amounts to the following: 
 
Executive Chairman: €3,250 thousand. The Remuneration Policy stipulates that this amount is 
payable in 14 instalments and will apply until the termination date of 31 March 2022. Therefore, 
the estimated amount to be accrued by the Executive Chairman in 2022 for this item amounts to 
€597 thousand (this amount includes the payments for the months of February and March and 
the prorated part of the 13th and 14th months extraordinary payments). 
 
CEO: €1,500 thousand, to be paid in 14 instalments.  
With a view to proposing to the Board of Directors the fixed remuneration of the position of CEO for the 
performance of his executive duties in the new corporate governance structure, in 2022 the 
Remuneration Committee has carried out a reflection exercise where it has considered the following 
factors and applied the following criteria: 
 
The principles and foundations set out in the Remuneration Policy approved at the Annual General 
Meeting held on 13 July 2021. In particular, the principle whereby this fixed remuneration must 
represent a sufficient part of their compensation package for the sake of achieving an appropriate 
balance between fixed and variable remuneration items. 
 
The new corporate governance structure under which the roles of Chair and CEO are separate 
and the position of Chair of the Board of Directors is non-executive.  
 
The consistency with the responsibility and duties as chief executive and leadership within the 
organisation, in line with the remuneration paid in the market by comparable companies. 
 
The extent to which fixed and total remuneration is appropriate to reward the value of the contribution 
of the position and the individual, both to the Company and to shareholders. 
 
Internal fairness with regard to the remuneration of the members of the Management 
Committee, made up of officers of the Inditex Group with a long track record and from different 
corporate and business areas.  
 
Guidelines from institutional investors and proxy advisors, as well as feedback received from 
them in the Company's regular consultation process.

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 
Total remuneration benchmarking for the lead executive in various comparator groups, as 
described in section A.1.2. 
In view of the foregoing considerations, the Board of Directors resolved at its meeting held on 15 March 
2022 to set a fixed remuneration for the CEO amounting to €2,500 thousand on an annualised basis. 
Once approved at the Annual General Meeting, this amount shall remain unchanged during the financial 
years covered by the Remuneration Policy.  
A.1.5. Amount and nature of any component of remuneration in 
kind that will accrue during the year. 
No remunerations in kind exist other than the delivery of shares referred to in the following section 
regarding variable components of remuneration.  
A.1.6. Amount and nature of variable components, differentiating 
between those established in the short and long terms. Financial and 
non-financial, including social, environmental and climate change 
parameters selected to determine variable remuneration for the 
current year, explaining the extent to which these parameters are 
related to performance, both of the director and of the company, and to 
its risk profile, and the methodology, necessary period and techniques 
envisaged to be able to determine the effective degree of compliance, at 
the end of the year, with the parameters used in the design of the 
variable remuneration, explaining the criteria and factors applied in 
regard to the time required and methods of verifying that the 
performance or any other conditions linked to the accrual and vesting of 
each component of variable remuneration have effectively been met.  
Monetary terms of the different variable components according to 
the degree of fulfilment of the objectives and parameters 
established, and whether any maximum monetary amounts exist in 
absolute terms.  
With regards to directors in their status as such, including the Chair of the Board of Directors from 1 
April 2022, the fixed remuneration items referred to above are the only remuneration paid to them for 
membership on the Board of Directors of Inditex. There is no remuneration under a profit-sharing 
scheme, nor any remuneration systems or schemes covering a variable remuneration. 
In the specific case of the Executive Chairman, the Remuneration Policy approved at the Annual General 
Meeting held in 2021 stipulates an annual variable remuneration with a target amount equivalent, on 
an annualised basis, to 120% of the fixed remuneration for the performance of executive functions. In 
case of overachievement of the pre-established target levels, it might reach up to 125% of variable 
target remuneration (€4,875 thousand on an annualised basis). On the proposal of the Remuneration 
Committee, the Board of Directors has considered and assessed the success of the handover process 
from the Executive Chairman to the (non-executive) Chair of the Board of Directors and the CEO during

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the transitional period, as well as the performance of sales in these months compared to the previous 
financial year. No other variable remuneration has been granted to the CEO in financial year 2022.  
For the CEO, the variable components of his remuneration for the performance of his executive 
functions, as stipulated in the Remuneration Policy approved at the Annual General Meeting in 2021, 
are as follows: 
 
Short-term or annual variable remuneration. 
 
Long-term or multi-year variable remuneration. 
Below is a description of the main features of each of such components: 
 
Short-term or annual variable remuneration: 
Annual variable remuneration is tied to the achievement of annual quantitative and qualitative 
targets, specific, pre-established and quantifiable, in line with the interest of the Company and 
consistent with the medium to long-term strategy. 
Quantitative targets represent at least 60% of the aggregate incentive. They consist of metrics 
which ensure an appropriate balance between financial and operational elements of the 
management of the Company. Qualitative targets represent at least 30% of the aggregate 
incentive.  
A performance scale is associated, where reasonably possible, to quantitative and qualitative targets. 
Such scale, fixed at the beginning of each financial year, includes a minimum threshold below which 
no incentive is paid, a level of achievement on target, which corresponds to the standard level of 
achievement of targets, and a maximum level of achievement, above which the incentive is not 
increased. Each metric is associated a specific performance scale, determined and calibrated in 
accordance with the variability of each of them and the target’s level of requirement. In this regard, 
scales may have different slopes (i.e. relationship between level of achievement and level of 
payment). Additionally, different payout levels between minimum and on target level, and between 
on target and maximum level of achievement, may be included in the scale regarding the same 
performance measure. 
The Remuneration Committee is responsible for approving the targets at the beginning of each 
financial year and assessing their achievement level at year end. This evaluation is done based 
upon the data and the results provided by the Financial Division, the General Counsel’s Office –
Compliance Office and the Sustainability Department, all of which are first reviewed by the Audit 
and Compliance Committee and the Sustainability Committee, as the case may be, as well as 
upon the level of achievement of the relevant targets.

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Further to such review, the Remuneration Committee draws up a proposal on annual variable 
remuneration which is submitted to the Board of Directors for approval. In this proposal, the 
Remuneration Committee also considers the quality of results in the long-term as well as any 
associated risk. 
For the purposes of ensuring that the annual variable remuneration is effectively aligned with the 
performance of the CEO, any positive or negative economic effects arising from any extraordinary 
events which might introduce distortions into the results of the evaluation, may be removed upon 
determining the level of achievement of the quantitative targets. 
In accordance with the Directors’ Remuneration Policy approved at the Annual General Meeting 
held in 2021, the CEO’s target annual variable remuneration, i.e., the one which corresponds to 
a level of achievement of on target, shall be equivalent to 120% of the fixed remuneration for the 
performance of executive functions. In case of overachievement of the pre-established targets, 
this could amount to a maximum of 125% of annual target variable remuneration (150% of fixed 
remuneration for the performance of executive functions, i.e. €,3,750 thousand on an annualised 
basis). The motion on the amendment to the Remuneration Policy which will be submitted for 
approval at the 2022 Annual General Meeting continues along the lines of these amounts.  
The terms of the annual variable remuneration system for the CEO, including the structure, 
maximum levels of remuneration, targets established and the weight of each of them, are 
reviewed every year by the Remuneration Committee, considering the Company’s strategy, its 
needs and the business status, and the recommendations and best practices in the market in the 
field of remuneration. Such terms are submitted to the Board of Directors for approval. 
Namely, the Board of Directors has resolved on 15 March 2022, on the proposal of the 
Remuneration Committee, that the annual variable remuneration for the CEO in financial year 
2022 will be determined in accordance with the following criteria:

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Weighting 
Performance measures 
Measurement criteria 
70% 
Net sales (35%) and 
contribution margin (35%) 
The same criteria established for senior managers according to the budget 
of the Company are applied. 
15% 
Personal performance  
Assessment by the Board of Directors, on the proposal of the Nomination 
Committee. 
Strategic development of the 
Company 
Boost of store and online integration, through the development and 
implementation of new processes and tools allowing to provide a 
differentiated customer experience, pursuant to the Groups’ targets 
15% 
Progress in implementation 
of the strategy towards global 
sustainability, measured 
against the following 
indicators: 
(i) Increase in the number of sustainable items, measured against the 
following parameters: 
a. More sustainable raw materials: cotton, linen, polyester and cellulose 
fibres. 
b. Garments featuring the Join Life sustainability label. 
(ii) Number of audits and control of discharges at dyeing facilities (wet 
processes) within the scope of the Zero Discharge of Hazardous Chemicals 
(ZDHC) Programme; 
(iii) Percentage of waste reduction in respect of waste generated at Inditex 
facilities (HQ, logistics centres and own stores) (Zero Waste); 
(iv) Percentage of packaging material collected to be recycled or reused in 
the supply chain (Green to Pack); 
(v) Percentage of internal consumption of renewable energy at Inditex 
facilities (HQ, logistics centres and own stores); 
(vi) Progress in the roll-out of the “Reusable shopping bag” project; 
(vii) Progress in the elimination of single-use plastics from customer sales; 
(viii) Innovation projects related to textile recyclability: 
Progress in corporate 
governance 
Degree of compliance with the recommendations of the Good Governance 
Code of Listed Companies and alignment with international best practices 
Progress in implementing 
diversity and compliance 
programmes 
Approval of internal regulations and degree of international roll-out 
The short-term variable remuneration for 2022 on account of achievement of the above referred 
targets will be paid in 2023 in cash. 
 
Multi-year or Long-term variable remuneration 
a) 2021-2025 LONG-TERM INCENTIVE PLAN  
The General Shareholders’ Meeting held on 13 July 2021 approved the 2021-2025 Long-Term 
Incentive Plan. This Plan continues with the same approach as the previous 2019-2023 Long-Term 
Incentive Plan and embraces certain developments which improve the level of alignment with the 
recommendations of institutional investors and proxy advisors. 
The Plan consists of the combination of a multi-year bonus in cash and the promise to deliver shares, 
which, once a specific period of time has elapsed and the achievement of the specific targets has been 
verified, shall be paid to the beneficiaries of the Plan, either in full or in the relevant applicable 
percentage, as the case may be.

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The total duration of the Plan is 4 years. It is structured in 2 overlapping independent cycles:  
 The first cycle of the Plan runs from 1 February 2021 to 31 January 2024. The Executive 
Chairman and the CEO are beneficiaries of this cycle.  
 The second cycle runs from 1 February 2022 to 31 January 2025. Only the CEO is a beneficiary 
of this cycle.  
The Plan is linked to the Company's strategic objectives for the duration thereof. Upon completion 
of the performance period of each cycle, the Remuneration Committee shall make an assessment 
of achievement of each of the objectives and of the cycle as a whole, based on the data and results 
provided by the Financial Division, the General Counsel’s Office –Compliance Office, the 
Corporate Development Department and the Sustainability Department, and analysed, in the first 
instance, by the Audit and Compliance Committee and the Sustainability Committee, as 
appropriate. On the basis of this information, the Remuneration Committee shall propose, for 
approval by the Board of Directors, the performance-related incentive levels based on the 
established performance scales. The Remuneration Committee also takes into consideration any 
associated risk for both setting the objectives and assessing their achievement. When 
determining the achievement level of objectives, any positive or negative economic impact 
caused by extraordinary events that could distort the results of the assessment is disregarded. 
Under such Plan, executive directors will receive, if appropriate, an incentive which will 
materialize as follows: 60% in shares and 40% in cash. Regarding 60% of the incentive which 
would, if appropriate, settled in shares, the number of shares to be granted at the 
commencement of each cycle will be determined based upon the average weighted share price 
on the 30 trading days immediately prior to the commencement date of each cycle. Upon expiry 
of each cycle, the Remuneration Committee will assess the level of achievement of targets and 
propose the number of shares to be delivered. 
Executive directors must retain a number of shares equivalent to the incentive received in shares, 
net of any applicable taxes, for the 2 years following delivery thereof. This is notwithstanding the 
CEO 's commitment to retain them for 3 years until he holds a number of shares equivalent to at 
least 2 years of his fixed remuneration. 
Likewise, the Company may cancel before payment and/or claim refund of the long-term 
incentive previously paid, in full or in part, (clawback) should certain unforeseen circumstances 
occur during the 2 years following the delivery of the incentive for the proceedings of each cycle. 
Such specific circumstances have been addressed in section A.1 above.

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The incentive amounts and features for the first cycle of the Plan are detailed below.  
 The maximum amount of the incentive assigned to executive directors would amount to:   
 
Maximum Incentive           =                    Cash          +                     Shares 
Executive 
Chairman 
 155% of annual fixed remuneration                    €2,011 thousand                      116,568 shares 
CEO 
118% of annual fixed remuneration                      €1,183 thousand                        68,562 shares 
In the specific case of the CEO and for the first cycle 2021-2024, the specified amount 
includes the total incentive granted for the full cycle taking into account the different 
positions held, i.e. the amount granted for the performance of duties as General Counsel and 
Secretary of the Board in 2021 and the amount assigned as CEO, in accordance with the 
Remuneration Policy approved at the Annual General Meeting in 2021. The incentive, which 
is expressed as a percentage of the annual fixed remuneration, is calculated based on a 
fixed remuneration of €2,500 thousand (this amount corresponds to the annual fixed 
remuneration as CEO, in accordance with the provisions of the amendment to the 
Remuneration Policy to be submitted for approval at the 2022 Annual General Meeting).  
 Upon expiry of each cycle, the Remuneration Committee will evaluate the level of 
achievement of targets and propose the cash amount and the number of shares to be 
delivered. Target achievement will be measured through identifiable and quantifiable 
parameters known as metrics. The incentive for each cycle will vary depending upon the 
following metrics, with the following weight: 
Weighting 
Performance measures 
Measurement criteria 
25% 
Profit before Taxes (“PBT”) 
PBT figure for financial year 2023, expressed in euros, compared to the 
amount set by the Board of Directors as a target at the commencement 
of the first cycle. 
25% 
Store and Online Sales 
(“TTTT” (Spanish acronym)) 
Amount in euros of total sales in store and online in financial year 2023 
at constant currency, according to the Company's information, 
compared to the amount set by the Board of Directors as a target at the 
commencement of the first cycle.

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Weighting 
Performance measures 
Measurement criteria 
12.5% 
Absolute Total Shareholder 
Return (“TSR”) 
Performance of an investment in Inditex shares over the period 
of the first cycle, determined by the ratio (expressed as a 
percentage) between the final value of a hypothetical 
investment in Inditex shares (reinvesting the dividends from 
time to time) and the initial value of that same hypothetical 
investment. 
The initial value is defined as the weighted average share price 
on the 30 trading days immediately prior to 1 February 20214, 
excluded, and the final value is defined as the weighted average 
share price on the 30 trading days immediately prior to 31 
January 2024 (included).  
To this end, for calculating such final value, the dividends or 
other similar amounts received by shareholders on said 
investment during the respective period of time will be 
considered, as if the gross amount thereof (before taxes) would 
have been reinvested in more shares of the same class on the 
first date on which the dividend or any similar amount is payable 
to shareholders and at the closing share price on that date. 
The TSR achieved will be compared with the target set by the 
Board of Directors at the commencement of the first cycle.  
12.5% 
Relative Total Shareholder 
Return (“TSR”) 
Comparison of the evolution of an investment in Inditex’s shares 
with the evolution of an investment in shares of any of the 
companies included in the Peer Group of companies (as defined 
below), determined by the ratio (expressed as a percentage) 
between the final value of a hypothetical investment in shares 
(reinvesting the dividends from time to time) and the initial value 
of that same hypothetical investment. 
The initial value of Inditex and the companies in the Peer Group 
is defined as the weighted average share price on the 30 trading 
days immediately prior to 1 February 2021 (excluded), and the 
final value is defined as the weighted average share price on the 
30 trading days immediately prior to 31 January 2024 
(included). 
To this end, for calculating such final value, the dividends or 
other similar amounts received by shareholders on said 
investment during the respective period of time will be 
considered, as if the gross amount thereof (before taxes) would 
have been reinvested in more shares of the same class on the 
first date on which the dividend or any similar amount is payable 
to shareholders and at the closing share price on that date. 
25% 
Sustainability index 
(comprising 4 indicators) 
(i) 
Sustainable product, measured as the percentage of 
sustainable garments. 
(ii) 
Waste management, measured as the percentage of 
Inditex facilities (headquarters, factories, logistics centres and 
stores) where a waste management system for an appropriate 
waste recycle, recovery and processing is in place, preventing it 
from ending up in landfill. 
(iii) 
Decarbonisation, measured as the reduction in the 
volume of greenhouse gas emissions in the company's own 
operations (Scope 1 and 2). 
                                                            
4 Having found that the resolution passed by the Annual General Meeting regarding the approval of the aforementioned 2021-2025 Long-Term Incentive Plan 
erroneously refers to a reference price of €25.81 per share for the first cycle of the Plan, when the weighted average price of the Company's shares in the 30 
trading days immediately prior to 1 February 2021 (exclusive) was €25.88 per share, the Board of Directors of Inditex, on the proposal of the Remuneration 
Committee, resolved to set the amount of the average share price at such amount, pursuant to the authority granted to the Board at the Annual General 
Meeting to remedy the resolution passed at the Annual General Meeting.

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(iv) 
Social, measured as the percentage of Inditex suppliers 
rated A or B in social audits.

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 For the purpose of calculating the payout ratio attained for each level of achievement of 
targets, a performance scale will be determined for each metric, set at the commencement of 
the cycle, which will include a minimum threshold below which no incentive will be paid, 
corresponding to a payout ratio of 30% of the maximum incentive granted, and a maximum 
level, corresponding to a payout ratio of 100% of the Maximum Incentive Granted. For 
intermediate levels, the results shall be determined by linear interpolation. 
o 
PBT, TTTT, absolute TSR and Sustainability Index, the following will be measured: 
Level of achievement 
Level of Incentive 
(% of Maximum Incentive) 
Below minimum 
0% 
Minimum 
30% 
Maximum 
100% 
Intermediate figures are calculated by linear interpolation. 
o 
Regarding the evolution of relative TSR: 
 
The Peer Group is made up of the companies included in the Dow Jones Retail 
Titans 30 index as at 1 February 2021 (the “Peer Group”). 
 
At the end of the cycle, Inditex’s TSR and the TSR of each company included in 
the Peer Group will be calculated. Afterwards, Inditex’s TSR will be compared 
with the TSR of the companies within the Peer Group to identify between which 
positions Inditex is ranked. Subsequently, the portion of the incentive to be 
delivered shall be calculated, interpolating between the payout coefficients of 
such positions, according to the difference between the values of TSR, in 
accordance with the following scale: 
Level of achievement 
Place in ranking 
Level of Incentive 
(% of maximum Incentive) 
Below minimum 
< 15th (median) 
0% 
Minimum 
= 15th (median) 
30% 
Maximum 
> 5th 
100% 
For intermediate positions, the payout ratio will be calculated by linear 
interpolation.

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In order to be eligible to receive the relevant incentive, as a general rule, beneficiaries must 
remain in the Company until expiry of the accrual period. 
The maximum number of shares under the 2021-2025 Plan amounts to 7,500,000 ordinary 
shares, which represent 0.24% of the Company’s share capital, out of which a maximum number 
of 300,000 shares are addressed to the Executive Chairman and a maximum number of 160,000 
shares are addressed to the CEO.

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On the proposal of the Remuneration Committee, the Board of Directors intends to approve the 
implementation of the second cycle (2022-2025) of the 2021-2025 Long-Term Incentive Plan. 
The incentive amounts and associated features of the cycle for the CEO will be set out in detail in 
the Annual Report on the Remuneration of Directors to be published in 2023.  
b) 2019-2023 LONG-TERM INCENTIVE PLAN: 
The Annual General Meeting held on 16 July 2019 approved the 2019-2023 Long-Term 
Incentive Plan (the “Plan”). This Plan continues with the same approach as the previous 2016-
2020 Long-term Incentive Plan and embraces certain developments which improve the level of 
alignment with the recommendations of institutional investors and proxy advisors. 
The Plan consists of the combination of a multi-year bonus in cash and the promise to deliver shares, 
which, once a specific period of time has elapsed and the achievement of the specific objectives has 
been verified, shall be paid to the beneficiaries of the Plan, either in full or in the relevant applicable 
percentage, as the case may be.  
The beneficiaries of the Plan include Mr Pablo Isla Álvarez de Tejera, as Executive Chairman, and 
Mr Carlos Crespo González, as CEO, for remuneration purposes, until 30 November 20215. Mr 
Óscar García Maceiras, the CEO, for remuneration purposes, from 1 December 20216 is also a 
beneficiary of this Plan, which includes, in relation to the first cycle, the incentive granted for the 
performance of his duties as General Counsel and Secretary of the Board, and in relation to the 
second cycle, for the duties performed as General Counsel and Secretary of the Board in 2021 
and the amount granted as CEO, in accordance with the Remuneration Policy approved at the 
Annual General Meeting in 2021. 
Specified below are the features of the Plan applicable to executive directors and the incentive 
amounts applicable to the CEO. The incentive amounts for Mr Carlos Crespo González, as CEO, are 
set out in section B of this Report, which includes the information corresponding to the 
implementation of the Remuneration Policy in financial year 2021.  
The total duration of the Plan is 4 years. It is structured in 2 independent cycles. The first cycle 
of the Plan began on 1 February 2019 and it will run until 31 January 2022. The second cycle 
began on 1 February 2020 and will expire on 31 January 2023. 
The Plan is tied to critical business, shareholder value creation and sustainability targets. Upon 
expiry of the performance period for each cycle, the Remuneration Committee shall evaluate the 
level of achievement reached in respect of each objective, as well as in the entire cycle, 
considering the information disclosed by the Company and audited, and it shall propose to the 
Board of Directors for approval the levels of incentive associated to achievement, based upon the 
performance scales set, and certain extraordinary factors which, if any, may have occurred during 
the performance period of the Plan’s objectives. 
                                                            
5 While his resignation from his position on 29 November 2021 was effective immediately, the Company recognises 30 November 2021 as the 
date of economic effect. 
6 While his appointment as new Chief Executive Officer became effective on 29 November 2021, the Company recognises 1 December 2021 as 
the date of economic effect of appointment.

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Under such Plan, executive directors will receive, if appropriate, an incentive which will 
materialize as follows: 60% in shares and 40% in cash. 
The aggregate amount of the incentive granted to the Executive Chairman for a scenario of 
achievement of objectives on target for the 2 cycles of the Plan would be €6,800 thousand, 
equivalent on an annualised basis to €1,700 thousand (52% of the annual fixed remuneration for 
the performance of executive functions). In a scenario of overachievement, the incentive would 
be equivalent to 185% of the above referred target incentive (equivalent, in annualized terms, to 
97% of annual fixed remuneration for the performance of executive functions). 
Regarding 60% of the incentive which would, if appropriate, be settled in shares, the number of 
shares to be delivered will be determined based upon the average weighted share price on the 
30 trading days immediately prior to the commencement date of each cycle. Upon expiry of each 
cycle, the Remuneration Committee will assess the level of achievement of objectives and 
propose the number of shares to be delivered. 
The Company may cancel before payment and/or claim refund of the long-term incentive 
previously paid, in full or in part, (clawback) should certain unforeseen circumstances occur 
during the 2 years following the delivery of the incentive for the proceedings of each cycle. Such 
specific circumstances have been addressed in section A.1.7 above. 
The description of the first and the second cycles of the Plan is as follows: 
 The first cycle of the Plan runs from 1 February 2019 until 31 January 2022. In turn, the 
second cycle begins on 1 February 2020 and expires on 31 January 2023. 
 The aggregate amount of the incentive assigned to the Executive Chairman amounted to: 
Cycle 
Target Incentive           =                                   Cash          +           Shares 
First cycle 
 105% of annual fixed remuneration                    €1,360 thousand      87,291 shares 
Second cycle 
 105% of annual fixed remuneration                    €1,360 thousand      65,010 shares 
For both cycles, in a scenario of overachievement, the incentive would be equivalent to 
185% of the above referred target incentive (equivalent to 193% of the annual fixed 
remuneration for the performance of senior management functions). 
 The aggregate amount of the incentive assigned to the CEO, Mr Óscar García Maceiras 
amounted to: 
Cycle 
Target Incentive           =                      Cash          +                                   Shares 
First cycle 
 13% of annual fixed remuneration         €165 thousand                                7,090 shares 
Second cycle 
 70% of annual fixed remuneration         €700 thousand                              33,460 shares 
The amounts shown include the total incentive assigned for the full cycle taking into account 
the different positions held by Mr Óscar García Maceiras. For both cycles, in a scenario of 
overachievement of targets, the incentive would be equivalent to 185% of the specified 
target incentive (equivalent to 24% for the first cycle and 104% for the second cycle of the

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annual fixed remuneration for his executive functions as CEO in accordance with the 
provisions of the amendment to the Remuneration Policy to be submitted for approval at the 
2022 Annual General Meeting, i.e. €2,500 thousand). 
 Upon expiry of each cycle, the Remuneration Committee will assess the level of target 
achievement and propose the cash amount and the number of shares to be delivered. Target 
achievement will be measured through identifiable and quantifiable parameters known as 
metrics. The incentive for each cycle will vary depending upon the following metrics, with the 
following weight: 
Weighting 
Performance measures 
Measurement criteria 
30% 
Earnings before Taxes (“PBT”) PBT in a certain period of time. 
30% 
Same-store Sales (“MMTT” 
(Spanish acronym)) 
Sales in comparable physical and online stores, according to the 
information released by the Company. 
30% 
Relative Total Shareholder 
Return (“TSR”) 
Comparison of the evolution of an investment in Inditex’s shares with 
the evolution of an investment in shares of any of the companies 
included in the Peer Group of companies (as defined below), determined 
by the ratio (expressed as a percentage) between the final value of a 
hypothetical investment in shares (reinvesting the dividends from time 
to time) and the initial value of that same hypothetical investment.

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10% 
Sustainability index 
(comprising 4 indicators) 
(i) 
Percentage of factories within Inditex’s supply chain where 
wet processing (such as washing, dyeing and printing) is carried out, that 
use The List, by Inditex standard as a reference to select the chemical 
products used in their processes. This percentage will be verified by 
means of the relevant audits. It is measured at the end of each cycle. 
(ii) 
Percentage of waste reduction (in terms of waste similar to 
urban waste and hazardous waste) internally generated at Inditex 
headquarters, and at all own factories and logistics centres, that is 
appropriately recycled, evaluated and managed to be recovered, 
preventing discharge to landfill. It is measured at the end of each cycle. 
(iii) 
Greenhouse as direct emissions reduction ratio in own 
operations in respect of total net sales of the Group. It is measured at 
the end of each cycle. 
(iv) 
Percentage of Inditex’s suppliers of goods ranked A and B 
following their social audit. The average of the three years of each cycle 
is measured. 
 In order to calculate the incentive payout for each level of target achievement, a Maximum 
Incentive level and a performance scale have been determined for each metric, as provided 
below: The performance scales are described below: 
o 
Regarding PBT and MMTT: 
Level of achievement 
Level of Incentive 
(% of Maximum Incentive) 
Below minimum 
0% 
Minimum 
50% 
Target 
75% 
Maximum 
100% 
Overachievement 
125%

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Intermediate figures are calculated by linear interpolation. 
o 
Regarding the evolution of relative TSR: 
 
The Peer Group is made up of the companies included in the Dow Jones Retail 
Titans 30 index as at 1 February 2019 for the first cycle, and as at 1 February 
2020 for the second cycle (the “Peer Group”). 
 
For the purposes of Inditex’s TSR and the TSR of each company within the Peer 
Group, initial value shall be understood as the average weighted closing share 
price of each company on the 30 trading days immediately prior to 1 February 
2019 (excluded), for the first cycle, and 1 February 2020 (excluded) for the 
second cycle (the “Initial Value”). 
 
For the purposes of Inditex’s TSR and the TSR of each of the companies 
included in the Peer Group, final value shall be understood as the average 
weighted closing share price of each company on the 30 trading days 
immediately prior to 31 January 2022 (included) for the first cycle and 31 
January 2023 (included) for the second cycle (the “Final Value”). 
 
To this end, for calculating such Final Value, the dividends or other similar 
amounts received by shareholders on said investment during the respective 
period of time will be considered, as if the gross amount thereof (before taxes) 
would have been reinvested in more shares of the same class on the first date 
on which the dividend or any similar amount is payable to shareholders and at 
the closing share price on that date. 
 
At the end of the cycle, Inditex’s TSR and the TSR of each company included in 
the Peer Group will be calculated. The companies within such Peer Group will 
be ranked in descending order, based upon the highest or lowest TSR of each 
of them. A payout coefficient ranging from 0% to 125% of Maximum Incentive 
is assigned to each position in the ranking, in accordance with the following 
scale: 
Level of achievement 
Place in ranking 
Level of Incentive 
(% of maximum incentive) 
Below minimum 
< 15th (median) 
0% 
Minimum 
= 15th (median) 
30% 
Maximum 
5th to 8th (75th percentile but 
below 90th percentile) 
100% 
Overachievement 
1st to 4th (ranked at or above 
90th percentile) 
125% 
For intermediate positions between median and 75th percentile within the 
Peer Group, the payout percentage will be calculated by linear interpolation.

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 
Afterwards, Inditex’s TSR will be compared with the TSR of the companies 
within the Peer Group to identify between which positions Inditex is ranked. 
Subsequently, the portion of the incentive to be delivered shall be calculated, 
interpolating between the payout ratios of such positions, according to the 
difference between the values of TSR. 
o 
Regarding the Sustainability index: the Remuneration Committee will jointly evaluate 
the 4 indicators above referred based upon the results achieved, disclosed by the 
Company’s Sustainability Department, in accordance with the following performance 
scales defined for each of them: 
 
Indicator no. 1: ensuring the use of the List by Inditex standard for chemical 
products used in the textile industry: 
Percentage of factories where wet processing is carried out across 
Inditex’s supply chain that use The List as a reference standard 
Level of Incentive 
(% of maximum incentive) 
< 45% 
0% 
45% 
50% 
48% 
75% 
51% 
100% 
>55% 
125% 
 
Indicator no. 2: Improvement of own waste management: 
Percentage of waste similar to 
urban waste 
Percentage of hazardous waste 
appropriately managed to be 
recovered 
Level of Incentive 
(% of maximum incentive) 
< 85% 
< 80% 
0% 
85% 
80% 
50% 
88% 
82% 
75% 
91% 
85% 
100% 
> 95% 
> 88% 
125%

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 
Indicator no. 3: GHG emissions reduction: 
Percentage of reduction of GHG emissions upon expiry of each cycle of 
the 2019-2023 Plan 
Level of Incentive 
(% of maximum incentive) 
< 4% 
0% 
4% 
50% 
5% 
75% 
6% 
100% 
> 8% 
125% 
 
Indicator no. 4: concentrating production in suppliers ranked A and B following 
their social audits: 
Percentage of concentration of production in suppliers ranked A and/or 
B following their social audit upon expiry of each cycle of the 2019-
2023 Plan 
Level of Incentive 
(% of maximum incentive) 
< 90% 
0% 
90% 
50% 
92% 
75% 
93.5% 
100% 
> 95% 
125% 
o 
Regarding the first cycle, the incentive will be delivered within the calendar month 
following the publication of the 2021 annual accounts, and with regard to the second 
cycle, within the calendar month following the publication of the 2022 annual accounts. 
In order to be eligible to receive the relevant incentive for each cycle, as a general rule, 
beneficiaries must remain in the Company until expiry of the accrual period. 
The maximum number of shares under the 2019-2023 Plan amounts to 9,800,000 ordinary 
shares, which represent 0.3% of the Company’s share capital, out of which a maximum 
number of 390,000 shares are addressed to the Executive Chairman and 75,000 shares to 
the CEO. 
Section A.1.8. below sets out the incentive settlement for the second cycle of the 2019-2023 
Long-Term Incentive Plan and the first cycle of the 2021-2025 Long-Term Incentive Plan, 
associated with the departure of the Executive Chairman. 
Since the first cycle 2019-2023 ended on 31 January 2022, section B shows the level of 
achievement for each target and as a whole and the corresponding level of incentive payment.

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A.1.7. Main characteristics of long-term savings systems.  
Pursuant to the Remuneration Policy approved at the 2021 Annual General Meeting, except for the 
Executive Chairman, directors are not beneficiaries of any long-term saving system, including 
retirement or any other survivor benefit, partly or wholly funded by the Company. The amendment to 
the Remuneration Policy proposed for approval at the Annual General Meeting does not include any 
changes in this respect. Therefore, once approved, no director shall participate in long-term savings 
schemes while the Remuneration Policy is in effect, which may however provide that the Board of 
Directors is entitled to implement this type of systems while it is in effect.  
No contributions to the Executive Chairman's pension plan will be made during financial year 2022. 
Further details on the Chief Executive's pension scheme and the amount of accumulated funds are 
included in section A.1.8.  
A.1.8. Any type of payment or indemnification for early termination 
or dismissal, or deriving from the termination of the contractual 
relationship, in the terms provided, between the company and the 
director, whether at the company's or the director's initiative, as 
well as any type of agreement reached, such as exclusivity, post-
contractual noncompetition, minimum contract term or loyalty, 
that entitles the director to any kind of remuneration. 
As stated in section A.1.1., at its meeting held on 29 November 2021 and following a report from the 
Nomination Committee, the Board of Directors of Inditex resolved by unanimous vote, inter alia, to 
accept the resignation tendered by Mr Pablo Isla Álvarez de Tejera as Chairman and member of the 
Board of Directors of Inditex and of its Executive Committee. This marks the conclusion of a generational 
handover process, which had been in preparation for some time and was initiated by mutual agreement 
between him and the founder, controlling shareholder and director of the Company, Mr Amancio Ortega 
Gaona, so that the succession of the Board Chairmanship would take place in an orderly and planned 
manner. The resignation will take effect on 31 March 2022, until which time Mr Pablo Isla Álvarez de 
Tejera will continue to hold his position as Executive Chairman. 
At its meeting held on 13 December 2021, the Remuneration Committee considered the current 
executive services agreement entered into between Mr Isla and the Company on 17 March 2015, and 
the Remuneration Policy approved at the Annual General Meeting held on 13 July 2021, in particular 
with respect to the conditions stipulated for the termination of such executive service relationship. This 
agreement included a non-compete clause by virtue of which Mr Isla undertook not to carry out 
activities in competition with those of the Company or any other company of the Inditex Group for a 2-
year term starting from the termination of his contractual relationship, in exchange for compensation in 
the amount of one year's fixed remuneration. The clause set out an obligation on Mr Isla to reimburse 
such consideration and a further amount as a penalty in the event of breach of the commitment, 
notwithstanding compensation for the damages caused by such breach and without the payment of 
such penalty and compensation exempting Mr. Isla from compliance with such obligation. 
Following a thorough analysis, the Remuneration Committee concluded that both the compensation 
and the scope of the non-compete obligation, which were agreed when Mr Isla joined the Company in 
2005 and have not been updated since then, are out of step with more general market practices.

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As part of this analysis process, the Committee assessed, on the one hand, the evolution of the retail 
business in the fashion sector - the emergence of online business, the use of technology in customer 
relations, the emergence of new types of competitors such as marketplaces, etc. on the other hand, 
throughout these years, the Inditex Group has undertaken a process of global expansion of its different 
commercial formats with presence in the five continents and has carried out a digital transformation 
process through an integrated offer of online and in-person sales, as well as having engaged for several 
years in the adaptation of its supply chain to the highest standards in terms of sustainability. Mr Isla's 
direct involvement in the aforementioned developments has made him one of the world's leading 
experts in the fields of these business areas and his experience is extremely attractive to any 
competitor. Evidence of this is the fact that Mr Isla was named World's Best CEO in 2017 and 2018 by 
the prestigious Harvard Business Review and Best CEO of the Decade in 2020 by Forbes magazine. In 
the opinion of the Remuneration Committee, this would represent a serious strategic risk for the 
Company if the contractual conditions initially agreed in this respect were to be maintained. 
At its meeting held on 14 December 2021 and on the proposal of the Remuneration Committee, the 
Board of Directors, observing the limits on the maximum amounts of termination payments for 
executive directors set out in the recommendations of the Good Governance Code of Listed Companies 
approved by CNMV’s board on 18 February 2015 and revised by such Board on 26 June 2020, decided 
to present Mr Isla with an offer to novate his agreement in order to update the post-contractual non-
compete agreement, both in terms of a broader definition of Mr Isla's non-performance obligation and 
also, in parallel, in terms of the consideration for such obligation and the multiplier applicable to the 
penalty in the event of breach of such obligation, in order to increase the deterrent and thereby improve 
the protection of the Company's legitimate interests. For such purpose:  
a) The compensation for post-contractual non-compete is increased to a total amount equivalent 
to two annual amounts of his total target remuneration, this being calculated based on the fixed 
remuneration, the annual variable remuneration and the annualised long-term variable 
remuneration, in accordance with the most recent approved long-term incentive, both at target 
levels. Of this amount, the amount corresponding to one (1) year's fixed remuneration is 
considered as severance pay and the remainder constitutes compensation for the non-
competition obligation. The foregoing is on the understanding that the sum of both amounts shall 
in no case exceed an amount equal to two (2) annual payments of Mr Isla's maximum total 
remuneration.

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b) The scope of the non-compete obligation is given a broader definition, covering the marketing 
of any products that are the same as, similar or supplementary to those marketed by the Inditex 
Group, through online channels and logistics services. 
c) The penalty applicable, along with the reimbursement of the compensation, in the event of 
failure by Mr Isla to fully comply with his non-compete obligation, is increased by twice the 
amount of the compensation received by Mr Isla. 
Therefore, the total amount payable by the Company to Mr Isla as consideration for his post-contractual 
non-compete obligation, if the Novation of the Contract is approved by the Company's Annual General 
Meeting, amounts to €19,740 thousand, of which: a) the amount of €3,250 thousand shall be paid to 
him within 15 days following the date of termination of his contract, i.e. between 1 and 15 April 2022; 
and b) the balance, i.e. €16,490 thousand shall be paid to him within 15 days following the date of the 
next Annual General Meeting, provided that the Novation of the Contract is approved. 
This compensation stipulated in the Novation of the Contract is in accordance with the limits on the maximum 
amounts of severance payments for executive directors set out in the aforementioned recommendations of the 
Good Governance Code of Listed Companies. In any case, since it exceeds the provisions of the current 
Directors' Remuneration Policy approved at the Annual General Meeting in 2021 with regard to severance 
payments for Executive Directors, at its meeting held on 14 December 2021 and on the proposal of the 
Remuneration Committee, the Board of Directors resolved to submit to the Annual General Meeting for 
approval the proposal regarding the Novation of Mr Isla’s contract. Mr Isla accepted such proposal on 15 March 
2022. 
In addition, as severance for termination of the contractual relationship, Mr Isla will receive a gross 
amount equivalent to one year's fixed remuneration for the current year, i.e. €3,250 thousand. This 
amount shall be paid within 15 days after the date of termination of his contract, i.e. between 1 and 15 
April 2022. 
At its meeting held on 15 March 2022 and on the proposal of the Remuneration Committee, the Board 
of Directors decided to pay the following amounts to Mr Isla as settlement of ongoing incentives and 
fixed remuneration: 
 
Settlement of the incentive for the second cycle (2020-2023) of the 2019-2023 Long-Term 
Incentive Plan. 
As shown down in section A.1.6. above, this cycle runs from 1 February 2020 to 31 January 2023. 
Therefore, on the effective termination date of the Executive Chairman, i.e. 31 March 2022, 2 years and 
2 months will have elapsed out of a total accrual period of 3 years. Since the metrics associated with this 
cycle (PBT, MMTT, relative TSR and sustainability index) are measured as at the end of the cycle, it is not 
possible to determine an accurate level of achievement. Therefore, the Board of Directors has decided 
to consider as the level of achievement for the purposes of the early settlement a “target” level of 
achievement in view of the good results of Inditex in 2021. Therefore, the target incentive, pro-rated for 
the time elapsed from the commencement of the cycle until the termination date, would amount to 
€980 thousand and 46,859 shares.

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 
Settlement of the incentive for the first cycle (2021-2024) of the 2021-2025 Long-Term 
Incentive Plan. 
As shown down in section A.1.6. above, this cycle runs from 1 February 2021 to 31 January 2024. 
Therefore, on the effective termination date of the Executive Chairman, i.e. 31 March 2022, 1 
year and 2 months will have elapsed out of a total accrual period of 3 years. Since the metrics 
associated with this cycle (PBT, TTTT, total TSR, relative TSR and sustainability index) are 
measured as at the end of the cycle, it is not possible to determine a precise level of achievement. 
Therefore, the Board of Directors has decided to consider as the level of achievement for the 
purposes of the early settlement a “target” level of achievement in view of the good results of 
Inditex in 2021. Therefore, the target incentive, pro-rated for the time elapsed from the 
commencement of the cycle until the termination date, would amount to €421 thousand and 
24,418 shares.  
 
Settlement of the annual variable remuneration for financial year 2022. 
The Board of Directors has deemed that the transfer of duties from the Executive Chairman to the 
(non-executive) Chair of the Board of Directors and to the CEO has been successfully completed. 
In addition, sales continued to improve compared to the same months in the previous year. On 
this basis, the Board of Directors has decided to consider a maximum level of achievement for 
the incentive (125% of target). As a result, the settlement amount of the annual variable 
remuneration for financial year 2022, prorated for the time elapsed from the beginning of the 
financial year (1 February 2022) until the termination date (31 March 2022), is €788 thousand.  
 
Settlement of the accrued pro-rated share of the fixed remuneration for financial year 2022 
corresponding to extraordinary payments.  
Pursuant to the Remuneration Policy approved at the Annual General Meeting held in 2021 and 
as stated in Mr Isla's contract, the amount of the annual fixed remuneration for his executive 
duties is paid in 14 instalments. As a result, 2 payments will be made in the period from 1 
February 2022 to 31 March 2022 and the proportional share of the extraordinary 13th and 14th 
months payments that would be paid in the months of July and December will be accrued. This 
amount is €132 thousand.  
Lastly, for information purposes, the Executive Chairman's pension scheme and the amount of the 
accumulated funds are described below.  
From 2011 through 31 January 2015, the Executive Chairman was the beneficiary of a defined 
contribution pension scheme, implemented through a group life insurance policy underwritten with an 
insurance company of repute in Spain (the “Policy”).

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Contributions to such pension scheme up to the specified date were made by Inditex in the month of 
September of each of the years referred to in the paragraph above. The amount of the annual 
contributions each year was equivalent to 50% of the fixed remuneration paid each year by Inditex to 
the Executive Chairman. 
As has been the norm since 2015, in financial year 2021, no contributions have been made to the 
pension scheme for the Executive Chairman. 
In case of termination at Inditex before the retirement age, the Executive Chairman will keep 100% of 
the entitlement to the accumulated funds under the Policy. However, this being a pension commitment, 
the Executive Chairman or his successors, as the case may be, shall not materialise such rights until any 
of the contingencies covered by the Policy would occur. General contingencies covered are retirement 
(regular or early), permanent disability while in performance of professional duties (ranked as 
Total/Absolute and Severe Disability) and death while in performance of professional duties. As an 
exception, acute illness and long-term unemployment will also be considered.  
Pursuant to the provisions of Royal Decree 681 of 1 August 2014, whereby the Regulations on Pension 
Plans and Funds approved by Royal Decree 304 of 20 February 2004 were amended, the Policy also 
covers the possibility of receiving retirement benefit upon attaining 65 years where the Social Security 
retirement benefit is not available, as well as receiving the retirement benefit in advance on account of 
termination of the employment agreement and joining the ranks of unemployed following the loss by 
the company of its legal personality, collective dismissal, dismissal on objective grounds and insolvency 
proceedings. These benefits are separate from any other to which the Executive Chairman may be 
entitled on other grounds. 
At 31 December 2021, the accumulated funds amounted to €9,422 thousand. 
For the CEO, no severance pays have been agreed in case of termination of functions, except for that 
provided in subparagraphs iii) and iv) of the next section regarding executive directors for the 
performance of executive duties. 
A.1.9. State the conditions that contracts should respect for those 
exercising senior management duties as executive directors.   
As part of the reflection process to propose the CEO 's total remuneration in line with the new corporate 
governance structure, the Remuneration Committee also reviewed the terms and conditions of the 
contracts applicable to executive directors. The Committee specifically considered the following 
perspectives: 
 
The risks identified in assessing the terms and conditions stipulated for Mr Isla in his initial 2005 
contract and in the Remuneration Policy approved at the Annual General Meeting in 2021 for 
post-contractual non-compete purposes and which have been determined to be insufficient to 
protect the interests of Inditex.

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 
The guidelines of institutional investors and proxy advisors, as well as recommendation 64 of the 
Good Governance Code of Listed Companies in Spain.  
 
Ibex-35 market practice in relation to severance payments and post-contractual non-compete 
clauses. It was noted in this regard that the most common practice is to provide severance payments 
equivalent to 2 years of fixed and variable annual remuneration.  
As a result, at its meeting held on 14 December 2021 and on the proposal of the Remuneration Committee, 
the Board of Directors decided to maintain the conditions set out in the Remuneration Policy approved at the 
Annual General Meeting in 2021 in terms of duration, notice periods and clawback clause, and to amend the 
severance payment and the post-contractual non-compete clause. Detailed below are the terms and 
conditions of the CEO 's contract, which are proposed for approval at the Annual General Meeting as part of the 
amendment to the Remuneration Policy.  
(i) Term 
The term of the CEO 's contract is indefinite. 
(ii) Notice period 
Both in case of termination of the contract on account of certain grounds attributable to Inditex, and on 
account of voluntary resignation of the executive director, notice shall be given at least 3 months in 
advance. Such notice may be replaced with an amount equivalent to the fixed remuneration of the non-
observed term of notice. 
(iii) Golden parachute clause 
The CEO will be entitled to severance pay in a gross amount equivalent to the remuneration of two years 
calculated based upon the sum of his fixed remuneration and annual variable remuneration respectively, 
established for the current year, where the relevant contract is terminated by unilateral decision of the 
Company, as well as in case of resignation tendered by the CEO under certain premises (including the 
succession in the company or a change in control in the Company that affects more than 50% of the share 
capital or 50% of the voting rights, provided that a significant refreshment of the governing bodies of the 
Company or a change in the contents or purpose of the main business activity of the Company takes place at 
the same time, if such request for termination is made within six months of the occurrence of such succession 
or change. For such purpose, no succession or change in control shall be deemed to have taken place in the 
event of direct or indirect family succession in the ownership of the Company). 
(iv) Agreement on exclusivity and post-contractual non-compete 
For as long as his contractual relationship with Inditex remains in force, the CEO shall perform his senior 
management functions exclusively for the Company and the Inditex Group, and he shall refrain from 
working either directly or indirectly for any third parties, or for his own account, even where the activities 
he may carry out would not compete with those of the Inditex Group. This provision does not apply to 
the office of non-executive director on the board of other companies which do not compete with Inditex, 
subject to the restrictions set out in the Board of Directors’ Regulations.

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Under the terms and conditions of his contract, compensation for the post-contractual non-compete 
obligation is included in the severance payment. 
With regard to the post-employment non-compete agreement and as regards all members of the Board 
of Directors, regardless of their classification as director, section 24.3 of the Board of Directors’ 
Regulations provides that “the director who ends his/her mandate or for any other cause should cease 
to hold his/her office may not render service in another entity having a corporate purpose that is similar 
to that of the company for a period of two years”. 
(v) Clawback clause 
Pursuant to the provisions of section A.1 above, should (i) any event or circumstance occur that would 
result in the negative change or variation, in final terms, of the financial statements, results, economic 
data, performance data or otherwise, upon which the accrual and payment to the executive director of 
any amount in terms of variable remuneration would have been based, and, (ii) should such change or 
variation determine that, if they had become known at the date of accrual or payment, the executive 
director would have received a lesser amount than the one initially paid, the Company shall be entitled 
to claim from him clawback of any excess paid. 
Additionally, as explained in section A.1 above referred, the Company may cancel and/or claim the 
clawback of the long-term incentive previously paid to the executive director, in full or in part, in the 
event of occurrence of certain unforeseen circumstances during the 2 years following the delivery of the 
incentive. 
A.1.10. The nature and estimated amount of any other 
supplementary remuneration accrued by directors in the current 
year in consideration for services rendered other than those 
inherent in their position. 
Directors will not receive in the current year any remuneration other than that accrued for the services 
rendered in their post.  
A.1.11. Other items of remuneration such us any deriving from the 
company’s granting the director advances loans or guarantees or 
any other remuneration. 
The granting of advance payments, loans or guarantees to directors is not covered in the Remuneration 
Policy.  
As at the date of this Report, no advanced payment, loans or guarantees have been granted to any 
director.

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A.1.12. The nature and estimated amount of any other planned 
supplementary remuneration to be accrued by directors in the 
current year that is not included in the foregoing sections, whether 
paid by the company or by another group company. 
No supplementary remuneration other than the one explained above is provided in the Remuneration 
Policy.  
As at the date of this Report, no supplementary remuneration has been accrued to directors in 
consideration for services rendered outside of their post, nor any additional remuneration item other 
than those addressed in the sections above. 
A.2. Significant changes in the Remuneration Policy 
applicable in the current year.  
Inditex Directors’ Remuneration Policy for financial years 2021, 2022 and 2023 was approved at the 
Annual General Meeting held on 13 July 2021 with 98.42% of votes in favour pursuant to the provisions 
of section 529novodecies LSC. 
In view of the changes in the corporate governance structure mentioned in section A.1. above, at its 
meeting held on 15 March 2022 and on the proposal of the Remuneration Committee, the Board of 
Directors passed a resolution to propose to the Annual General Meeting that the Remuneration Policy 
be amended in order to align it with the new organisational structure. The following is proposed in 
particular: 
 
To introduce a fixed remuneration payable in cash, specific to the position of (non-executive) 
Chair of the Board, reflecting the duties assigned and the intrinsic value and criticality of the 
person appointed to the position. This remuneration is in addition to the fixed annual 
remuneration payable by directors in their status as such for their membership on the Board. 
 
The introduction of this component makes it necessary to increase the maximum amount of 
remuneration that may be paid annually by the Company to all directors in their status as such. 
The Remuneration Policy approved at the Annual General  Meeting in 2021 set the current limit 
of €2,480 thousand based on the composition of the Board of Directors and its Committees as at 
the date of approval of that Remuneration Policy (13 July 2021). 
 
To determine the total remuneration package for the CEO for the performance of his duties as 
Chief Executive taking into account the new corporate governance structure, including the terms 
of his contract. In general terms, this proposal maintains the alignment with the principles and 
foundations of Inditex's previous Remuneration Policy.

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The details, specific amounts and parameters of the proposed amendments, as well as the criteria 
applied and the bodies involved in the decision-making process, are described in the different headings 
of this section A on the remuneration policy applicable for the current year. 
A.3. Direct link to the document containing the company’s 
current remuneration policy, which must be available on 
company’s website. 
The link to the Directors' Remuneration Policy approved at the Annual General Meeting held on 13 July 
2021 is provided below: 
https://www.inditex.com/documents/10279/667846/14.+Pol%C3%ADtica+de+Remuneraciones+2021
+2022+y+2023.pdf/a10ba3ea-58c4-7126-3c78-3d6df84c428f 
A.4. Consideration on the voting by the General 
Shareholders' Meeting on the annual report on 
remuneration for the previous year.  
The Annual General Meeting held on 13 July 2021 approved the following: 
 
The Directors' Remuneration Policy for financial years 2021, 2022 and 2023 with 98.42% of 
votes in favour.  
 
The Annual Report on the Remuneration of Directors for financial year 2020 with 96.74% of votes 
in favour. 
Since the first directors' remuneration policy was approved, the Annual Reports on the Remuneration 
of Directors have been broadly supported by shareholders in the advisory vote and, in addition, by 
institutional investors and proxy advisors.  
Bearing in mind that the approval rate obtained at the last Annual General Meeting in the advisory vote 
on the Annual Report on the Remuneration of Directors for financial year 2020 is slightly lower than in 
the previous year, it has been deemed appropriate to make the necessary technical improvements in 
order to strengthen its alignment with the interests of the Company's shareholders and other 
stakeholders, the voting criteria of institutional investors and the proxy advisors, and the 
recommendations and best practices for good corporate governance in the area of remuneration, both 
at national and international level.

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B. OVERALL SUMMARY OF HOW REMUNERATION 
POLICY HAS BEEN APPLIED DURING THE YEAR 
ENDED 
The corporate governance structure has maintained the roles of Executive Chairman and CEO in 
financial year 2021. Mr Carlos Crespo González held the office of CEO from 1 February until 29 
November 2021, when he resigned and the Board of Directors appointed Mr Óscar García Maceiras as 
the new CEO via the co-option system, until his ratification at the next Annual General Meeting. The 
Remuneration Policy approved at the Annual General Meeting held on 13 July 2021 has been applied 
during financial year 2021.  
B.1.1. Process followed to apply the remuneration policy and 
determine the individual remuneration contained in Statistical 
Appendix. Role played by the remuneration committee, the 
decisions taken by the Board of Directors and the identity and role 
of any external advisors. 
B.1.1. a) Composition of the Remuneration Committee. 
As provided in Article 30 of the Articles of Association, section 17 of the Board of Directors’ Regulations, 
and section 7 of the Remuneration Committee’s Regulations, the Remuneration Committee shall be 
made up of a number of at least 3 and at most 7 non-executive directors, a majority of whom must be 
independent directors. 
Members of the Remuneration Committee are appointed by the Board of Directors following a report of the 
Nomination Committee. The Chair of the Remuneration Committee is also appointed by the Board of 
Directors, out of the independent members of such Committee. 
As at 31January 2022 and as at the date of this Report, the Remuneration Committee was made up of 
the following members, most of them independent directors (all, except Mr José Arnau Sierra, who is 
considered proprietary): 
D. Rodrigo Echenique Gordillo 
(Presidente, Consejero Independiente) 
Dña. Denise Patricia Kingsmill 
(Member, Independent Director) 
D. José Arnau Sierra 
(Vocal, Consejero Dominical) 
D. José Luis Durán Schulz 
(Member, Independent Director) 
D. Emilio Saracho Rodríguez de Torres 
(Member, Independent Director) 
 
As of 31 January 2022, Mr Javier Monteoliva Díaz is the Secretary non-member of the Committee, 
having been appointed by the Board of Directors following a favourable report from the Nomination 
Committee, on 29 November 2021. In 2021, Mr Antonio Abril Abadín and Mr Óscar García Maceiras 
also held the aforementioned position of Secretary non-member of the aforementioned Committee 
(from 1 February to 31 March 2021, and from 31 March to 29 November 2021, respectively).

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The Remuneration Committee meets whenever it is deemed appropriate for its smooth operations, and 
at any rate, each time the Board of Directors or its Chair requests the issuing of a report or the passing 
of motions within its purview. Moreover, the Remuneration Committee shall hold a regular meeting 
every year to prepare the information on the remuneration of directors, which the Board of Directors 
has to approve and include as part of its annual public documentation. 
In the meeting that the Board of Directors holds immediately after each meeting of the Remuneration 
Committee, the Chair of the latter informs directors of the business transacted in the course of such 
meeting. 
B.1.1. b) Process followed to enforce the Remuneration Policy and 
determine individual remunerations. 
The duties of the Remuneration Committee are covered in Article 30 of the Articles of Association, 
section 17 of the Board of Directors’ Regulations and sections 5 and 6 of the Remuneration Committee’s 
Regulations. 
The Remuneration Committee met 3 times in 2021, with the attendance of all its members (either in 
person or by proxy). This represents a 100% attendance rate. In 2022 to the date of release of this 
Report, the Committee has met once. 
At the aforementioned meetings, the Remuneration Committee has discussed, inter alia, the following 
matters and has decided, where appropriate, to submit them to the Board of Directors for approval: 
 
In the meeting held on 8 March 2021: 
 The evaluation of the level of achievement of the targets tied to the annual variable 
remuneration of the Executive Chairman and the CEO for financial year 2020. The Board of 
Directors assessed the achievement of such targets in the meeting held on 9 March 2021, 
considering the extraordinary situation derived from the global COVID-19 pandemic. 
 The proposal submitted to the Board of Directors on the remuneration of the Executive 
Chairman and the CEO for the performance of executive functions in 2021, with regard to the 
amount and the remaining terms thereof. Such proposal was approved by the Board of 
Directors on 9 March 2021. 
 The proposed Annual Report on the Remuneration of Directors for financial year 2020 to be 
submitted to the Board of Directors for evaluation and subsequent approval, and then to be 
put to an advisory say-on-pay vote at the 2021 Annual General Meeting. The Board of 
Directors approved such Report on 9 March 2021.

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 
In the meeting held on 7 June 2021: 
 The motion design of the 2021-2025 Long-Term Incentive Plan, for evaluation and approval 
by the Board of Directors and subsequent submission to the binding vote at the Annual 
General Meeting in 2022. The Board of Directors approved such Plan at its meeting held on 9 
March 2021, which was approved at the Annual General Meeting held on 13 July with 99.43% 
of votes . 
 The proposed Directors' Remuneration Policy for financial years 2021, 2022 and 2023, for 
evaluation and subsequent approval by the Board of Directors and subsequent submission to 
the binding vote at the Annual General Meeting in 2022. The Board of Directors approved such 
Report on 9 March 2021. 
 Monitoring and assessment of the levels of achievement of selected metrics in the 2019-2023 
Long-Term Incentive Plan. 
 
In the meeting held on 13 December 2021: 
 The proposal to amend Mr Pablo Isla Álvarez de Tejera's contract in order to strengthen the 
post-contractual non-compete clause included in the contract and to compensate him for his 
termination. The Board of Directors approved these proposals at its meeting held on 14 
December 2021 and further resolved to submit the offer of novation of such contract to Mr 
Isla and, if accepted, to submit it to the shareholders for approval at the Annual General 
Meeting in 2022. 
 The proposed severance payment for Mr Isla's termination. Such proposal was approved by 
the Board of Directors on 14 December 2021. 
 The proposal on the basic conditions of the new executive services agreement of the current 
CEO. The Board of Directors approved the content of this executive services agreement at its 
meeting held on 14 December 2021. 
 The proposed performance scales for the first cycle (2021-2024) of the Long-Term Incentive 
Plan 2021-2025 for each metric and the favourable report on the draft Regulation of the 
2021-2025 Long-Term Incentive Plan. The Board of Directors approved the text of the 
aforementioned Regulations of the Plan at its meeting held on 14 December 2021. 
 The acknowledgement of the list of beneficiaries for this cycle. 
 
In the meeting held on 14 March 2022: 
 Regarding the Executive Chairman and the outgoing CEO: 
o 
The evaluation of the level of achievement of the targets tied to the annual variable 
remuneration of the Executive Chairman and the CEO for financial year 2021 and the 
payment level for each one. The Board of Directors approved the achievement of these 
targets at its meeting held on 15 March 2022 along with the level of the incentive 
payment.

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o 
The assessment of the level of achievement of the targets for the various metrics to 
which the first cycle of the 2019-2023 Long-Term Incentive Plan is tied and the 
corresponding payment level for the Executive Chairman and the outgoing CEO. At its 
meeting held on 15 March 2022, the Board of Directors approved the achievement of 
these targets and the level of the incentive payment.  
 In relation to the Executive Chairman's departure: 
o 
The proposed settlement of the ongoing long-term incentives, i.e. the second cycle 
(2020-2023) of the 2019-2023 Long-Term Incentive Plan and the first cycle (2021-
2024) of the 2021-2025 Long-Term Incentive Plan. The Board of Directors approved 
the proposed settlement at its meeting held on 15 March 2022.  
o 
The proposal to the Board of Directors regarding the assessment of the target to which 
the annual variable remuneration for the period running from 1 February to 31 March 
2022 is tied and the settlement of such remuneration. The Board of Directors approved 
the proposed settlement at its meeting held on 15 March 2022. 
o 
The proposed settlement of the proportional share of the accrued fixed remuneration 
for FY2022 corresponding to the payments for the months of June and December. The 
Board of Directors approved the proposed settlement at its meeting held on 15 March 
2022.  
 Regarding the new CEO: 
o 
The assessment of the level of achievement of the targets tied to the CEO's annual 
variable remuneration for financial year 2021, and the corresponding level of payment 
(pro-rated according to the time spent in office in the aforementioned financial year). 
At its meeting held on 15 March 2022, the Board of Directors approved the 
achievement of these targets and the level of the incentive payment.  
o 
The assessment of the level of achievement of the targets for the various metrics to 
which the first cycle of the 2019-2023 Long-Term Incentive Plan is tied and the 
corresponding payment level. At its meeting held on 15 March 2022, the Board of 
Directors approved the achievement of these targets and the level of the incentive 
payment.  
o 
The proposal to the Board of Directors regarding the CEO's remuneration for the 
performance of his executive functions in the new corporate governance structure, for 
financial year 2022. Such proposal was approved by the Board of Directors on 15 March 
2022. 
 The proposal to the Board of Directors regarding the remuneration of the (non-executive) 
Chair of the Board of Directors in the new corporate governance structure. Such proposal was 
approved by the Board of Directors on 15 March 2022.

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 The proposal to increase the maximum amount of remuneration that the Company may pay 
annually to all directors in their status as such. Such proposal was approved by the Board of 
Directors on 15 March 2022. 
 The proposal to amend the Directors’ Remuneration Policy, for evaluation and approval by the 
Board of Directors and subsequent submission to the binding vote of the Annual General 
Meeting in 2022. The Board of Directors approved such Report on 15 March 2022. 
 The proposed Annual Report on Remuneration of Directors for financial year 2021 to be 
submitted to the Board of Directors for evaluation and subsequent approval, and then to be 
submitted for an advisory vote at the 2022 Annual General  Meeting. The Board of Directors 
approved such Report on 15 March 2022. 
The information on the remaining proceedings of the Remuneration Committee in 2021 will be included 
in the Annual Corporate Governance Report and in the Annual Activities Report of the Remuneration 
Committee, which will be published in June. 
B.1.1. c) Identity and role of external advisors. 
To better perform its functions, the Remuneration Committee may request the Board of Directors to 
engage legal, accounting, financial or other experts at the expense of the Company. 
In this regard, the Remuneration Committee has been advised in financial year 2021 by WTW, an 
independent consultant specialising in the field of compensation of directors and senior managers, in 
the preparation of the Annual Report on the Remuneration of Directors for financial year 2020, the 
design of the 2021-2025 Long-Term Incentive Plan and the assessment of the implications for 
remuneration arising from the departure of the Chairman. On this issue, the Committee was also 
assisted by law firm Uría Menéndez, which provided legal advice on corporate governance and post-
contractual compete clauses. 
B.1.2. Explain any deviation from the procedure established for the 
application of the remuneration policy that has occurred during the 
year. 
There were no deviations from the established procedure for the application of the Remuneration Policy 
in financial year 2021.

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B.1.3. Temporary exception has been applied to the remuneration 
policy and, if so, explain the exceptional circumstances that have 
led to the application of these exceptions, the specific components 
of the remuneration policy affected and the reasons why the entity 
believes that these exceptions have been necessary to serve the 
long-term interests and sustainability of the society as a whole or 
ensure its viability. 
No temporary exceptions to the Remuneration Policy have been applied during financial year 2021. 
B.2. Actions taken to align the remuneration system with 
the long-term targets, values and interests of the Company, 
and measures to guarantee that the long-term results of 
the Company have been taken into consideration in the 
remuneration accrued. Actions taken regarding the 
remuneration system to reduce exposure to excessive risks 
and measures to avoid conflicts of interest. 
B.2.1. Actions taken to align the remuneration system with the 
long-term targets, values and interests of the Company, and 
measures to guarantee that the long-term results of the Company 
have been taken into consideration in the remuneration accrued. 
The measures taken in 2021 to ensure that long-term results of the Company are considered in the 
application of the Remuneration Policy are described below: 
 
Executive directors’ total remuneration comprises different remuneration elements, mainly 
consisting of: (i) a fixed remuneration, (ii) a short-term variable remuneration (annual), and (iii) a 
long-term variable remuneration (multi-year). 
 
In financial year 2021, this long-term element had a weighting of approximately 40% of the total 
remuneration (fixed + short-term variable + long-term variable) for the Executive Chairman. This 
weighting for the CEO would amount to 47% of his total annualised remuneration as CEO, in 
accordance with the Remuneration Policy approved at the Annual General Meeting held in 2021.  
 
Long-term variable remuneration plans are part of a multi-year framework to ensure that the 
evaluation is based upon long-term results and that the underlying economic cycle of the 
Company is considered therein. 
 
Part of this remuneration is granted and delivered in shares, based upon shareholder value 
creation, so that the interests of executive directors and officers are aligned with shareholders’ 
interests.

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 
Executive directors shall hold a number of shares equivalent to the incentive received in shares, 
net of any applicable taxes, for the 2 years following delivery thereof. Additionally, the Executive 
Chairman has committed to the Company to maintain in his personal wealth, while he remains in 
office, a number of shares equivalent to at least 2 years of fixed remuneration. The CEO has 
undertaken to hold for a term of at least 3 years the net shares that he may receive as a result of 
any element of variable remuneration, until he holds a number of shares equivalent to at least 2 
years of his fixed remuneration. These courses of action result in a better alignment of the 
interests of executive directors with those of the shareholders. 
The Remuneration Policy in effect in 2021 set an appropriate balance between fixed and variable items 
of the remuneration as described below: 
 
The design of the remuneration scheme shows an efficient balance between fixed and variable 
items, as described in section A.1. above.  
 
Variable remuneration items were flexible enough to allow their shaping, to the extent that it was 
possible that no amount was paid on in terms of variable remuneration, whether annual or multi-
year; in such case, fixed remuneration would have represented 100% of total compensation. 
 
Variable remuneration is not guaranteed. 
B.2.2. Actions taken regarding the remuneration system to reduce 
exposure to excessive risks and measures to avoid conflicts of 
interest. 
The measures taken in 2021 with regard to those members of staff whose professional activity may 
have a material impact on the risks profile of the Company were: 
 
The Remuneration Committee was responsible for considering and reviewing the Directors’ and 
Senior Managers’ Remuneration Policy and for enforcing it. Those professionals whose activity 
may have a material impact on the risks’ profile of the Company are included among them. 
 
All members of the Remuneration Committee also sit on the Audit and Compliance Committee. 
Therefore, the Chair of the Remuneration Committee is a member of the Audit and Compliance 
Committee. This ensures that risks associated to remuneration are considered in the course of 
the debates of the Remuneration Committee and of the Audit and Compliance Committee and in 
motions submitted by both Committees to the Board of Directors, on both the determination and 
the process to assess annual and multi-year incentives. 
 
Likewise, three ordinary members of the Remuneration Committee also sit on the Sustainability 
Committee. In particular, the Chair of the Sustainability Committee is a member of the 
Remuneration Committee. The Sustainability Committee is responsible for overseeing and 
monitoring motions in the field of sustainability, on social and environmental issues, of health and 
safety of the products that the Company places on the market, and the relations with the different 
stakeholders in the field of sustainability. Thus, the fact that the same directors sit on different 
committees allows ensuring that alignment with the Group’s priorities in the field of sustainability 
for all its stakeholders is considered upon establishing and enforcing the Remuneration Policy.

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With regard to clawback clause in order to be entitled to claim the refund of variable items of the 
remuneration that are based on results, when such items have been paid on the basis of information 
clearly shown later to be inaccurate: 
 
A clawback clause is included in the contract executed with executive directors in respect of 
variable items of their remuneration in such cases. Additionally, the Company may cancel and/or 
claim the refund of the long-term incentive previously paid in full or in part, upon occurrence of 
certain unforeseen circumstances, as described in section A.1 above. 
 
The Remuneration Committee may propose to the Board of Directors the cancellation of payment 
or, where appropriate, the refund of the variable items of the remuneration of directors based on 
results, when they have been paid on the basis of information clearly shown to be inaccurate, as 
well as the termination of the relationship with the relevant supervisor and the filing of the 
relevant claims, pursuant to the terms of article 6 of the Remuneration Committee’s Regulations. 
The measures taken to detect, determine and resolve potential conflicts of interest have been 
addressed in section A.1.2.c) above. 
B3. How the remuneration accrued and consolidated over 
the financial year complies with the provisions of the 
current remuneration policy and, in particular, how it 
contributes to the Company’s long-term and sustainable 
performance. Relationship between the remuneration 
obtained by the directors and the results or other 
performance measures of the Company in the short and 
long term. 
The Directors’ Remuneration Policy for 2021 was approved at the Annual General’ Meeting held on 13 
July 2021.

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The amounts set out in section A.1 above are the only remuneration paid in 2021 to directors in their 
status as such for membership on the Board of Directors of Inditex, or of any Group companies, except 
for the remuneration of executive directors for the performance of senior management functions. 
Directors have not received any other remuneration under a profit-sharing scheme or bonus, nor any 
remuneration systems or schemes covering a variable remuneration or based on results or other 
indicators of performance of the Company. 
As regards executive directors, certain items of their remuneration for the performance of senior 
management functions are tied to results and other indicators of performance of the Company. In 
particular, in 2021: 
 
Short-term or annual variable remuneration: 
As explained below, the Board of Directors resolved, on the proposal of the Remuneration 
Committee, that the annual variable remuneration for financial year 2021 should be determined 
in accordance with the following criteria for both executive directors (Mr Pablo Isla Álvarez de 
Tejera as Executive Chairman and Mr. Carlos Crespo González as CEO):

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Weighting 
Performance measures 
Measurement criteria 
70% 
Net sales (35%) and 
contribution margin (35%) 
The same criteria established for senior managers according to the budget of the 
Company are applied 
15% 
Personal performance  
Assessment by the Board of Directors, on the proposal of the Nomination 
Committee 
Strategic development of the 
Company 
Boost of store and online integration, through the development and 
implementation of new processes and tools allowing to provide a differentiated 
customer experience, pursuant to the Groups’ objectives. 
15% 
Progress in 
implementation of the 
strategy towards global 
sustainability, measured 
against the following 
indicators: 
(i) Increase in the number of sustainable items measured against the 
following parameters. 
a. Sustainable raw materials: organic cotton and linen, recycled 
polyester and sustainable cellulose fibres, in furtherance of the 
commitment to responsible viscose (Changing Markets RoadMap). 
b. Garments featuring the Join Life environmental excellence label. 
c. Certified forest friendly garments, within the framework of the 
Canopy commitment, ensuring that manufactured fibres are cellulose-
free 
(ii) Progress in the elimination of single-use plastics from customer 
sales; 
(iii) Number of audits and control of discharges at dyeing facilities 
where wet processing is carried out in the framework of Inditex’s 
commitment to the Zero Discharge of Hazardous Chemicals (ZDHC) 
Programme; 
(iv) Percentage of waste reduction in respect of waste generated at 
Inditex facilities (HQ, logistics centres and own stores) (Zero Waste); 
(v) Percentage of packaging material collected to be recycled or reused 
in the supply chain (Green to Pack); 
(vi) Percentage of internal consumption of renewable energy at Inditex 
facilities (HQ, logistics centres and own stores); 
(vii) Percentage of designers trained specialising in circularity within the 
framework of our commitment to Global Fashion Agenda. 
Progress in corporate 
governance 
Degree of compliance with the recommendations of the Good 
Governance Code of Listed Companies and alignment with 
international best practices 
Progress in implementing 
diversity and compliance 
programmes 
Approval of internal regulations and degree of international roll-out 
In order to assess the criteria above for the purposes of determining the annual variable 
remuneration of executive directors for 2021, the Remuneration Committee has taken into 
account, pursuant to the power set out in section 6a) of its terms of reference, the following: 
Sales and contribution margin targets, with a weighting of 70%, were calibrated at the beginning 
of the year taking into account the level of uncertainty of the COVID-19 pandemic and the lack of 
information on the potential impact on the business. In light of the results at the end of financial 
year 2021, the Committee has decided to consider a full view of the achievements made in this 
year to assess the part of the annual variable remuneration linked to economic and financial 
objectives. Specifically, the following results have been considered:

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 The recovery of sales to pre-pandemic levels. Sales in constant currency increased by 3.25% 
versus financial year 2019 and decreased by 2% at average exchange rate, heavily penalized 
by the generalized devaluation of sales currencies against the euro. The retail space has been 
highly affected throughout the year by the restrictions on commercial traffic in physical stores 
as a result of the different phases of the pandemic during financial year 2021. In the first 
quarter, 20% of the stores remained closed due to COVID-19 restrictions affecting 25% of 
business hours. 
 The gross margin reached 57.1%, increasing 123 bp compared to financial year 2020 
(55.8%). Flexible and efficient management of the supply chain has been decisive in this 
evolution, catering to the different demand’s needs. The inventory position at year-end 
increased by 31% compared to financial year 2020. This growth is less than the 36% growth 
in sales in the same period, and less than the growth in sales in the first weeks of financial 
year 2022. 
 The Group maintains a solid financial position, reaching a net cash position as of 31 January 
2022 of €9,359 million, 24% higher than on the same date in 2020 and 16% higher than in 
financial year 2019. Particularly, according to the information in the Statement of Cash Flows, 
the generation of cash flows from operating operations, discounting lease payments, 
amounting to €5,086 million euros, is noteworthy. 
 As a result of the foregoing, the EBITDA achieved in financial year 2021 amounts to €7,183 
million, with a 58% growth compared to financial year 2020, and net profit stands at €3,243 
million compared to €1,106 million at the end of financial year 2020. 
 Inditex’s dividend policy of 60% ordinary payout and bonus dividends remains in place. 
 Definition of an investment plan for the 2020-2022 period consisting of €900 million per year 
(€2,700 million in the three-year period), with €1,000 million allocated to digitization. In 
financial years 2020 and 2021 €716 and €1,134 million, respectively, were allocated to 
investment projects. 
With regard to the remaining targets, with a 30% weighting, the Remuneration Committee has 
evaluated the following: 
 The findings of the evaluation of the Executive Chairman’s performance, carried out by the 
Board of Directors in the meeting held on 14 December 2021, following a report of the 
Nomination Committee, which was rated excellent. This evaluation has taken into account his 
excellent management in an environment that remains challenging in the face of the 
pandemic. The following were once again highlighted as strong points: (i) his speed, flexibility 
and reliability in decision-making; (ii) his anticipation and responsiveness to change and new 
trends; (iii) his efficient allocation of resources and the implementation of the necessary 
measures to adapt to the new reality and guarantee the Company's success and profitability; 
(iv) his strong leadership and his imparting a culture of commitment and continuous 
improvement to his teams, providing visibility and recognition to the Company's key staff. The 
directors also emphasised that, under his leadership, Inditex has strengthened its reputation, 
its image as a unique, successful and exemplary company and its positioning among all

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stakeholders and, in particular, they highlighted his work and related initiatives such as the 
reduction of stock, the reorganisation of commercial space, the renegotiation of rents and the 
operational maintenance during the handling of the COVID-19 pandemic crisis, as well as the 
digital transformation and the integrated model. 
 The findings of Mr Carlos Crespo González' performance evaluation in his duties as CEO until 
29 November 2021. The Board has particularly highlighted (i) his high level of commitment, 
excellence and the credibility he conveys both to his teams and to the Board; (ii) his leadership 
in bolstering the Sustainability and Technology teams, with the ongoing incorporation of new 
talent (internal and external), creating diverse, highly qualified and motivated teams; (iii) his 
strong management in his areas of responsibility, particularly in the areas of Sustainability and 
Technology; and in particular, its leadership in the development of the Sustainability strategy 
and perseverance in achieving the strategic objectives set by the Company, despite the 
context of the global pandemic, with particular emphasis on progress in the implementation 
of actions and initiatives to strengthen traceability and achieve greater control in the supply 
chain; (iv) the changes made under his management in the area of technology that have 
enabled full digitalisation of the Company; (v) the implementation of substantial 
improvements in critical areas such as information security, highlighting the excellent 
response in the protection of assets and the establishment of recovery plans in the event of 
hypothetical cyber-attacks on the Company; as well as (vi) his drive for innovation in all areas 
of the Group. 
 Progress has continued in 2021 towards achievement of sustainability targets in accordance 
with the current Road Map. Thus:  
o 
On its path towards the sustainable garment objectives defined for financial year 2022, 
the Company has consolidated its progress in the most sustainable raw materials, such 
as organic cotton and linen, recycled polyester and sustainable cellulose fibres, which 
has made it possible to achieve a volume of garments with the Join Life label of 47%. 
On the other hand, no single-use plastic bags are given to store customers since 
financial year 2020, and, with the goal of limiting consumption of paper bags and 
envelopes, they are given at a charge since October 2021 in certain markets. The 
proceeds of such course of action go to environmental initiatives led by organizations 
Inditex collaborates. This measure will be progressively extended to all the markets 
where we operate.  
As part of the commitment towards Zero Discharge, in financial year 2021 Inditex has 
notably evolved the new Green to Wear standard, which acquires the name Green to 
Wear 2.1 ("GtW 2.1"), incorporating the management of chemical substances and 
being a fundamental part the use of the own program The List, a key piece for a good 
selection of the chemical products used and that ensures the absence of dangerous 
substances in the emissions to the environment, as well as in the product.

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The List by Inditex ensures compliance with the chemical restrictions of the Clear to 
Wear product health standard and Inditex's commitment to achieve Zero Discharge of 
Unwanted Substances (also known as Zero Discharge or ZDHC Commitment, Zero 
Discharge of Hazardous Chemicals, for its acronym in English). Verification of 
compliance with the GtW 2.1 standard is evaluated periodically, through 
environmental audits, which are carried out on suppliers and factories that belong to 
the Inditex supply chain and that carry out wet processes. These audits are carried 
out by independent external auditors. During financial year 2021, 1,713 audits have 
been carried out under this standard. 
 
In financial year 2021, the Company has continued to make progress in the 
program to reduce waste generated internally at Inditex facilities (Zero Waste). 
Thus, during the aforementioned financial year, the waste generated per m2 in 
headquarters, logistics centers and own factories was reduced by 20.9% 
compared to financial year 2019, comparable year given that the 2020 data is 
strongly impacted by the effect of COVID-19 (7.2% increase compared to 
2020). In 2021, 93.4% of the waste collected at our facilities was sent for 
reuse and recycling. 
 
Through the Green to Pack standard, the Company has continued improving 
the quality of the cardboard boxes that transport garments from suppliers, 
prioritising the use of recycled materials and extending their useful life. These 
boxes contain 75% recycled cardboard from the market and can be used up to 
five times before being sent for recycling. 
 
Inditex announced at the last Annual General Meeting its commitment to 
exclusively use energy from renewable sources in all its own operations and 
facilities by 2022. In 2021, progress has been made towards achieving this 
goal and the use of renewable energy already represents 91% of the total.

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 Progress in corporate governance. With regard to progress in corporate governance in the 
2021 financial year, a major reform has been undertaken in the Company's governance 
structure, described in section A.1. above, the effectiveness of which is gradual and which 
marks the conclusion of the generational handover process, driven by the Executive Chairman, 
Mr Isla, and by the founder, controlling shareholder and Director of the Company, Mr Ortega, 
to ensure that the succession of the Chair takes place in an orderly and planned manner. In 
particular, the Nomination Committee has considered that this structure contributes to the 
following: (i) strengthening diversity among directors and reducing their average tenure; (ii) 
strengthening female representation, exceeding the 40% target established for 2022; (iii) 
separating the position of Board Chair (which will no longer have executive functions) from 
that of the Company's CEO; (iv) maintaining the existence of a balanced composition between 
proprietary and independent directors, while meeting the requirements that non-executive 
directors represent a broad majority of the board and that the proportion of independent 
directors be at least equal to the company's free float; (v) upholding the values of Inditex and 
the continuity of the founding partner and main shareholder's vision, while at the same time 
ensuring the stability of the company due to the extensive experience of both the CEO and the 
new Chair; and (vi) providing expertise in areas such as digital transformation, ESG and 
relations with regulators, which are strategic priorities of the Company. 
In addition, in financial year 2021, Inditex has carried out a review and amendment of its 
internal regulations (i.e. the Articles of Association, the Board of Directors' Regulations and 
the terms of reference of board committees, as well as the Internal Regulations of Conduct 
in the Securities Market (IRC) and the Diversity of Board of Directors Membership and 
Director Selection Policy) in order to adapt them to the reforms introduced in the regulations 
by Act 5 of 12 April 2021 amending the redrafted text of the Spanish Companies Act, 
approved by Royal Legislative Decree 1 of 2 July 2020, and other financial regulations, with 
regard to the promotion of long-term shareholder engagement at listed companies. The new 
features or adaptations notably include the following: (i) the authorisation to hold virtual-
only general meeting, and the adaptation of the system provided for the attendance of 
shareholders and/or their proxies, the casting of votes, the formation of the presiding board, 
etc., to this option; (ii) the alignment of the authority assigned to the different governing 
bodies of the Company in relation to related party transactions, with the new legal system 
introduced by Act 5/2021 and, in line with the foregoing, the Procedure for Internal 
Reporting and Control on related party transactions has been approved, the approval of 
which has been delegated by Inditex's Board of Directors to its Compliance Supervisory 
Board, thereby complying with the provisions of section 529duovicies(4) LSC. In addition, 
the Annual General Meeting approved the Directors' Remuneration Policy for financial years 
2021, 2022 and 2023, in accordance with the provisions of section 529novodecies LSC.

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Bearing in mind the foregoing, the Audit and Compliance Committee has conducted an 
analysis of the suitability of the Corporate Governance system and has positively assessed 
such system. It has considered that the Company has achieved full compliance with the 
regulatory requirements in the applicable law and virtually full compliance with the 
recommendations of the Good Corporate Governance Code of Listed Companies, approved 
by CNMV in February 2015, and amended in June 2020, as can also be seen in section G. 
“Degree of compliance with Corporate Governance recommendations” in the Annual 
Corporate Governance Report for financial year 2021. 
 Progress on diversity and compliance: Progress in the roll-out of the diversity and compliance 
programmes.  
In the process of implementing the Compliance Model developed during financial year 
2021, the Matrix of Criminal Risks and Controls has been updated, by analysing the possible 
risks inherent in the processes of the different activities carried out, taking into account the 
new legislation developments, the approval and / or modification of internal regulations and 
changes in the organisational structure and in certain processes of the Company. In this 
respect, as set out in the Audit Plan approved by the Audit and Compliance Committee for 
financial year 2021, the Internal Audit Function has engaged PwC to issue a reasonable 
assurance report on Inditex' Model of Criminal Risk Prevention, with a limited scope of 
assurance, at 31 January 2022, and following the criteria of paragraphs 2 and 5 of section 
31bis of the Spanish Criminal Code, of the UNE 19600 standard, and of the guidelines 
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), 
which has been issued without qualification.  
At international level: (i) the Model of Criminal Risk Prevention has been implemented in Mexico, to 
meet the requirement for legal entities in this market to have a control system to avoid criminal 
liability, in accordance with the Federal Criminal Code, Mexico City Criminal Code, National Code of 
Criminal Procedures and the General Act of Administrative Responsibilities; (ii) the anti-corruption 
models implemented in France and ITX Re (Ireland) have been monitored; and (iii) the 
implementation of the Model of Criminal Risk Prevention in Brazil has been initiated.  
Moreover, specific anti-corruption training sessions were held for employees of the Group's 
headquarters and brands in Spain, as well as for employees of subsidiaries in the following 
markets: Austria, Belgium, Luxembourg, Canada, China, France, Germany, Mexico, the 
Nordics and Turkey, as well as specific training sessions for shop staff in Austria, Bulgaria, 
Slovakia, France, Greece, the Adriatic countries, the Czech Republic, Turkey and Ukraine. In 
addition, online compliance and anti-corruption training was provided to suppliers in 
Bangladesh. In addition, progress was made during financial year 2021 in the definitive 
implementation of third-party due diligence, by regularising all the Group's existing suppliers 
and broadening knowledge and control over the members of the production supply chain.

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Lastly, as regards progress in the area of diversity, in 2021, communication of the Group's 
Diversity and Inclusion Policy (amended in 2020 to reflect this commitment to diversity at 
senior management level and at all levels of the Company) which is available in different 
languages, has been strengthened among employees in all markets where the Group 
operates, and progress has been made in identifying “Diversity Champions” in each 
subsidiary to act as advocates for the Policy and to help create an inclusive culture in all 
workplaces. Moreover, specific diversity and inclusion training has been provided, both in e-
learning and face-to-face or virtual format, with the aim of raising awareness among the 
teams on the importance of values such as equality and respect and preventing any type of 
discrimination. We have also encouraged our subsidiaries to continue to make progress with 
gender equality certification processes (GEEIS) or to sign the “Diversity Charters” in Europe. 
These and other tools help to bolster the diversity and inclusion strategy, which promotes 
not only gender equality but also inclusion of people with disabilities and socio-ethnic 
inclusion, among other areas. 
For the Executive Chairman and based on the above results, the Board of Directors, on the 
proposal of the Remuneration Committee, has considered the following: 
 A maximum level of achievement of the economic-financial targets given the outstanding 
performance in the financial year 2021, which has continued to be shaped by the COVID-19 
pandemic.  
 A maximum level of achievement as regards the targets linked to personal performance, 
progress in the implementation of the strategy towards global sustainability at Inditex, 
progress in corporate governance and progress in the implementation of the diversity and 
compliance (Compliance) programmes.  
Therefore, on the proposal of the Remuneration Committee, the Board of Directors decided on 
an overall payment level of the annual variable remuneration for financial year 2021 for the 
Executive Chairman equivalent to 125% of target, i.e. €4,875 thousand (150% of the annual fixed 
remuneration). 
For the outgoing CEO and based on the above results, the Board of Director, on the proposal of 
the Remuneration Committee, has considered the following: 
 A maximum level of achievement of the economic-financial targets given the outstanding 
performance in financial year 2021.  
 A maximum level of achievement as regards the targets linked to personal performance, 
progress in the implementation of the strategy towards global sustainability at Inditex, 
progress in corporate governance and progress in the implementation of the diversity and 
compliance (Compliance) programmes. 
Therefore, on the proposal of the Remuneration Committee, the Board of Directors decided on 
an overall payment level of the annual variable remuneration for financial year 2021 for Mr Carlos 
Crespo González for the period in which he performed CEO duties, i.e., from 1 February through 
30 November 2021 (date of economic effect of his resignation) equivalent to 125% of target, 
equivalent to €1,868 thousand (150% of his fixed remuneration in the period).

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On the other hand, on the proposal of the Remuneration Committee, the Board of Directors 
assessed and decided on the annual variable remuneration for financial year 2021 for Mr.Óscar 
García Maceiras, the new CEO as of 1 December 2021, date of economic effect of his 
appointment. As part of this process, the Board of Directors considered, on the one hand, the 
achievement of targets as General Counsel and Secretary of the Board between 31 March (date 
on which he joined the Company) and 30 November 2021 and, on the other hand, his contribution 
to the preparation, implementation and streamlining of the handover of duties in the new 
corporate governance structure from 29 November (date on which all resolutions on such 
amendments were passed) to 31 January 2022.  
It bears mentioning the excellent assessment of the results of the evaluation of Mr García’s 
performance in relation to the time he served as Secretary of the Board. The Directors were 
unanimous in highlighting the ease with which Mr García Maceiras had adapted to the Company's 
philosophy and culture, as well as his role as a driving force for improvement in all areas within 
his remit and, in particular, in corporate governance practices, with particular emphasis on his 
thoroughness, efficiency and professionalism. 
Based on the foregoing, on the proposal of the Remuneration Committee, the Board of Directors 
decided on an overall payment level of annual variable remuneration for the CEO equivalent to 
125% of target, amounting to €382 thousand (150% of his fixed remuneration as CEO). This 
amount corresponds to the period from 1 December 2021 to 31 January 2022, during which Mr 
Óscar García Maceiras held the position of CEO. 
 
Multi-year or Long-term variable remuneration 
The first cycle (2019-2022) of the 2019-2023 Long-Term Incentive Plan, approved at the Annual 
General Meeting held on 16 July 2019, ended on 31 January 2022.  
A breakdown of the incentive amounts for the executive directors and the specifics of this first 
2019-2022 cycle are described in section A.1.6.  
As previously stated in the Annual Report on the Remuneration of Directors released in 2021, 
FY2020 was materially and negatively impacted by the onset of the COVID-19 health crisis, which 
caused extraordinary changes in the macroeconomic environment and disruptions in the 
business that could not have been anticipated when this first cycle 2019-2022 of the Plan 
commenced on 1 February 2019. This resulted in certain terms of the Plan having to be revised 
in order to ensure that the Plan can deliver the purpose for which it was originally designed, as a 
key tool for the promotion, motivation, engagement and retention of talent. 
In line with the foregoing and, with the aim of avoiding the loss of value of the Plan, the Board of 
Directors resolved, at its meeting held on 14 December 2020, following a favourable report from 
the Remuneration Committee, to adjust the levels of achievement of the metrics “Same-store 
sales” (MMTT) and “PBT”, in order to achieve, in line with the principles and objectives of the Plan 
itself, that its purpose is fulfilled so that the input and effort made by the Plan’s beneficiaries 
during the crisis are rewarded appropriately. 
In order to determine the level of achievement reached and the resulting level of payment, at its 
meeting held on 15 March 2022 and on the proposal of the Remuneration Committee, the Board 
of Directors has taken into account the following results:

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 Growth in Same-store Sales in the period from 1 February 2019 to 31 January 2022 was 
5.28% on an annualised basis.  
 Inditex Group’s PBT in 2021 amounts to €4,199 million, versus the PBT in the previous year 
which stood at €1,401 million. This represents a 200% growth, reaching despite the strong 
impact of the pandemic on financial years 2020 and 2021, levels close to that of financial year 
FY2018. 
 Inditex's Total Shareholder Return (“TSR”) position is below the median TSR ranking of the 
Peer Group.  
 Regarding the sustainability index:  
(i) The percentage of factories within Inditex’s supply chain where wet processing 
(such as washing, dyeing and printing) is carried out, that use The List, by Inditex 
standard as a reference to select the chemical products used in their processes, was 
above 55% on 31 January 2022 according to the audits conducted. 
(ii) The percentage of waste reduction internally generated at Inditex headquarters, 
and at all own factories and logistics centres, that is appropriately recycled, evaluated 
and managed to be recovered, preventing discharge to landfill, was above 92% for 
urban assimilable waste and 88% for hazardous waste on 31 January 2022. 
(iii) The ratio of direct greenhouse gas emission reductions in own operations to the 
Group's total sales volume has been reduced by more than 8% from 1 February 2019 
to 31 January 2022. 
(iv)The percentage of Inditex's product suppliers with a social ranking of A and B has 
exceeded 95% in the average of the three years of the cycle. 
The Remuneration Committee has evaluated jointly the 4 indicators above referred based upon 
the results achieved, disclosed by the Company’s Sustainability Department, in accordance with 
the relevant performance scales defined for each of them. In such assessment, excess in one or 
more indicators have been offset against payout ratio of the other indicators, as the maximum level 
of achievement has been surpassed in all of them. The maximum joint limit of 125% of Maximum 
Incentive has been considered.

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The overall level of target achievement and the level of payment of the incentive by automatic 
application of the terms and conditions set for this first cycle 2019-2022 is 70% of the incentive 
allocated in the scenario of overachievement. Since the Board of Directors resolved, at its meeting 
held on 14 December 2020 and following a favourable report from the Remuneration Committee, 
to adjust the achievement levels of the MMTT and PBT metrics due to the impact of the COVID-
19 pandemic, the Committee has assessed these results with a full view of the achievements in 
the first cycle period to ensure that the level of pay is consistent with them. Based on this analysis, 
the Remuneration Committee proposed to maintain the overall target achievement level and the 
incentive payout level at 70% of the incentive allocated in the scenario of overachievement. 
Therefore, on the proposal of the Remuneration Committee, the Board of Directors decided on 
the following incentive amounts: 
 Executive Chairman:  
o 
A cash incentive of €1,760 thousand. 
o 
A share incentive equivalent to 112,953 shares.  
 CEO (Mr Carlos Crespo González): 
o 
A cash incentive of €1,165 thousand. Of this total amount, €1,099 thousand correspond to 
the amount accrued in the period during which Mr Carlos Crespo González held the position 
of CEO, until 307 November 2021. 
o 
A share incentive equivalent to 70,499 shares. As specified in section C.1.a) ii) of the 
Annual Report on the Remuneration of Directors published in 2021, the number of 
shares allotted to the CEO amounted to 106,752. The number of shares earned 
amounts to 74,726, of which 70,499 correspond to those accrued in the period in 
which Mr Carlos Crespo González held the position of CEO. The total number of “expired 
and unexercised” shares is 32,026, of which 30,214 correspond to the period in 2021 
during which Mr Carlos Crespo González held the position of CEO. 
 Chief Executive (Mr Óscar García Maceiras): 
o 
A cash incentive of €214 thousand. Out of this amount, €36 thousand corresponds to 
the amount accrued in the period starting on 1 December 2021, the date of economic 
effect of the appointment of Mr Óscar García Maceiras as CEO until 31 January 2022 . 
o 
A share incentive equivalent to 9,137 shares. Out of these, 1,552 correspond to those 
accrued in the period starting on 1 December 2021, the date of economic effect of the 
appointment of Mr Óscar García Maceiras as CEO until 31 January 2022. 
B4. Report on the result of the consultative vote at the General 
Shareholders’ Meeting on remuneration in the previous year, 
                                                            
7 Date of economic effect of the resignation.

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indicating the number of votes in favour, votes against, 
abstentions and blank ballots: 
The Annual Report on the Remuneration of Directors for 2021 was submitted to the advisory say-on-
pay vote at the Annual General Meeting on 14 July 2021, as agenda item number 10, with the following 
outcome: 
 
Number 
% of total 
Votes cast 
2,757,953,535 
99.72% 
 
Number 
% cast 
Votes against 
89,945,312 
3.26% 
Votes in favour 
2,668,008,223 
96.74% 
Abstentions 
7,675,890 
0.28% 
Blank votes 
300 
0% 
B.5. Determination of the fixed components accrued and 
vested during the year by the directors in their capacity as 
such, and their change with respect to the previous year 
To determine the remuneration accrued by the directors in their status as such in 2021, the amounts 
fixed in the Directors’ Remuneration Policy, approved at the Annual General  Meeting on 13 July 2021, 
have been considered. Such amounts have been in effect since they were approved further to a 
resolution passed at the Annual General  Meeting on 19 July 2011. The different items and amounts 
have been detailed in section A.1.7. above.  
Pursuant to the foregoing, and based on the current composition of the Board of Directors and its 
Committees, in 2021 the total amount accrued by the directors in their status as such for the 
performance of supervisory and collegiate decision-making duties amounted to €2,480 thousand, of 
which €100 thousand correspond to the Executive Chairman for FY2021, €83 thousand correspond to 
Mr Carlos Crespo González, as CEO for the period from 1 February to 30 November 2021 and €17 
thousand correspond to Mr Óscar García Maceiras as CEO from 1 December 2021.

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B.6. Determination of the salaries accrued and vested by 
each of the executive directors over the past financial year 
for the performance of management duties, and their 
change with respect to the previous year. 
 
Executive Chairman:  
 The fixed remuneration of the Executive Chairman for the performance of executive functions 
was resolved by the Board of Directors on 9 March 2021, on the proposal of the Remuneration 
Committee.  
 In financial year 2021 the fixed remuneration of the Executive Chairman for the performance 
of executive functions amounted to €3,250 thousand, which represents a significant portion 
of his total remuneration.  
 This sum has remained unchanged since financial year 2013. 
 
CEO:  
 The fixed remuneration of the CEO for the performance of executive functions was resolved 
by the Board of Directors on 09 March 2021, on the proposal of the Remuneration Committee. 
 Mr Carlos Crespo González's fixed remuneration for the performance of his executive 
functions as CEO from 1 February to 30 November 2021, the date on which his resignation 
took effect, amounted to €1,179 thousand, which represents a significant proportion of his 
total remuneration. The amount, on an annualised basis (€1,500 thousand), remains 
unchanged since his appointment as CEO. 
 Mr Óscar García Maceiras' fixed remuneration for the performance of his executive functions 
as new CEO, effective from 1 December 2021 to 31 January 2022, amounted to €277 
thousand.  
B.7. Nature and main characteristics of the variable 
components of the remuneration systems accrued and 
vested in the year ended. 
A detailed breakdown of annual variable remuneration and long-term incentive plans is provided in 
sections A.1. and B.3. of this Report.

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
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B.8. Reduction or return (clawback) of certain variable 
components, and, where appropriate, amounts reduced or 
clawed back, grounds for reduction or clawback and years to 
which they refer. 
No such proceedings have taken place in 2021.  
B.9. Main characteristics of the long-term savings systems. 
In financial year 2021 Inditex has made no contributions to the defined contribution pension schemes.  
B.10. Severance pay or any other type of payment deriving 
from early cessation, accrued and/or received by directors 
during the year ended. 
As at the date this Report is issued, no such remuneration has been accrued.  
B.11. Significant changes in the contracts entered into with 
executive directors. 
The contracts entered into with the Executive Chairman and the CEO have not been amended in 
financial year 2021.  
At its meeting held on 13 December 2021, the Remuneration Committee decided to submit to the Board 
of Directors a proposal to novate the Executive Chairman’s contract, as described in section A above, in 
order to strengthen the post-contractual non-compete clause. Such proposal was accepted and 
implemented in March 2022 and will be submitted to shareholders at the Annual General Meeting in 
2022. 
B.12. Any supplementary remuneration accrued by 
directors in consideration of the provision of services 
other than those inherent in their position.  
No supplementary remuneration other than the ones herein addressed is provided in the Remuneration 
Policy. 
As at the date this Report is issued, no supplementary remuneration has been accrued by the directors 
in consideration for any services rendered outside of their post.  
B.13. Any remuneration deriving from advance payments, 
loans or guarantees granted. 
The granting of advance payments, loans or guarantees to directors is not covered in the Remuneration 
Policy.  
As at the date of this Report, no advance payment, loans or guarantees have been granted to any 
director.

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
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B.14. Remuneration in kind accrued by the directors over 
the year.  
No remunerations in kind exist.  
B.15. Remuneration accrued by directors by virtue of 
payments made by the listed Company to a third company 
in which the director provides services when these 
payments seek to remunerate the director’s services to the 
Company.  
As at the date this Report is issued, no such remuneration has been accrued by any director.  
B.16. Any other items of remuneration other than those 
mentioned in the previous sections.  
As at the date this Report is issued, no other additional item of remuneration other than the ones 
mentioned in the previous sections are provided in the remuneration system for directors.

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
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C. STATISTICAL APPENDIX III TO THE ANNUAL 
REPORT ON THE REMUNERATION OF DIRECTORS OF 
LISTED PUBLIC COMPANIES (CNMV’s CIRCULAR 
2/2018, OF 12 JUNE), CORRESPONDING TO 
INDUSTRIA DE DISEÑO TEXTIL, S.A. 
ISSUER IDENTIFICATION 
Ending date of reference period: 31/01/2022 
CIF: A-15075062 
Company name: Industria de Diseño Textil, S.A.  
Registered office: Avenida de la Diputación, Edificio Inditex, Arteixo (A Coruña)  
STATISTICAL 
APPENDIX 
TO 
THE 
DIRECTORS’ 
ANNUAL REMUNERATION REPORT OF LISTED PUBLIC 
COMPANIES 
B. OVERALL SUMMARY OF HOW REMUNERATION POLICY HAS BEEN APPLIED DURING THE YEAR 
ENDED 
B.4. Report on the result the advisory say-on-pay vote of the Annual General Meeting on the 
annual remuneration report of the previous year, stating the number of votes against that may 
have been cast:  
Number 
% of total 
Votes cast 
2,757,953,535 
99.72% 
 
Number 
% cast 
Votes against 
89,945,312 
3.26% 
Votes in favour 
2,668,008,223 
96.74% 
Abstentions 
7,675,890 
0.28% 
Blank ballots 
300 
0%

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
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C. ITEMISED INDIVIDUAL REMUNERATION ACCRUED BY EACH DIRECTOR  
Name 
Type 
Accrual period 2021 
Mr PABLO ISLA ÁLVAREZ DE TEJERA 
Executive 
From 01/02/2021 to 31/01/2022 
Mr CARLOS CRESPO GONZÁLEZ 
Executive 
From 01/02/2021 to 29/11/20218 
Mr ÓSCAR GARCÍA MACEIRAS 
Executive 
From 29/11/20219 to 31/01/2022 
Mr AMANCIO ORTEGA GAONA 
Proprietary 
From 01/02/2021 to 31/01/2022 
Mr JOSÉ ARNAU SIERRA 
Proprietary 
From 01/02/2021 to 31/01/2022 
PONTEGADEA INVERSIONES, S.L.  
(REPRESENTED BY MS. FLORA PÉREZ 
MARCOTE) 
Proprietary 
From 01/02/2021 to 31/01/2022 
BNS. DENISE PATRICIA KINGSMILL 
Independent 
From 01/02/2021 to 31/01/2022 
Mr JOSÉ LUIS DURÁN SCHULZ 
Independent 
From 01/02/2021 to 31/01/2022 
Mr RODRIGO ECHENIQUE GORDILLO 
Independent 
From 01/02/2021 to 31/01/2022 
Ms PILAR LÓPEZ ÁLVAREZ 
Independent 
From 01/02/2021 to 31/01/2022 
Mr EMILIO SARACHO RODRÍGUEZ DE 
TORRES 
Independent 
From 01/02/2021 to 31/01/2022 
Mr ANNE LANGE 
Independent 
From 01/02/2021 to 31/01/2022 
 
                                                            
8 30 November 2021 is the date of economic effect of his resignation as Chief Executive Officer 
9 1 December 2021 is the date of economic effect of his appointment as new Chief Executive Officer

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
340 
 
C.1. Complete the following tables regarding the individual remuneration of each director (including the remuneration received for performing executive 
duties) accrued during the financial year. 
a) Remuneration from the reporting company: 
i) Remuneration accruing in cash (in thousands of euros) 
Name 
Fixed 
remuneration 
Attendance 
fees 
Remuneration 
for 
membership of 
board 
committees 
Salary 
Short-term 
variable 
remuneration 
Long-term 
variable 
remuneration 
Indemnification 
Other 
items 
Total year 
2021 
Total year 
2020 
Mr PABLO ISLA ÁLVAREZ DE TEJERA 
100 
- 
- 
3,250 
4,875 
1.760- 
- 
- 
9,985 
5,885 
Mr CARLOS CRESPO GONZÁLEZ10 
83 
- 
- 
1,179 
1.868 
1.099- 
- 
- 
4,229 
2,770 
Mr ÓSCAR GARCÍA MACEIRAS11 
17 
 
- 
277 
382 
36 
 
 
712 
- 
Mr AMANCIO ORTEGA GAONA 
100 
- 
- 
- 
- 
- 
- 
- 
100 
100 
Mr JOSÉ ARNAU SIERRA 
100 
- 
200 
- 
- 
- 
- 
80 
380 
380 
PONTEGADEA INVERSIONES, S.L.  
(REPRESENTED BY MS. FLORA PÉREZ 
MARCOTE) 
100 
- 
- 
- 
- 
- 
- 
- 
100 
100 
BNS. DENISE PATRICIA KINGSMILL 
100 
- 
150 
- 
- 
- 
- 
50 
300 
300 
Mr JOSÉ LUIS DURÁN SCHULZ 
100 
- 
150 
- 
- 
- 
- 
 
250 
273 
Mr RODRIGO ECHENIQUE GORDILLO 
100 
- 
150 
- 
- 
- 
- 
50 
300 
300 
Ms PILAR LÓPEZ ÁLVAREZ 
100 
- 
150 
- 
- 
- 
- 
50 
300 
277 
Mr EMILIO SARACHO RODRÍGUEZ DE 
TORRES 
100 
- 
150 
- 
- 
- 
- 
50 
300 
300 
Ms ANNE LANGE 
100 
- 
150 
- 
- 
- 
- 
- 
250 
250 
                                                            
10 The remuneration for FY2021 corresponds to the portion accrued in the period from 1 February to 30 November 2021, the date of economic effect of his resignation as Chief Executive Officer  
11The remuneration for FY2021 corresponds to the portion accrued in the period from 1 December 2021, the date of economic effect of his appointment as Chief Executive Officer, until 31 January 2022.

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
341 
 
ii) Table of changes in share-based remuneration schemes and gross profit from vested shares or financial instruments 
Name 
Name 
of Plan  
Financial instruments 
at start of FY2021 
Financial instruments 
granted in FY2021 
Financial instruments vested during the year 
Instruments 
matured but 
not 
exercised 
Financial instruments at 
end of FY2021 
No. 
instruments 
No. 
equivalent 
shares 
No. 
instruments 
No. 
equivalent 
shares 
No. 
instruments 
No.  
equivalent/ 
vested 
shares 
Price of 
vested 
shares 
Gross Profit 
from vested 
shares or 
financial 
instruments 
(thousands of 
euros) 
No. 
instruments 
No. 
instruments 
No. 
equivalent 
shares 
Mr PABLO ISLA 
ÁLVAREZ DE 
TEJERA  
First cycle 
(2019-
2022) of the 
2019-2023 
Long-term 
Incentive 
Plan  
161,361 
161,361 
 
 
112,953 
112,953 
21.76 
2,458 
48,408 
 
 
Mr PABLO ISLA 
ÁLVAREZ DE 
TEJERA 
Second 
cycle (2020-
2023) of the 
2019-2023 
Long-term 
Incentive 
Plan  
120.172 
120,172 
 
 
 
 
 
 
 
120,172 
120,172 
Mr PABLO ISLA 
ÁLVAREZ DE 
TEJERA 
First cycle 
(2021-
2024) of the 
2021-
2025Long-
term 
Incentive 
Plan  
 
 
116,568 
116,568 
 
 
 
 
 
116,568 
116,568 
Mr CARLOS 
CRESPO 
GONZÁLEZ 
First cycle 
(2019-
2022) of the 
2019-2023 
Long-term 
Incentive 
Plan  
106,752 
106,752 
 
 
70,499 
70,499 
21.76 
1,534 
32,026

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
342 
 
Mr CARLOS 
CRESPO 
GONZÁLEZ 
Second 
cycle (2020-
2023) of the 
2019-2023 
Long-term 
Incentive 
Plan  
79,503 
79,503 
 
 
 
 
 
 
 
79,503 
79,503 
Mr CARLOS 
CRESPO 
GONZÁLEZ  
First cycle 
(2021-
2024) of the 
2021-
202512 Long-
term 
Incentive 
Plan  
 
 
21,273 
21,273 
 
 
 
 
 
21,273 
21,273 
Mr ÓSCAR 
GARCÍA 
MACEIRAS 
First cycle 
(2019-
2022) of the 
2019-2023 
Long-term 
Incentive 
Plan13  
2,217 
2,217 
 
 
1,552 
1,552 
21.76 
34 
665 
 
 
Mr ÓSCAR 
GARCÍA 
MACEIRAS  
Second 
cycle (2020-
2023) of the 
2019-2023 
Long-term 
Incentive 
Plan  
61,854 
61,854 
 
 
 
 
 
 
 
61,854 
61,854 
Mr ÓSCAR 
GARCÍA 
MACEIRAS  
First cycle 
(2021-
2024) of the 
2021-2025 
Long-term 
Incentive 
Plan  
 
 
68,562 
68,562 
 
 
 
 
 
68,562 
68,562 
 
                                                            
12 Total number of shares granted to him in his capacity as Chief Executive Office on a pro-rata basis for the period running from 1 February 2021 through 30 November 2021. 
13 Total number of shares granted to him in his capacity as Chief Executive Office on a pro-rata basis for the period running from 1 December 2021, date of economic effect of his appointment as CEO through 31 
January 2022.

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
343 
 
iii) Long-term savings systems  
Name 
Remuneration from vesting of rights to 
savings system (€ thousand) 
Mr PABLO ISLA ÁLVAREZ DE TEJERA  
 
 
 
Contribution over the year from the company  
(€ thousand) 
Amount of accrued funds  
(€ thousand) 
Name 
Savings systems with vested 
economic rights 
Savings systems with non-
vested economic rights 
Financial year 
2021 
Financial year 
2020 
Financial year 
2021 
Financial year 
2020 
Financial year 2021 
Financial year 2020 
Systems with vested 
economic rights 
Systems with non-
vested economic 
rights 
Systems with vested 
economic rights 
Systems with non-
vested economic 
rights 
Mr PABLO ISLA 
ÁLVAREZ DE TEJERA 
0 
0 
- 
- 
9,422 
- 
9,025 
- 
iv) Details of other items 
Name 
Concept 
Amount of remuneration 
No data

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
344 
 
b) Remuneration of directors for seats on the boards of other subsidiary companies: 
i) Remuneration in cash (€ thousand) 
Name 
Fixed 
remuneration 
Attendance 
fees 
Remuneration 
for membership 
of Board 
committees 
Salary 
Short-term 
variable 
remuneration 
Long-term 
variable 
remuneration 
Indemnification 
Other 
items 
Total FY 
2021 
Total FY 
2020 
No data 
 
 
 
 
 
 
 
 
 
 
 
ii) Table of changes in share-based remuneration schemes and gross profit from vested shares or financial instruments 
Name 
Name 
of Plan  
Financial instruments 
at start of FY2021 
Financial instruments 
granted in FY2021 
Financial instruments vested during the year 
Instruments 
matured but 
not exercised 
Financial instruments at 
end of FY2021 
No. 
instruments 
No. 
equivalent 
shares 
No. 
instruments 
No. 
equivalent 
shares 
No. 
instruments 
No.  
equivalent/v
ested 
shares 
Price of 
vested 
shares 
EBITDA from 
vested shares 
or financial 
instruments 
(€ thousand) 
No. 
instruments 
No. 
instruments 
No. 
equivalent 
shares 
No data

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
345 
 
 
iii) Long-term savings systems 
Name 
Remuneration from vesting of rights to savings systems 
No data 
 
 
 
Contribution over the year from the company 
(thousands of euros) 
Amount of accrued funds 
(thousands of euros) 
Name 
Savings systems with vested 
economic rights 
Savings systems with non-
vested economic rights 
Financial 
year 2021 
Financial 
year 2020 
Financial 
year 2021 
Financial year 
2020 
Financial year 2021 
Financial year 2020 
Systems with 
vested economic 
rights 
Systems with non-
vested economic 
rights 
Systems with 
vested economic 
rights 
Systems with non-
vested economic 
rights 
No data 
 
 
 
 
 
 
 
 
iv) Details of other items 
Name 
Concept 
Amount of remuneration 
No data

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
346 
 
c) Summary of remuneration (thousands of euros):  
This summary must include the amounts corresponding to all the remuneration items included in this report that have accrued to each director in thousands of euros. 
                                                            
14 The remuneration for FY 2021 corresponds to the share accrued from 1 February to 30 November 2021, the date on which the Board of Directors accepted his resignation as Chief Executive Officer. 
15 The remuneration for FY 2021 corresponds to the share accrued since his appointment as Chief Executive Officer, i.e. from 1 December to 31 January 2022.  
 
Remuneration accrued in the company 
Remuneration accrued in group companies 
Name 
Total cash 
remuneration  
EBITDA of 
vested 
shares or 
financial 
instruments 
Remuneration 
by way of 
savings 
systems 
Other items 
of 
remuneration 
Total 
FY2021 
company 
Total cash 
remuneration  
Gross profit 
of vested 
shares or 
financial 
instruments 
Remuneration 
by way of 
savings 
systems  
Other items 
of 
remuneration 
Total 
FY2021 
group 
Mr PABLO ISLA ÁLVAREZ DE 
TEJERA 
9,985 
2,458 
 
 
12,443 
 
 
 
 
12,443 
Mr CARLOS CRESPO 
GONZÁLEZ14 
4,229 
1,534 
 
 
5,763 
 
 
 
 
5,763 
Mr ÓSCAR GARCÍA 
MACEIRAS15 
712 
34 
 
 
746 
 
 
 
 
746 
Mr AMANCIO ORTEGA GAONA 
100 
 
 
 
100 
 
 
 
 
100 
Mr JOSÉ ARNAU SIERRA 
380 
 
 
 
380 
 
 
 
 
380 
PONTEGADEA INVERSIONES, 
S.L. (REPRESENTED BY MS. 
FLORA PÉREZ MARCOTE) 
100 
 
 
 
100 
 
 
 
 
100 
BNS. DENISE PATRICIA 
KINGSMILL 
300 
 
 
 
300 
 
 
 
 
300 
Mr JOSÉ LUIS DURÁN SCHULZ 
250 
 
 
 
250 
 
 
 
 
250 
Mr RODRIGO ECHENIQUE 
GORDILLO 
300 
 
 
 
300 
 
 
 
 
300 
Ms PILAR LÓPEZ ÁLVAREZ 
300 
 
 
 
300 
 
 
 
 
300 
Mr EMILIO SARACHO 
RODRÍGUEZ DE TORRES 
300 
 
 
 
300 
 
 
 
 
300 
Ms ANNE LANGE 
250 
 
 
 
250 
 
 
 
 
250 
TOTAL 
17,206 
4,026 
 
 
21,232 
 
 
 
 
21,232

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
347 
C.2. Indicate the evolution of the last 5 years of the amount and the percentage variation of the remuneration accrued by each of the directors of the listed company 
who have held this position during the year, the consolidated results of the company and the average remuneration on an equivalent basis with regard to full-time 
employees of the company and its subsidiaries that are not directors of the listed company. 
 
Total amounts  accrued and annual variation 
 
Financial 
year 2021 
Percentage 
variation 
2021/2020 
Financial 
year 2020 
Percentage  
variation 
2020/2019 
Financial 
year 2019 
Percentage  
variation 
2019/2018 
Financial 
year 2018 
Percentage  
variation 
2018/2017 
Financial 
year 2017 
Executive Directors  
 
 
 
 
 
 
 
 
 
Mr PABLO ISLA ÁLVAREZ DE 
TEJERA 
12,443 
111% 
5,885 
-5% 
6,209 
-35% 
9,489 
- 11% 
10,690 
Mr ÓSCAR GARCÍA MACEIRAS 
746 
- 
- 
- 
- 
- 
- 
- 
- 
Mr CARLOS CRESPO 
GONZÁLEZ 
5,763 
108% 
2,770 
115% 
1,290 
- 
- 
- 
- 
Non-executive Directors  
 
 
 
 
 
 
 
 
 
Mr AMANCIO ORTEGA GAONA 
100 
0% 
100 
0% 
100 
0% 
100 
0% 
100 
Mr JOSÉ ARNAU SIERRA 
380 
0% 
380 
15% 
330 
0% 
330 
0% 
330 
PONTEGADEA INVERSIONES, 
S.L. (REPRESENTED BY MS. 
FLORA PÉREZ MARCOTE) 
100 
0% 
100 
0% 
100 
0% 
100 
0% 
100 
BNS. DENISE PATRICIA 
KINGSMILL 
300 
0% 
300 
20% 
250 
0% 
250 
0% 
250 
Mr JOSÉ LUIS DURÁN SCHULZ 
250 
-8% 
273 
-9% 
300 
0% 
300 
0% 
300 
Mr RODRIGO ECHENIQUE 
GORDILLO 
300 
0% 
300 
0% 
300 
0% 
300 
0% 
300 
Ms PILAR LÓPEZ ÁLVAREZ 
300 
8% 
277 
11% 
250 
87% 
134 
- 
 
Mr EMILIO SARACHO 
RODRÍGUEZ DE TORRES 
300 
0% 
300 
0% 
300 
0% 
300 
0% 
300 
Ms ANNE LANGE 
250 
0% 
250 
762% 
29 
- 
- 
- 
- 
Consolidated results of the 
company (€ million) 
4,199 
200% 
1,401 
-70% 
4,681 
6% 
4,428 
2% 
4,351 
Average employee 
remuneration (€ thousand) 
23 
27% 
18 
-15% 
22 
6% 
20% 
3% 
20%

Inditex Annual Report 2021 | Annual Report on Remuneration (ARR) 
 
 
348 
This annual remuneration report has been approved by the Board of Directors of the Company in the meeting 
held on 15 March 2022. 
State whether any director has voted against or abstained from approving this Report 
Yes  □                          No   
 
Name or company name of the member of the board of 
directors who has not voted for the approval of this report 
Reasons (against, abstention, 
non-attendance) 
Explain the reasons

Issue of the Annual Accounts and Management Report for financial year 2021  
(Sec. 253 Companies Act and Sec. 34 et seq. of the Commercial Code) 
 
The Directors of the company Industria de Diseño Textil, S.A. proceeded at the meeting held 
on 15 March 2022, to issue the Annual Accounts and the Management Report of Industria 
de Diseño Textil, S.A. for financial year 2021 (1 February 2021 – 31 January 2022), which 
consist of the documents preceding this page, all of the pages of which have been signed 
by the Secretary of the Board of Directors for identification purposes.  
 
Mr Pablo Isla Álvarez de Tejera 
Executive Chairman 
 
 
Mr Amancio Ortega Gaona  
  Mr José Arnau Sierra  
Ordinary Member  
  Deputy Chairman 
  
 
 
 
 
 
Mr Óscar García Maceiras 
 
 
 
Pontegadea Inversiones, S.L. 
 
CEO 
 
 
 
 
 
 
Ordinary Member 
Ms Flora Pérez Marcote  
  
 
 
  
 
 
 
 
Bns Denise Patricia Kingsmill 
 
 
 
Ms Pilar López Álvarez    
 
Ordinary Member 
 
 
 
 
Ordinary Member 
 
 
 
Ms Anne Lange 
Mr José Luis Durán Schulz 
Ordinary Member 
 
 
 
 
Ordinary Member 
  
 
 
Mr Rodrigo Echenique Gordillo   
 
 
Mr Emilio Saracho Rodríguez de Torres 
Ordinary Member 
 
 
 
 
Ordinary Member