Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 307

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 307
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 engaging with investors and NGOs on ESG-related matters.                                                                                                                                                                             
 •Considered the findings and suggested areas for improvement concerning its remit derived from the 2023 board effectiveness review conducted with the assistance of an external provider and agreed on specific changes to further develop its role and functioning given the importance of the sustainability agenda, while leveraging on the work of other committees, to ensure that it remains effective. 
 •Reviewed the progress made regarding the management of the supply chain in regards to ESG, including the compliance of associated regulatory requirements.                                                                                                                                                                                                                                                   |
| ESG reporting                              |     | •Supported the audit committee on the supervision and assessment of the process to prepare and present non-financial information according to the applicable regulations and international standards.                                                                                                                                                                                                         
 •Reviewed the 2024 Group statement on non-financial information and the independent expert's report. See the'Sustainability statement'chapter.                                                                                                                                                                                                                                                                
 •Reviewed the Climate Finance and Green Bond Reports in coordination with the audit committee, prior to their submission to the board for approval.                                                                                                                                                                                                                                                           |

Annual report 2024 298

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

| Duties                                                   |     | Actions taken                                                                                                                                                                                                         |
| Regulatory landscape                                     |     | •Reviewed the main European and international financial regulatory and supervisory initiatives and priorities related to sustainability.                                                                              
 •Received information on local regulatory developments to remain abreast of local challenges and opportunities.                                                                                                       |
| Information for general meetings and corporate documents |     |                                                                                                                                                                                                                       |
| Shareholder information                                  |     | •Was represented by the former committee Chair, Ramiro Mato, who reported at the 2024 AGM committee's activities in 2023.                                                                                             |
| Corporate documents for 2024                             |     | •Prepared this activities report on 27 January 2025, which includes a performance review of the committee's functions and key priorities identified for 2025. The board of directors approved it on 25 February 2025. |

2025 Priorities

The committee set the following priorities for 2025:

• Continue to advise the board on the climate change strategy and our ambition towards net zero by 2050, monitoring the development of our sustainable finance proposition and how the global businesses support our customers’ transition to a low-carbon economy.

• Oversee that actions and targets for climate material exposure and strategy to align our activity