Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 296

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 296
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 priorities

The committee set the following priorities for 2025:

• Monitor the performance of the Group's global businesses and subsidiaries, including progress in the execution of their strategic plans.

• Continue to assess proposed corporate transactions relating to investments and divestments, joint ventures and capital transactions.

• Continue to oversee the execution and achievement of specific public targets, including those disclosed at the 2023 Investor Day.

• Continue to facilitate timely and efficient decision making, supporting the board and enabling it to focus on general oversight and strategy matters.

• Continue to ensure the committee’s effectiveness and efficient coordination with the board, its committees and the executive first level committees.

Annual report 2024 278

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

4.5 Audit committee activities in 2024

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | The committee oversaw and led an external auditor selection process according to applicable regulation in order to propose the appointment of our external auditor at the 2026 AGM. After a rigorous and competitive selection process, the committee recommended the board to propose the appointment of PricewaterhouseCoopers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 We monitored the independence and effectiveness of the Internal Audit function as part of our fundamental duties, ensuring the resources to fulfil its responsibilities, including the need to complement the existing workforce with new skillsets and expertise. We remained cognisant of the importance of allowing for the appropriate level of flexibility when overseeing the internal audit plan execution, to ensure that we are well prepared for any new challenges and associated risks.                                                                                                                                                                                                                                                                                              
 As we have done in previous years, we proactively shared emerging themes, concerns and views with our subsidiary audit committees on an ongoing basis, which enabled us to harness their vast collective expertise and helped to further instil our ‘One-Santander’ vision.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 In January 2024, the succession process for a new Group Chief Audit Executive was invoked in order to identify a suitable successor for Juan Guitard, after almost ten years in the role. The committee conducted a rigorous process in coordination with the nomination committee, which resulted in the appointment of Julia Bayón (former Head of Business Legal, CIB Legal, and Vice-Secretary of the board), as new Group CAE. Julia brings different skills that will enrich the role. I wish her all the best and the committee is confident on her success in this