Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 188

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 188
---
uneration principle in the corporate remuneration policy of Grupo Santander for executive directors and employees alike, which forbids any type of differential treatment that is not exclusively based on an assessment of performance results and corporate behaviours, and promotes equal pay for men and women.

Furthermore, Santander’s remuneration framework rewards employees for their contribution based on such common principles as, among others:

#### •

Meritocracy: non-discrimination based on sex, age, culture, religion or ethnicity.

#### •

Consistency: remuneration consistent with the level of responsibility, leadership and performance within the Group, to promote retention of key professionals and attract the best talent.

#### •

#### Sustainability
: a remuneration framework that is sustainable in terms of associated costs, cost control, and related objectives (as described in the policy) that results in variable remuneration being commensurate with the Group's performance, disincentivize short termism and promote long-term sustainability. The remuneration scheme for the 1,246 Corporate Identified Staff also includes deferrals of up to 60% of their variable remuneration, payment of 50% of their variable remuneration in Santander instruments (subject to on-year retention) and malus and clawback clauses.

2024 Pillar 3 Disclosures Report 257

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

Also, performance objectives for annual variable remuneration have included since 2020 sustainability components. From 2022, with the purpose of increasing focus on the Group's sustainability agenda and highlight this matter as a core long-term strategy, sustainability metrics are included (described in the next section) for the last deferred variable remuneration payments. • Social responsibility: employees’ pay cannot be lower than the legal minimum wage or the living wage in the country where they work. Additionally, in order to give our social responsibility prominence in remuneration, the Group’s responsible banking objectives for employee remuneration include the people financially included metric. As previously mentioned in section 10.1.2 Governance, we measure our progress in ESG against these four lines of action and their related metrics: (1) women in executive positions, (2) financial inclusion, (3) socially responsible investment and (4) supporting transition. Regarding social aspects, these targets cover • Women in executive positions by 2027

| Women in executive positionsB(%)