Repsol

Remuneration of Senior Management

a) Scope

By way of information, in this section, Repsol YPF considers "executive personnel" to be the members of the Grupo Repsol YPF Executive Committee. This classification, merely for informative purposes, does not replace or serve to interpret other senior management concepts contained in the regulations applicable to the Company (such as that contained in Royal Decree 1382/1985), nor does it create, recognise, modify or revoke any legal or contractual rights or obligations.

The information included herein refers to 6 people who were on the Group's Executive Committee during the 2010 financial year, excluding those who are also directors of the parent company, given that the information referring to the latter has been included in section 1) 127 of this note.

b) Wages and salaries

Executive personnel receive a fixed remuneration and a variable remuneration. The second component consists of an annual bonus, calculated as a certain percentage of the fixed remuneration, which is received according to the degree to which certain objectives have been fulfilled and, if applicable, a payment corresponding to the multiyear incentive plan. 

In the 2010 financial year, total remuneration paid to executive personnel who have been members of the Executive Committee came to €11.693 million, as shown in the following breakdown:

c) Retirement provision plan for executive personnel and long service reward

Contributions made by the group for its executive personnel in these two instruments in 2010 came to €1.328 million.

d) Pension funds and insurance premiums

In 2010, the Group made contributions, as agreed with its executive personnel (see note 3.3.17 and note 18), to pension plans adapted to the Pension Plans and Funds Act, together with the premiums paid for life and accident insurance which came to a total of €0.443 million. (This amount is included in the information reported in section b) above).

Executive personnel are covered by the same civil liability policy that insures all Grupo Repsol YPF administrators and executive personnel.

e) Advances and loans granted

At 31 December 2010, the Company had loans granted to executive personnel totalling €0.226 million, which accrued interest at an average rate of 2.80% during this financial year. All these loans were granted prior to the 2003 financial year.

Last updated: 28 March 2011