2024-02-19 21:44:49
Ana Botín, president of Banco Santander, earned 12,239 million euros last year, 4.29% more than in 2022, as the entity reported this Monday to the National Securities Market Commission (CNMV). While the Mexican Héctor Grisi, CEO of the group, has pocketed 6,793 million for his first year in office, 29% less than what his predecessor, José Antonio Álvarez, received. This is explained by the absence of deferred bonuses from objectives from previous years, since he did not hold that position then. Of course, if you look only at the fixed salary, Grisi earned 3 million, 18% more.
The president’s salary is divided into 7.4 million in cash remuneration, 3.19 million in gross profit from shares or consolidated financial instruments, 1.14 million in contributions to the pension plan and 498,000 euros in other items.
If you look at it another way, he received 3.27 million in fixed salary, which is up 3% compared to two years ago, almost 411.00 euros for attendance at commissions and allowances, as well as other remuneration (life insurance, health insurance and other remuneration). in kind, among others) worth 1.02 million euros. The part that is missing in these concepts until reaching the total are the amounts received through the variable remuneration plan, including the bonuses from previous years and those from 2023, which will be collected this year.
The remuneration of the directors is driven by the results and the evolution of the price during the year. It is worth remembering that the shares have gone from being worth 3.088 euros to 3.8 euros, 23% more. Regarding bonuses, Ana Botín has spoken out on different occasions in favor of eliminating limits on variable remuneration for senior managers in the sector. In fact, she has called on the EU to follow the model of the United Kingdom, where these caps have been removed. As a general rule, the European Banking Authority (EBA) dictates that bankers’ variable remuneration for achieving objectives cannot exceed 200% of their fixed remuneration.
This ratio can be exceeded, but to do so it must be submitted to a vote of the shareholders with a minimum quorum of 50% and a majority of 66%, which rises to 75% if less than 50% of the voting rights are represented. of the society. “It’s a business where you should be compensated variably, so I think it’s good news for the sector, it makes a lot of sense,” he said at a financial forum in London last November.
Returning to the 2023 remuneration, what Santander paid to Héctor 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 remuneration for savings and 47,000 euros for other items. Of these amounts, the fixed salary amounted to 3 million, 18.1% more than what Álvarez received.
Part of this remuneration of the group’s top executives is also linked to the achievement of objectives and the results of 2023, when the bank achieved the highest profits in its history. Specifically, it earned 11,076 million euros in the year, surpassing the barrier of 10,000 million profits in a year for the first time.
The board of directors, for its part, received a remuneration of 30.68 million euros, 15% more than a year before. 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 advisor.
File of other ex Credit Suisse
Santander thus continues with its policy of signing former Credit Suisse bankers. According to sources close to Bloomberg, the group has hired Antonio Limones as head of capital markets for Europe, who joined the position this Monday. He will report directly to Felipe Portillo, global head of capital markets, who also came to the entity from Credit Suisse.
Limones worked at the Swiss bank for almost 21 years, according to his LinkedIn profile. This hiring joins others in the group such as that of Francesco Bedina, another former Credit Suisse, who came to Santander to supervise energy operations in Europe. Or David Hermer, who became head of corporate and investment banking in the United States at Santander. The entity is taking advantage of the layoffs that are taking place on Wall Street to hire executives, mainly from Credit Suisse after its crisis and absorption by its rival UBS.
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