Preparation of the Remuneration Report

With regard to 2007, and in accordance with the provisions of article 34.5 of its Regulations, the Board of Directors has drawn up a Remuneration Report, after a report by the Nomination and Remuneration Committee, in which the following, among other issues, are described in detail:

  • Aspects relating to remuneration policy: approval; the criteria it includes; statutory and regulatory clauses that regulate the remuneration of Board members.

  • Remuneration system for the Board of Directors in 2007, with separation of the different items that comprise Executive Directors.

  • New policy items in respect of previous years.

  • Policy for 2008 and subsequent years.

  • Other information of interest.

The Remuneration Report was made available to all shareholders on the occasion of the convening of the Shareholders' Meeting and may be consulted in the chapter covering Corporate Governance in the Company's Annual Report, as well as on the website.

The Report included in the Company's annual accounts also provides information regarding Directors' and Senior Managers' remuneration.