Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 97

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 97
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 this initiative (created in 2021) and member of the Net Zero Asset Managers Initiative (NZAM) , since 2021. → Financing the Just Transition Alliance : Led by the Grantham Research Institute within the London School of Economics, the goal of the Alliance is to stimulate and support system level innovation that enables investors and the financial sector more broadly to deliver a just transition in the UK. → Partnership for Carbon Accounting Financials (PCAF): We have been a member of PCAF since 2021 and thus committed to

disclose our financed emissions according to the PCAF standard. We also take part in its regional and sectoral working groups. → TNFD Forum: We are part of the TNFD Forum to contribute to the framework for financial institutions that will help the sector to assess, manage and report on impacts and dependencies on nature. We also participated in different TNFD-pilots in LATAM (Latin American) that allow us to gain important insights that highlighted the significant challenge, particularly regarding the lack of availability of primary data and tropicalized databases to assess impacts and dependencies. → Energy Efficiency Financing Coalition: Led by the European Commission and with the participation of Member States and financial institutions, including Santander, the coalition seeks to promote measures (non-regulatory and non-binding) that promote energy efficiency in relevant sectors, such as cars, agriculture, buildings, among others. 2.5.2 Governance & policies Roles, responsibilities, and remuneration Climate change and green transition oversight The management and oversight bodies described in sustainability note 2 approved our transition plan, as part of this report. Also, the responsible banking, sustainability and cultural committee (RBSCC) reviewed our portfolio alignment targets, which the board of directors then approved. These bodies also receive regular updates on progress with our targets and our climate agenda. Moreover, they have also overseen the climate finance reports that we have been publishing in recent years. Other bodies such as the audit committee, the financial accounting and reporting committee, the management committee and the sustainability committee take part in overseeing sustainability disclosures. The risk control committee and the risks supervision commission review risk appetite proposals before their approval.

| For more details on our ESG governance model, see noteSN2.'Sustainability governance'. |

Climate in incentive schemes Since 2020, the Group’s variable pay scheme and, since 2022, our long-term incentives, have considered green finance and the progress made with climate and other sustainability targets. In 2024, shareholders at the Annual General Meeting (