CHAPTER 6 Additional content

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For the Cepsa Group in Portugal:

Fixed remuneration:

Gross salary gap = 16,467 13,097 = 20.47% 16,467

Total remuneration (fixed remuneration + variable remuneration):

Gross salary gap = 18,094 13,928 = 23,02% 18,094

For the Cepsa Group in Colombia:

Fixed remuneration:

Brecha Salarial Bruta = 137,801,148 COP 124,901,386 COP = 9,36% 137,801,148 COP

Total remuneration (fixed remuneration + variable remuneration):

Brecha Salarial Bruta = 162,886,146 COP 145,481,092 COP = 10,69% 162,886,146 COP

CALCULATION OF THE ADJUSTED PAY GAP

This calculation was made using a multiple linear regression model, which allowed us to determine the impact of certain variables on employees salaries. When using these variables, we took account of those that are statistically reliable due to their correlation coefficients with total remuneration, resulting in the following: the level of job classification, the applicable collective bargaining agreement, collective agreement guarantees, seniority, age, society and gender, the latter because it is the variable to be measured.

A formula similar to the one applied to arrive at the gross pay gap was used.

Adjusted pay gap = Remuneration i (men) Remuneration i (women)

Remuneration i (men)

As a result, the adjusted pay gap for the group analysed by reference to total remuneration is 3.56% for Cepsa Group companies in Spain, 1.64% for those in Portugal and -1.90% in Colombia.