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Norway’s sovereign wealth fund and Californian pension funds, Calpers and Calstrs, oppose Telefónica’s remuneration package for 2025

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Posted By: The Corner 23rd March 2026

Alphavalue/ Divacons | Norway’s sovereign wealth fund (NBIM) has announced that it will vote against Telefónica’s remuneration report at the shareholders’ meeting on 26 March. Major Californian pension funds, Calpers and Calstrs, have joined this stance and also reject the remuneration for the previous financial year. The opposition from these institutional investors centres on the final payments of €44 million to former chairman José María Álvarez-Pallete and €33 million to former CEO Ángel Vilá. These amounts include long-term remuneration, pension plans and severance pay equivalent to four years’ salary.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.