Annual Report 2010 - CMVM

Corporate Governance Report 2010Directors and indication of the ceilings for each component;In 2010, the total value of the variable remunerations represented 62.4% of the total value received.As noted in a), the variable component of the remuneration of Director depends on the net income for the year and the development ofcorporate business. Therefore, there is no ceiling for each component, but rather an attribution in conformity with the parameters identifiedabove and the assessment of the performance and execution of the respective duties by each Director.e) Indication of the deferral of the payment of the variable component of the remuneration, mentioning the period ofdeferral;The payment of the variable component earned in 2010 was not deferred.f) Explanation on how the payment of the variable remuneration is subject to the continuation of the positive performanceof the company over the period of deferral;Not applicable. The payment of the variable component of the remuneration was no deferred, although it is intrinsically dependent on thenet income for the year and development of corporate business. In this regard, it is important to remember that the Directors of TD,SA are"in-house people" and have been an integral part of the business for dozens of years, and that their remunerations are placed in the contextof a general plan covering all employees. They are not managers by trade who are there for merely circumstantial reasons or personal interestsof the shareholders.g) Sufficient information on the criteria underlying the attribution of variable remuneration in shares as well as on theholding, by the executive Directors, of company shares to which they might have accessed, on any signing of contractsrelative to these shares, namely, hedging or risk transfer contracts, the respective limit, and their relation to the value ofthe annual total remuneration;Not applicable. The variable retribution is not attributed in shares and no contracts have been signed with the characteristics described above.h) Sufficient information on the criteria underlying the attribution of variable remuneration in options and indication ofthe deferral period and price for exercise of the option;Not applicable. The variable retribution is not attributed through options.i) Identification of the main parameters and grounds of any system of annual bonuses and any other non-cash benefits;As noted above, the Remuneration Committee takes into consideration, apart from the performance of the Directors, the net income of theCompany as a whole, as well as the overall activity of the management board, compared with the defined objectives, taking into account theconditions and values of the remunerations of the other employees of the Company.Furthermore, no relevant non-cash benefits were attributed to the Directors of the Company.j) Remuneration paid in the form of profit-sharing and/or payment of bonuses and the reasons for the award of such117