Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 26

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 26
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otential risk from failing to ensure the operational resilience of the value chain by assessing vendors’ solvency, reputation and compliance with the law.                                               
 RRisk stemming from improper conduct that makes illicit funds or assets appear legitimate and, therefore, facilitates illegal activity or to benefit from it.                                              |

Key: I+ Positive impact I- Negative impact R Risk O Opportunity

There are five sustainability topics that we consider non-material, given none of the impacts, risks and opportunities connected to them reach the materiality threshold: pollution, water and marine resources, biodiversity and ecosystems, resource and circular economy, and workers in the value chain.

However, we address aspects of nature and biodiversity that are most closely related to climate objectives within our transition plan.

| For more information, see section2.3.5 'Our approach to nature and biodiversity'. |

#### 1.4 Sustainability governance
We manage and review progress with sustainability at the highest level of the business. The board of directors is responsible, among other things, for approving the sustainability agenda and setting the sustainability strategy.

The responsible banking, sustainability and cultural committee proposes and oversees the development and implementation of the Group's sustainability strategy and policies, in support of the board of directors.

Other board committees also analyse specific sustainability topics. The audit committee is responsible for supervising and reviewing

the financial and non-financial information process, as well as the internal control systems , to meet the most demanding international standards and complies with the guidelines established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

The overseeing of material sustainability issues, as well as the main lines of action for their management, are periodically reviewed through the bodies shown below, which together form the governance of the function:

Annual report 2024 29

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

| Board of directors                                                                            
 Prepares annual accounts and management report, which shall include sustainability statement, 
 and is presentation to the general shareholders' meeting                                      |     |                                                                                                                                             |     |                                                                                                                                  |
| é                                                                                             |     | é                                                                                                                                           |     | éé                                                                                                                               |
| Risk supervision, regulation and compliance committeeA                                        
 Reviews risk appetite statement proposals prior to board approval                             |     | Audit committee                                                                                                                             
 Reviews company and Group financial statements, monitor legal requirements compliance and assesses information and internal control systems |     | Responsible banking, sustainability and culture