Repsol's CEO earned 4.24 million last year, 15% more

Repsol's biggest profit in 11 years was felt substantially in the salary of its CEO, Josu Jon Imaz.

The chief executive of the Spanish oil company received 4.24 million euros in 2021, according to what is read in the company's annual accounts, published this Thursday.

It is 15% more than the previous year, thanks to the 30% rise in the variable part of their emoluments, which shot up 30% to 2.43 million.

The president of the energy company, Antonio Brufau, who will leave office next year, pocketed 2.77 million, practically the same as in 2020 since his salary is not linked to the evolution of the business.

In 2021, Imaz obtained a fixed salary of 1.2 million, the same as every year since his appointment, eight years ago.

The variable part, however, shot up to 1.36 million in the short term and 773,000 euros in the long term, on the back of the almost 2,500 million profits obtained by the oil company last year, the highest profits since 2010 thanks to the rise of the price of crude oil.

To these concepts we must add the 176,500 euros that the CEO of Repsol obtained as a member of the board of directors -he is the only executive present in the highest governance body-, another 176,500 euros as a member of the delegated commission, 254,000 euros in the form of of contributions to pension plans, 265,000 euros of gross profit from the shares and 34,000 euros for other concepts.

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In the case of Brufau, the 2.77 million received in 2021 are divided as follows: the fixed remuneration was 2.5 million - unchanged since 2015 - and 273,000 euros corresponded to remuneration in kind.

The 17 members of Repsol's board received a total of 11.1 million euros last year, 5.4% more than in 2020. Beyond Brufau and Imaz, the best paid were Henri Philippe Reichstul (external, former president of the Brazilian Petrobras), Ignacio Martín San Vicente (independent), Manuel Manrique Cecilia (vice president and representative of Sacyr), J. Robinson West (independent) and Luis Suárez de Lezo Mantilla (secretary of the board).

All of them received around 353,000 euros.

Repsol has just approved that the decarbonization and sustainability objectives, a key line at a time when investment funds and investors in general are looking closely at everything related to the carbon footprint of companies —enormous in the case of an oil company—represent 40% of the long-term variable remuneration of its executives.