Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 230

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 230
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 instruments; and (v) the limitation of variable remuneration up to a maximum amount of 200% of the fixed component of the total remuneration, as resolved by the general shareholders’ meeting held in 2024. 
The upfront portion of the annual variable remuneration for financial years 2024 and 2023 vested and became payable following its award in 2025 and 2024, respectively, while the rest of it was deferred for a period of five years. All of it, in accordance with the deferral, vesting and payment rules and other conditions applicable to annual variable remuneration as set out in the BBVA Group’s General Remuneration Policy.
Moreover, in accordance with the applicable remuneration policies for previous financial years, once the 2024 and 2023 financial years had ended, the corresponding portions of deferred annual variable remuneration from previous years vested and became payable to members of Senior Management.
The aggregate remuneration corresponding to the 2024 and 2023 financial years to members of the Senior Management, who held that position as of December 31, 2024 and as of December 31, 2023, is indicated and itemized below:

Fixed Remuneration (thousands of euros)                  2024            2023
Total Senior Management (1)                        19,928          18,187    
(1)16 members at December 31, 2024 and 15 members at December 31, 2023, excluding executive directors in both cases. In January 2025, a new Global Head of Data was appointed. See “—Senior Management”.
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Annual Variable Remuneration                                          2024 (1)                                     2023 (2)
                                                     In cash         In shares                    In cash         In shares
                                        (thousands of euros)                         (thousands of euros)                  
Total Senior Management (3)                            2,272     235,016                   2,229              267,628      
(1)Initial portion of the annual variable remuneration, which represents the first payment of the short-term incentive for financial year 2024 and will be paid during the first quarter of financial year 2025, in equal parts in cash and BBVA shares (the initial portion). The remaining amount of the annual variable remuneration for financial year 2024 (which includes the long-term incentive for financial year 2024) will be deferred (40% in cash