Banco Sabadell’s Chairman, CEO, Executive Directors and Senior Management have chosen to forgo their variable remuneration for 2020. The decision will be formally announced at the extraordinary meeting of the Board of Directors scheduled for tomorrow, 8 April. Members of the Management Committee of the UK subsidiary TSB have also chosen to forgo their variable pay.
According to Josep Oliu, “it is an act of responsibility at a time when all of us need to act with the utmost commitment and solidarity. By making this decision, we want to do our bit, along with the rest of society and, in particular, all of the Bank’s employees, who work tirelessly day after day to ensure the continued provision of essential services such as customer care and assistance”.
In the past few weeks, Banco Sabadell has taken a series of measures to help its customers, in the face of the exceptional circumstances that currently exist in our country and the potential consequences of COVID-19. These measures include the establishment of weekly payments to suppliers, advances of unemployment benefits and pensions, a three-month deferral of social rent for particularly vulnerable families whose home is part of the Social Housing Fund, a mortgage moratorium of up to 12 months, as well as a number of finance options for families and companies offered through its assistance plan called “Plan de Acompañamiento”, which focuses particularly on credit facilities provided by ICO (Instituto de Crédito Oficial).