Page 195 - eco_eng

In accordance with the above, we hereby state that José Ramón Álvarez Rendueles, Angel Durández Adeva, Miguel Iraburu Elizondo, Alfredo Messina, Borja de Prado Eulate, Helena Revoredo Delvecchio have not and do not carry out activities, either on their own or on others’ behalf, in companies engaging in business activities that are identical, similar or complementary to the activity that constitutes GESTEVISIÓN TELECINCO, S.A.’s corporate purpose.

25.3. Compensation to key management personnel

Compensation paid to General Directors of the Company and individuals who discharge similar functions, excluding those who are also members of the Board of Directors, is summarized as follows:

No of persons

Total Compensation (Thousands of euros)

2010 2009 2010 2009

21 21 7,357 9,162

A list of the key management personnel is included in the accompanying management report.

The remuneration consists of a fxed amount and a variable amount, The variable remuneration is determined by applying a percentage to the fxed remuneration in each case, based on the extent to which certain annual targets are met,.

In addition, there is an item of remuneration that is earned over more than one year the targets of which are not certain to be met; however, at December 31, 2010 and 2009, the Company recognized a provision that represent its best estimate at that date based on a conservative forecast.

A total of 900,400 options were granted to senior executives in 2010 (2009: 210,851 options) for EUR 723 thousand (2009: EUR 74 thousand) recognised under “Employee benefts expense”.

26. Signifcant events after the reporting date

On 1 February 2010, the company fled a redundancy plan with the Directorate General of Labour afecting 127 employees, of which 69 belonged to Sogecuatro and 58 to “Compañía Independiente de Noticias de Televisión” (CINTV).

195

Financial Statements, Management and Corporate Governance Report. 2010