Company: BBVXF
Filing Date: 2025-02-14
Form Type: 6-K
Source: 0001193125-25-027343
Chunk: 25

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-14
Form: 6-K
Chunk 25
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 the support of the Bank’s internal services, as well as the independent advice of two leading external firms specialized in directors and senior executive remuneration, namely WTW, for market analysis and benchmarking, and J&A Garrigues, S.L.P., for the legal analysis of the Policy. In establishing the new Policy, the Remuneration Committee took into account, among other matters, the suggestions received within the constant and constructive dialogue that BBVA maintains with its shareholders, investors and other stakeholders, as well as the results of the votes in recent years on the proposals laid before the General Shareholders’ Meeting regarding remuneration, so as to continue to evolve in line with expectations and the latest market trends. The Remuneration Committee also analyzed the remuneration schemes and, in particular, the variable remuneration models, employed for similar positions by the main comparable financial institutions comprising BBVA’s peer group for remuneration purposes. Lastly, pursuant to Sections 511 bis and 529 novodecies of the Spanish Corporate Enterprises Act, the Directors’ Remuneration Policy was submitted, as a separate item on the agenda, for the approval of the Bank’s General Shareholders’ Meeting held on March 17, 2023, which approved it with a majority vote in favor of 95.03%. As part of the governance and supervision model of the Policy, the Remuneration Committee is vested with powers to propose to the Board of Directors for approval or, where applicable, submission to the General Meeting where required by law, the implementation of all amendments or exceptions to the Policy that may be necessary during its term. More precisely, the Policy provides that the Board of Directors, following analysis by and on the proposal of the Remuneration Committee, may resolve to make temporary derogations to the Policy in connection with the accrual, award, vesting and/or payment of all components provided for in the Policy, if this proves necessary in order to better serve the long-term interests and sustainability of the Company as a whole or to ensure its viability. This English version is a translation of the original in Spanish for information purposes only. In case of discrepancy the original in Spanish shall prevail.

Annual Report on the Remuneration of BBVA Directors 22 2.2. Remuneration system for executive directors in 2024 Pursuant to the Policy, executive directors have their own remuneration system, defined in accordance with best market practices, the concepts of which are included in Section 50 bis of the Bylaws and correspond