BBVA Cuts Pay of Chairman Gonzalez to 4 Million Euros Last Year

Banco Bilbao Vizcaya Argentaria SA cut the remuneration of Chairman Francisco Gonzalez by a fifth to about 4 million euros ($5.36 million) last year.

That included 1.97 million euros in fixed pay and 1 million euros in variable pay, Spain’s second-biggest bank said in its 2012 corporate governance report filed with regulators today. Gonzalez was also awarded 155,479 shares, valued at about 1 million euros, the Bilbao, Spain-based lender said.

President and Chief Operating Officer Angel Cano earned 1.75 million euros in fixed and 636,000 euros in variable pay, plus about 635,863 euros of stock, the bank said. Gonzalez earned about 5 million euros in fixed and variable pay in 2011, while Cano received 3.64 million euros.

BBVA reported a decline in full-year profit to 1.68 billion euros on Feb. 1, from 3 billion euros in 2011, as the bank set aside provisions for cleaning up Spanish real estate assets.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net