SHARE-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2020

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS

20          SHARE-BASED COMPENSATION PLANS

As indicated in Note 3(x), in March of each year, the Group grants its own shares to certain key employees. The awarded shares are liberated in the three following years for up to 33.3 percent of the shares granted in each of the three previous years. The Group assumes the payment of the related income tax on behalf of its employees, which depend on the country of residence and the annual compensation of the employee.

As of December 31, 2020, 2019 and 2018, the Group has granted 176,212,  116,594 and 119,840 Credicorp shares, of which 293,888,  246,931 and 260,548 shares not vested as of December 31, 2020, 2019 and 2018, respectively. During those years, the recorded expense amounted to approximately S/103.6 million, S/120.1 million and S/106.9 million, respectively, see Note 27.