Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 1097

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 1097
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-executive directors (three are independent and two, in the opinion of the board, are neither proprietary nor independent); and the risk supervision, regulation and compliance committee comprises five directors (four are independent and one, in the opinion of the board, is neither proprietary nor independent). The chair of those three committees is independent in accordance with the standards set forth in the previously mentioned Article 6.2. c) of the Rules and regulations of the board. These independence standards may not necessarily be consistent with, or as stringent as, the director independence standards established by the NYSE.

As at the date of present document, none of the members of the nomination committee, the remuneration committee or the risk supervision, regulation and compliance committee is an

executive director, member of senior management or employee of Banco Santander, and no executive director or member of senior management has held a position on the board (or the remuneration committee) of companies that employ members of the nomination committee, the remuneration committee and the risk supervision, regulation and compliance committee.

#### Separate meetings for non-executive directors
In accordance with the NYSE corporate governance rules, non-executive directors must meet periodically outside of the presence of management. Although this practice is not required under Spanish law, several meetings among non-executive directors held by the Lead Independent Director are organized during the year. During 2024, in order to facilitate discussion and open dialogue among the independent directors, the Lead Independent Director held six meetings with non-executive directors without executive directors present, where they were able to voice their views and opinions. The meetings were also a valuable opportunity to reflect on the overall board and committee cycle throughout the year, to discuss board training topics, strategy execution, executive director and top management performance and objectives (including the CEO performance assessment given his reporting line to the board), and reflections on areas for continuous improvement.

The audit committee; the nomination committee; the remuneration committee; and the risk supervision, regulation and compliance committee of Banco Santander are composed entirely of non-executive directors, according to articles 17, 18, 19 and 20 of our Rules and regulation of the board of directors, respectively. The first two committees are composed entirely of independent directors.

In 2024, the audit committee met 15 times; the nomination committee met 13 times; the remuneration committee met 14 times; and the risk supervision, regulation and compliance committee met 18 times.

#### Code of ethics
Under the NYSE corporate governance rules