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2 Total annual compensation paid to the highest paid person in the organization by country compared with the average paid to all employees. This refers only to the salary (fixed remuneration and variable remuneration) paid to local, full-time employees in each country who met their performance targets 100%.

The Compensation and Benefits Policy, therefore, shares the objectives of our Employee Value Proposition, i.e. to at- tract, motivate, develop and retain tal- ented professionals who contribute to the success of our organization and are ambassadors for its values. In the case of the Board of Directors, members remu- neration is governed by the Company s bylaws. The Appointments and Remunera- tion Committee supervises Directors remu- neration and makes recommendations to

the Board of Directors. It also reviews and approves the remuneration paid to senior management and the policies regulating said remuneration.

These policies are reviewed annually to ensure they achieve their objectives and our salaries are competitive. Cepsa has a single shareholder, decisions concerning remuneration therefore being taken by the Board of Directors.

Remuneration of Directors and Senior Management (thousands of euros)


Fixed remuneration

Variable remuneration

Remuneration Attendance

Allowances1 Other concepts

Pension schemes and funds

Directors 843 2,116 139 12 606

Senior management 343 634 16.25 73

1The statutory assignations for 2018 correspond to the function of board member during the year of 2017. For that year the remuneration established was: Chairman 200,000, and board members 150,000. However, the remuneration has already been sent to those board members who left the board in 2018, for a total of 434,240. 

Type of Remuneration received Directors Senior management

Fixed remuneration 16.51% 32.16%

Variable remuneration 41.45% 59.47%

Pension schemes and funds 11.87% 6.85%

Emoluments stipulated in the bylaws 29.93% -

Other remuneration 0.24% 1.52%

Ratio between the highest compensation paid and the median salary paid to employees by country2

Spain 81.78

Algeria 1.61

Belgium 4.04

China 4.03

Colombia 11.70

U.A.E. 0.33

Malaysia 4.30

The Netherlands 1.73

Peru 6.36

United Kingdom 1.54

Singapore 5.10

Thailand 8.40

CHAPTER 5 Our responsible management in 2018 People and talent

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