SALARY | Ana Botín earned 12.2 million euros as president of Santander in 2023, an increase of 4%.

President of Banco Santander, Ana Botin, earned 12.23 million euros in 2023what does it mean 4% increase compared to the previous year’s remuneration, according to the remuneration report that the company submitted today to the National Securities Market Commission (CNMV). This amount includes deferred variable compensation based on long-term goals. If this deferred portion were excluded, Ana Botín would have earned €11.54 million in 2023, 4.9% more than in 2022.

Botin’s salary in 2023 It consists of a fixed part worth 3.27 million euros., which increases by 3% compared to the previous year and the variable part, which is divided into: 411.00 euros for statutory services (assistance with commissions and benefits); In addition, Botin also received – as part of variable compensation – 1.02 million for other benefits such as life, health and insurance. addition to the fixed benefit after the elimination of additional benefits in the event of death or disability. This part will increase by 6.3% compared to 2022.

For his part, the CEO of Santander, Hector Grisi, earned 6.79 million euros, 29% less compared to the compensation of the previous CEO, who left his post on December 31, 2022, Jose Antonio Alvarez. The decrease is a consequence of the lack of deferred variable compensation to reflect the long-term targets of previous years, as 2023 was Grisi’s first year as CEO. On the other hand, if we add the remuneration for rights acquired during his tenure as CEO in Mexico, Grisi’s total remuneration is €8.25 million, 9.1% less than Alvarez.

He Grisi salary in 2023 as Group CEO It is distributed in the amount of three million euros as a fixed salary., which is an 18.1% increase over what Alvarez earned in 2022. In addition, he has the following items as variable remuneration: €340,000, 3% more than Alvarez, in statutory benefits; and 966,000, with an increase of 19.1%, in contributions to pension plans. In terms of other remuneration, Grisi received €47,000 in 2023, compared to the €1.7 million Alvarez received for the same concept in 2022.

REMUNERATION OF THE BOARD OF DIRECTORS

Total Board of Directors from Banco Santander received remuneration of 30.68 million euros in 2023, which represents an increase of 15% over the previous year’s remuneration. This increase is due to Alvarez remaining on the board of directors, as well as being a member of the executive committee and receiving remuneration as a strategic advisor to the group. In addition, compared to 2022, one more meeting of the board of directors and five more commissions were held.

In addition, remuneration is considered had a positive impact on the evolution of prices on the Santander stock market. In this sense, in 2023 the revaluation of the share price used to determine the variable remuneration (€3.8) amounted to 23%, so the gross profit of the consolidated shares or financial instruments is partly increased by this revaluation. If it remained stable at 3088 (the price of variable stock compensation in 2022), the increase in the total compensation of the executive president would be 1% compared to what was published in 2022.

total remuneration of executive directors represents 0.19% of regular profit, which is 0.23% lower than the previous year. It is worth remembering that Banco Santander broke a profit record for the second year in a row, with net profits in 2023 amounting to 11,076 million euros, equivalent to an increase of 15.3% compared to last year.