Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 301

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 301
---
 improvements.

Annual report 2024 288

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

#### 4.7 Remuneration committee activities in 2024
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |     | Taking account of the support received for our remuneration policy at the 2024 AGM, we met during the year with our largest shareholders and their proxy advisers to explain our compensation philosophy and to gather feedback. The remuneration committee discussed the lessons from this consultation and made a series of adjustments to our incentive plans that strengthen the alignment between pay and long-term performance. Additionally, we have expanded our disclosure to provide more detail on the committee’s process for determining pay and selecting appropriate pay comparators, given our global scale and peer group. 
 In coordination with the nomination committee, we continued to focus on fairness across the Group, ensuring the avoidance of pay gaps, meeting all relevant requirements and making fulsome disclosure. An external review has affirmed that the Group’s policies, procedures, and practices fully comply with applicable legislation.                                                                                                                                                                                                                                                                                                      
 Committee members bring diverse expertise, providing valuable insights and challenges to management that enhance our decision-making and oversight. During the year, we strengthened our committee by the including a new director, Antonio Weiss, as a member.                                                                                                                                                                                                                                                                                                                                                                             
 Looking ahead, we remain committed to ensuring that the Group can attract and retain the very best talent to drive our success and deliver long-term, sustainable value for all our stakeholders. To this end, we intend to continue our dialogue with shareholders and other key stakeholders who share our interest in the prosperity of the Group".                                                                                                                                                                                                                                                                                      |
| Glenn Hutchins                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 Chair of the remuneration committee                                                                                                                                                                                                                                                                                                                                                                                                                                              |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| "The committee is guided by key principles, which include shareholder value, meritocracy, risk management and fairness. Aligned with these principles, our remuneration philosophy is focused on strengthening our employee value proposition while meeting regulatory expectations and serving the best interests of all stakeholders. Our goal is to implement our remuneration policies and plans in a manner that serves these interests across our entire global footprint. 
 Critical to creating shareholder value is our capacity to attract, develop and retain the best talent world-wide to support our transformation. We compete in a global market for skills not just with the world’s largest financial institutions but also with the biggest and most successful technology companies