Ana Botín, president of Santander, earned 12.2 million in 2023, an increase of 4% | Companies

Ana Botín, president of Banco Santander, earned 12,239 million euros last year, 4.29% more than in 2022, as the company reported this Monday to the National Securities Market Commission (CNMV). Mexican Hector Grisi, the group’s chief executive, earned $6.793 million in his first year in office, 29% less than his predecessor José Antonio Alvarez. This is due to the lack of deferred bonuses for previous years’ tasks, since he did not hold this position at that time. Of course, if you look only at the fixed salary, Grisi earned 3 million, an 18% increase.

The president’s salary is divided into 7.4 million in cash remuneration, 3.19 million euros in gross profits from shares or consolidated financial instruments, 1.14 million euros in pension plan contributions and 498 thousand euros in other items.

If you look at it differently, he received 3.27 million in fixed salary, which is 3% more than two years ago, almost 411.00 euros for participation in commissions and bonuses, as well as other remunerations (life insurance, health insurance and other payments). remuneration (including in kind) in the amount of 1.02 million euros. The part that is missing from these concepts until the total amount is reached is the amounts received under the variable compensation plan, including bonuses from previous years and bonuses for 2023, which will be collected this year.

Directors’ remuneration is dependent on performance and price movements throughout the year. It is worth remembering that the share price rose from 3.088 euros to 3.8 euros, an increase of 23%. Regarding bonuses, Ana Botín has repeatedly advocated the abolition of restrictions on variable remuneration for top industry executives. In fact, he called on the EU to follow the model of the United Kingdom, where these restrictions were lifted. As a general rule, the European Banking Authority (EBA) requires that bankers’ variable remuneration for achieving targets cannot exceed 200% of their fixed remuneration.

This ratio can be exceeded, but to do so it must be submitted to a vote of shareholders with a minimum quorum of 50% and a majority of 66%, which increases to 75% if less than 50% of the voting rights are represented. , society. “This is a business where you have to be compensated differently, so I think it’s good news for the sector, it makes a lot of sense,” he told a financial forum held in London last November.

Returning to the 2023 remuneration, what Santander paid Hector Grisi is divided into 4.56 million in cash remuneration, 1.22 million in gross profit from shares or consolidated financial instruments, 966,000 euros in savings remuneration and 47,000 euros in other articles. Of these amounts, the fixed salary was 3 million, which was 18.1% more than Alvarez received.

Part of this remuneration for the group’s top managers is also linked to the achievement of targets and results in 2023, when the bank achieved the highest profit in its history. In particular, during the year it earned 11,076 million euros, breaking the barrier of 10,000 million in profit for the year for the first time.

The board of directors, in turn, received remuneration in the amount of 30.68 million euros, which is 15% more than a year earlier. This increase, according to group sources, is due to the holding of one more board meeting, five more committee meetings and the presence of the former CEO on the executive committee, for which he receives remuneration as a strategic adviser.

Signing of another ex-Credit Suisse

Thus, Santander continues its policy of signing contracts with former Credit Suisse bankers. The group has hired Antonio Limones as head of capital markets in Europe, who joined the role this Monday, according to sources close to Bloomberg. He will report directly to Felipe Portillo, global head of capital markets, who also joins the company from Credit Suisse.

Limones worked at the Swiss bank for nearly 21 years, according to his LinkedIn profile. The employee joins other members of the group, such as Francesco Bedina, another former Credit Suisse employee who came to Santander to oversee energy operations in Europe. Or David Germer, who became head of US corporate and investment banking at Santander. The company is taking advantage of layoffs on Wall Street to hire executives, mostly from Credit Suisse following the crisis and its takeover by rival UBS.

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