Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 275

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 275
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 require that the board be predominantly made up of non-executive directors with at least 50% independent directors. Other external directors • José Antonio Álvarez • Javier Botín • Luis Isasi These directors are not classified as independent directors for the following reasons: • Mr Álvarez, because he was the former CEO of Banco Santander until 31 December 2022. • Mr Botín, because he has been a director for over 12 years. • Mr Isasi, because it is considered preferable to classify him as an external director under prudent criteria, in view of his remuneration as non-executive chair of Santander España in addition to his remuneration as a director and the special nature of this body as supervisor of a business unit without its own corporate identity separate to Banco Santander, despite the nomination committee and the board believing that he meets the requirements to be classed as an independent director.

| Board tenure |

At the end of 2024, the average term of directors was 8.03 years and the average term of independent directors was 4.76 years. For more details, see 'Board skills and diversity matrix' and 'Tenure and equity ownership' in this section 4.2.

Annual report 2024 264

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

| Tenure and equity ownershipA               |     |                       |     |            |     |                            |     |                          |     |            |     |           |     |                               |     |            |              |     |            |                    |     |            |     |             |                    |
| Board of directors                         |     |                       |     |            |     | Tenure                     |     |                          |     |            |     |           |     | Banco Santander shareholdingD |     |            |              |     |            |                    |     |            |     |             |                    |
|                                            |     |                       |     |            |     | Date of first appointmentB |     | Date of last appointment |     | End dateC  |     |           |     |                        Direct |     |            |     Indirect |     |            | Shares represented |     |      Total |     |             | % of share capital |
| Executive Chair                            |     | Ana Botín             |     |            |     | 04/02/1989