Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 228

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 6
Chunk 228
---
 applying the same criteria used to determine the Chair’s short-term incentive for the 2024 financial year and was determined to amount to €83 thousand, which represents an upward adjustment of €17 thousand. This upward adjustment to the “discretionary pension benefits” will be included in the accumulated fund in the 2025 financial year and will be subject to the conditions established for them in the Directors’ Remuneration Policy. 
With regard to the Chief Executive Officer, in accordance with the provisions of the Directors’ Remuneration Policy and his contract, the Bank is not required to make any contributions to a retirement pension, although he is entitled to an annual cash sum instead of a retirement pension equal to 30% of his annual fixed remuneration. However, the Bank has pension commitments to cover the death and disability contingencies, for which purpose the corresponding annual insurance premiums are paid. 
In accordance with the above, in the 2024 financial year the Bank paid the Chief Executive Officer the amount of fixed remuneration as cash in lieu of pension set out under “—Remuneration of executive directors”. Furthermore, €221 thousand was disbursed for the payment of the annual insurance premiums to cover the death and disability contingencies. 
In accordance with the above, amounts recorded to meet the pension commitments for the executive directors during 2024 and 2023 are indicated below: 

Pension systems (thousands of euros)         Contributions (1)                                                     Accumulated funds
                                             Retirement                           Death and disability                              
2024                                                     2023                   2024              2023           2024           2023
Chair                                        456         458                     252               322         26,893         24,759
Chief Executive Officer                      —           —                       221               230              —              —
Total                                        456         458                     472               552         26,893         24,759
(1)Contributions recognized to meet pension commitments for the executive directors in the financial years 2024 and 2023. In the case of the Chair, these correspond to the sum of the annual retirement pension contribution and the adjustment made to the “discretionary pension benefits” for the financial years 2023 and 2022, and the death and disability premiums. In the case of the Chief Executive Officer, the contributions recognized correspond exclusively to the insurance premiums paid by the Bank in 2024 and 2023 to cover the contingencies of death and disability,