A review of variable remuneration for executives is on the agenda of the AGM held on 2 October
The shareholders of Sporting SAD, who have been summoned to the general meeting of the company to be held on October 2, will once again evaluate and approve the awards to be granted to Frederico Varandas and other executive members of the Board of Directors, in relation to 2021/22, due to the “fall in the account”. .
To the CMVM, the Sports Shareholders Committee stated that when discussing the 2022/23 bonuses owed to the two executives – Federico Varandas, Francisco Salgado Zenha and Andre Bernardo – it was realized that “an error in calculating the weights for the achievement of the 2021/2022 sports objectives during the meeting on 2 September 2022 would have affected the calculation of the variable pay payable for the exercise in question.” That’s why he’s now proposing an increase.
There was an error in the Sports Goals tally, with the phrase “reaching the round of 16 of the UEFA Champions League” (weighted 25%) being incorrectly replaced by “reaching the group stage of the UEFA Europa League” (weighted 10%). Once the inaccuracy is identified, the overall final rating now rises to 92.5% and, consequently, the awards of Federico Varandas (from €82,687.50 to €99,225.00) and the other executive members (from €55,125.00 to €66,150.00).
“The Shareholders Committee proposes to approve this new account in order to allow…
Pay the difference to the executive directors compared to the amount approved at the General Assembly held on September 29, 2022, and also propose that the amount of this amount be
“Difference is not postponed.”
For this reason, the Chairman of the Board of Directors of the General Assembly of Sporting Club, Bernardo Ayala, announced that the aforementioned main meeting will contain 7 points, and not 6 as planned, “to evaluate and approve the revised variable remuneration proposal” attributed to the executive members of the company’s Board of Directors prepared by Before the Shareholders Committee for the fiscal year 2021/2022.”
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