MADRID (Reuters) – Santander’s executive chair Ana Botin was paid 13.77 million euros ($14.32 million) in 2024, 13% higher than her remuneration in 2023, the lender said in its annual report on Friday.
The rise in Botin’s compensation comes after the euro zone’s biggest lender in terms of market value reported a record 12.57 billion euro net profit in 2024.
It also follows a proposal by the bank’s board to raise its total cash dividend by 19% in 2024. Earlier this month, Santander announced up to 10 billion euros in buybacks from 2025 and 2026 earnings and excess capital, in addition to its standard cash dividend distribution.
Botin’s pay comprises a total cash remuneration of 7.938 million euros, an increase of 7.2% from the previous year, the bank said.
Her remuneration includes 3.959 million euros in shares or financial instruments and 1.339 million euros in contribution to her pension or long-term savings plan, as well as 0.54 million euros in other items.
So far this year, shares in Santander are up around 38%, outperforming a 23% rise in European banking stocks, on the Spanish banks’ record profits and share buybacks.
($1 = 0.9614 euros)
(Reporting by Jesús Aguado; Editing by David Latona and Susan Fenton)
