Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 370

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 370
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Recent developments

As we continue to progress our transformation agenda, the board agreed to remove the regional layer of management in January 2025 to drive simplification and ensure that our global businesses operate directly across all countries, enabling faster decision-making, clear accountability and enhanced agility. As a result, local CEO / Country Heads now report directly to the Group CEO. They must undertake their defined key responsibilities in compliance with European Union and country-specific laws and regulations. In turn, global businesses and corporate functions own the implementation of the global operating model across our footprint; and are responsible for of the relevant platform and products budgets. This ensures alignment with our global priorities and further ensures resource optimization.

In addition, the T&O governance model was updated in 2024 with the aim of helping the global businesses and entities in their digital transformation. This governance model details a set of guiding principles defined to implement T&O’s operating model global strategy, whilst ensuring an adequate control and oversight on a Group-wide basis.

Annual report 2024 337

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

The following charts show the three levels of the GSGM, as well as the main actions to ensure an effective relationship and solid internal governance system for the Group.

| Group |     | Subsidiaries |

|                        |     | Board of directors |     |                    |
|                        |     |                    |     | Board of directors |
| Group Executive ChairA |     |                    |     |                    |

| The GSGM enhances control and oversight through:                                                                                               
 Group presenceon the subsidiaries' boards of directors, establishing guidelines for board and committee structure, dynamics and effectiveness. |

| Group CEOB |     | CEO / Country Head |

| Reportingof the CEO / Country Heads to the Group CEO and Group executive committee. |

| Control management and business functions, as well as Group global businessesC |     | Control management and business functions, as well as local global businesses |

| Reporting to Group and interactionbetween them. |

A. First executive.

B. Second executive, who reports directly to the board of directors.

C. Audit, Risk, Compliance, Finance, Financial Accounting & Control, T&O, People and Culture, General Secretariat, Marketing, Communications, Strategy as well as the five global businesses (CIB, Retail, Wealth, Consumer and Payments).

| Best practices and talent sharingacross the whole Group