Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 335

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 335
---
 of the directors previously mentioned belong to them even if they are not active at Banco Santander at the time of their retirement, death or disability. Their contracts do not stipulate any severance payment outside the extent of the law for termination of contract. The provisions recognised in 2024 for retirement pensions amounted to EUR 2,445 thousand (EUR 2,110 thousand in 2023), as broken down below.

| EUR thousand |     |  2024 |     |  2023 |
| Ana Botín    |     | 1,339 |     | 1,144 |
| Héctor Grisi |     | 1,105 |     |   966 |
| Total        |     | 2,445 |     | 2,110 |

The amounts corresponding to each director as of 31 December 2024 and 2023 in the pension scheme are:

| EUR thousand         |     |   2024 |     |   2023 |
| Ana Botín            |     | 54,731 |     | 49,257 |
| Héctor Grisi         |     |  1,299 |     |    585 |
| José Antonio Álvarez |     | 20,326 |     | 19,495 |
| Total                |     | 76,356 |     | 69,338 |

D. Other remuneration Grupo Santander also takes out insurance policies for life, health and other contingencies for its executive directors. This other remuneration component includes the fixed supplement approved for Ana Botín to replace the supplementary benefits from the pension scheme eliminated in 2018, in addition to the cost for insuring death or disability until they retire. Directors are covered under the Group’s civil liability insurance policy. Note 5 to the Group’s consolidated financial statements describes other benefits received by executive directors in detail. E. Shareholdings In 2016, on the remuneration committee’s recommendation, the board of directors approved a shareholding policy to better align executive directors with shareholders’ long-term interests. According to this policy, in addition to the executive directors’ commitment to maintaining a significant holding of shares in Banco Santander for as long as they have their role, executive directors have five years to demonstrate that their personal assets include shares in Banco Santander that amount (net of taxes) to twice their gross annual salary on that date. The following table show the ratio, with a share price of EUR 4.