Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 326

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 326
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 act). Delivered a new Group-wide IRB strategy. Significant progress on strategic and transformational initiatives and further integration of advanced risk management techniques fostering profitable growth (automated credit decisioning, use of machine learning and artificial intelligence).                                             
 Also continued to deliver an effective Compliance program in 2024, meeting the defined priorities with tangible deliverables focused on regulatory priorities such as One FCC, Unit and Global Division oversight and advice, and broader issues such as talent enhancement and mobility.                                                                                                                                                                                                                                                                                                                                      |     |        | +2.50%     |
| Sustainability targets (+/- 5%)                                                                        |     | We made significant progress in sustainability-related lines of work, most notably our strong performance in financial inclusion and sustainable business (including climate).                                                                                                                                                                                                                                                                                                                                                                                                                                                 |     |        | +3.13%     |
| TOTAL qualitative assessment                                                                           |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |        | +14.03%    |
| C. Exceptional adjustment approved by board of directors upon recommendation of remuneration committee |     | Despite very strong results and outstanding performance in capital management, the Board, upon recommendation from the Remuneration Committee, approved a discretionary reduction of -27.3 p.p. to best align the bonus pool results with shareholder performance                                                                                                                                                                                                                                                                                                                                                              |     | -27.30 | %          |
| Final bonus pool2024                                                                                   |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |     |    145 | %          |

The payout relative to the level of achievement of the targets for the quantitative metrics (158.27%) and the ones relative to the qualitative evaluation (+14.03%) and exceptional adjustment (-27.30%) are added up:

A + B +C = Final bonus pool result in 2024 (as a percentage of target).

The following section details the individual variable remuneration approved by the board.

iii) Determination of the individual variable remuneration for executive directors set in 2024

The board approved executive directors' variable remuneration for 2024 on the remuneration committee’s recommendation, based on the bonus pool detailed above, their individual target bonuses for 2024 and the evaluation of their individual contributions.

The board also verified that none of the following circumstances have occurred:

• The Group's ONP 2 for 2024 was not more than 50% less than for 2023. Otherwise, variable remuneration would not have been greater than 50% of the individual target.

2 For this purpose, ONP is