Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 227

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 227
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, may not be received if the executive leaves the organization during 2025.

2024 Pillar 3 Disclosures Report 315

| Index |     | Introduction |     | Capital |     | Risks |     | Risk taker's remunerations |     | Appendices |

12.7. Remuneration policy for 2025 and following years The 2025 remuneration policy for directors is described in section 6.4 of the corporate governance chapter of the Annual report. The main principles of the policy, along with the fixed and variable remuneration components and the variable remuneration policy for members of the identified staff, will comply with the rules and procedures for executive directors set out in the report referred to above. In particular, as regards the variable remuneration policy: • The existence of a single incentive, which will be determined by a set of quantitative and qualitative metrics. • The quantitative metrics and a qualitative assessment which will include risk, compliance and ESG aspects, in the short-term incentive. • Long-term metrics for senior managers: return on tangible equity (RoTE), relative performance of Banco Santander's total shareholder return (TSR) in relation to the weighted TSR of a reference group and metrics linked to environmental, social and corporate governance (ESG) criteria: percentage of women in executive positions, financial inclusion, socially responsible investments and supporting transition (business raised and facilitated). • Part payment in cash or other instruments. • Continued-employment, malus and clawback provisions

• Other conditions, such as the ban on hedging and transferring shares in the twelve months following their delivery (three years in the case of executive directors unless the director already holds shares for an amount equivalent to 200% of their net annual salary (calculated on the basis of their gross annual salary). In such case, the regulatory obligation to hold shares is for one year from their grant date. Delivery is conditional on the beneficiary remaining in the Group's employment and is subject to the deferral rules and other regulatory restrictions, such as malus and clawback provisions. Likewise, the Board of Directors, upon recommendation of the remuneration committee, may approve a new incentive to boost the transformation process of Banco Santander, being part of the variable remuneration of Group’s employees, including members of identified staff. For further details, see the Corporate Governance chapter of the 2024 Annual report.

| Access 2024 Annual Report available on the Santander Group website |

Deferral periods for members of the