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| Remuneration Policy
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| The remuneration of the Executive Committee members consists of a fixed and a variable components. According to the BES by-laws, the overall remuneration of directors cannot exceed five per cent of the year's profit on an individual basis. The fixed and variable remuneration of the Executive Committee members is determined by the Company's Remuneration Committee elected by the General Meeting. The remuneration policy follows the criteria that is aligned with the strategic objectives of the Group, notwithstanding the common practice in the Portuguese market. |
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| The non-executive members of the Board of Directors who are members of the Audit Committee receive a fixed remuneration only, which is established for their supervisory functions. |
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| The remuneration of the other non-executive members of the Board of Directors consists of attendance fees, except when they exercise executive functions on the Board of Companies which have a control and / or group relationship with BES, or when they exercise specific functions by appointment of the Board of Directors, in which case they may be remunerated by those companies in accordance with the importance of the functions they exercise. |
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| In 2008 the remuneration of the Board of Directors of BES was as follows: |
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2008
(EUR thousand)
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| Executive Committee |
12,651 |
| Fixed component |
3,808 |
| Variable component * |
8,843 |
| Audit Committee |
765 |
| Other |
971 |
| Board of Directors |
14,387 |
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| * The variable remunerations refer to remunerations paid related to previous year's results.
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| The remuneration of the members of BES's Board of Directors includes the amounts earned for functions exercised in the Board of Directors of other companies of BES Group. The total amount paid in 2008 by other BES Group companies to members of BES's Board of Directors was EUR 1,297,000.
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| In 2008, the remuneration of executive board members represented 88% of the overall remuneration paid to all members of the Board of Directors. The variable remuneration paid to executive board members, on the other hand, represented 1.5% of the 2007 net income, corresponding to 70% of the total remuneration paid to these Board members and to 61% of the overall remuneration paid to all the members of the Board of Directors. |
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